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Friday, Oct. 5, 2012
Tokyu, Vietnam partner building 'Japanese town'
Railway operator and real estate developer Tokyu Corp. is helping create a "Japanese town" in Binh Duong, north of Ho Chi Minh City.
Amid growing demand for development in the emerging market, the developer of many Tokyo railways and commercial complexes, such as Shibuya Hikarie, set up a joint venture in March with Vietnam-based developer Becamex IDC Corp.
The project is modeled on the lush neighborhoods along the Denentoshi Line. A number of TV dramas are set along the line, which runs from the Shibuya shopping area in Tokyo to residential areas in the suburbs of Kanagawa Prefecture.
Through the joint venture, Tokyu will construct high-rises for 1,500 households by 2014, as well as other homes, office buildings, schools and commercial complexes on a total of 110 hectares by 2020.
Each high-rise unit will be priced at ¥8 million to ¥12 million, targeting corporate executives and Japanese working in a nearby industrial zone where about 100 Japanese companies operate.
Tokyu is also considering setting up a bus network between Binh Duong and other areas in southern Vietnam, such as Ho Chi Minh City.
"In a sense, we're packaging and exporting a Japanese-style town," said Tokyu spokesman Shiro Yazawa.
The idea for the project arose in March 2011 when top officials from Binh Duong viewed the development along the Denentoshi Line and approached the developer.
The project is the first of its kind abroad for Tokyu, which is searching for business opportunities in Vietnam and other South Asian countries. The company is anticipating a drop in population along its railway lines from around 2025.
Experts say demand for town development projects like the one begun by Tokyu and Becamex is high in growing industrial zones in Vietnam.