Ho Chi Minh City

Joint venture to develop $30 million green property project in HCMC

Mitsubishi Group and Phuc Khang Investment and Construction Joint Stock Company yesterday announced a strategic cooperation and signed an agreement to set up a joint venture to develop a US$30 million green real estate project in HCMC.
Diamond Lotus Riverside in District 8 will be the first project in Vietnam built and managed according to US Energy and Environmental Design (LEED).
The investment capital will be disbursed in January next year.
After the project, the two sides will study and invest in existing land fund worth $500 million including 20 hectares in the center of HCMC such as Districts 1, 2, 8, 10, Tan Binh and Tan Phu and 1,000 hectares in adjacent areas.
According to reports by HCMC People’s Committee, the city’s foreign direct investment was highest in real estate field with $984.4 million during the first 11 months this year, triple the same period last year.
The city has determined 80 future housing projects eligible for capital mobilization with the total capital of VND75 trillion ($3.3 billion).

By LUONG THIEN – Translated by Hai Mien

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