In October 2018, a subsidiary of TOKYU Corporation, BECAMEX TOKYU CO., LTD (“BECAMEX TOKYU”) and MITSUBISHI JISHO RESIDENCE CO., LTD. (“MITSUBISHI JISHO RESIDENCE”) established a joint venture company, “BTMJR INVESTMENT LIMITED COMPANY”, in Binh Duong Province, Vietnam and will commence construction in spring of 2019 for “SORA gardens II”, a condominium project which comprises approximately 560 units.
This project consists of 24 floors, 560 high quality condominium units and commercial facilities in the lower floors. SORA gardens II is expected to commence sales in summer of 2019 followed by completion and handover in summer of 2021. The unique features of this condominium are its “X shaped exterior-design”, “A family-friendly living environment” and “Advanced apartment specifications and services”. For the first time in Binh Duong province, all units are planned to come with smart home systems and equipment to provide a new living experience.
The first project of the series “SORA gardens I” (406 units) by BECAMEX TOKYU which completed construction in March 2015, is the first luxury apartment in Binh Duong province which the units were purchased by affluent Vietnamese citizens and international buyers, and currently has approximately 600 persons from 28 countries residing. SORA gardens II will leverage the experience gained from “SORA gardens I” as well as incorporate overseas and Japan’s residential development know-hows from both companies in the development phase.
Binh Duong is the province with a population of over 2 million people, adjacently situated north to Ho Chi Minh City which is one of the largest cities in Vietnam. Binh Duong is one of the provinces which actively invites foreign investment in Vietnam and is placed 3rd for its more than 3,000 foreign direct investment (FDI) projects, after Ho Chi Minh City and Ha Noi. Due to the recent acceleration of foreign investment including those from Japanese companies, this area is especially catching attention for its economic growth and suburban city development. In addition, in 2014, Binh Duong province moved its headquarters from Thu Dau Mot Old City to Binh Duong New City where BECAMEX TOKYU is currently working on its development.
BECAMEX TOKYU is implementing the project “TOKYU Binh Duong Garden City” with a total area of 110ha (of which 71ha is the development area) based on the experience from the project “TOKYU Tama Garden City”. At present, besides high-rise and low-rise residential projects, BECAMEX TOKYU also developed “hikari” food court and shopping, as well as calling for schools and hospitals for the purpose of concentrating urban area functions. In addition, BECAMEX TOKYU BUS CO., LTD, a wholly owned subsidiary of BECAMEX TOKYU, provides 6 routes and 8 lines achieving to integrate transportation into the project.
Mitsubishi Estate Group has sold around 2,000 units in Ho Chi Minh City to date and is developing a 1,300-unit residential project in Hanoi. SORA gardens II is MITSUBISHI JISHO RESIDENCE’s first project in Vietnam. Including establishing a joint venture company with a local developer in Thailand, MITSUBISHI JISHO RESIDENCE has residential development projects in Malaysia, Indonesia and Australia, and has joined in a total of 24 projects (worth over 19,000 units).
Both companies intend to use their extensive experience and knowledge accumulated in Japan and other countries to enhance the quality of SORA gardens II.
For more information: Press Release