Japanese group invests in HCM City real estate
Creed Group, a Japanese real estate firm specialising in principal investment and property development, has signed a comprehensive investment cooperation contract with An Gia Real Estate Investment and Development JSC.
Under the contract signed on Sunday in HCM City, Creed Group will spend US$200 million (Bt7 billion) to purchase An Gia’s shares and advance loans to the firm to buy housing projects with the aim of building Japanese-quality houses in HCM City.
Creed Group will also transfer technology in real estate development, as well as real estate development experience and opportunities, to An Gia.
An Gia Investment CEO Nguyen Ba Sang said the contract would offer the company a strong financial backing to implement real estate projects.
An Gia plans to build 2,000 superior-quality apartments each year, targeting 10,000 units by 2020, with a total investment of $1 billion.
The company is implementing four projects, worth nearly 3 trillion dong (Bt4.9 billion), to provide 2,000 apartments to the market, and is negotiating the purchase of 10 plots in the centre of HCM City.
Founder and managing director of Creed Group Toshihiko Muneyoshi said this was just the first step in their cooperation.
If the Vietnamese property market grew well, Creed Group would pump additional hundreds of millions of dollars into An Gia, he said.
He said Vietnam’s economy has integrated deeply, while the government was going to finalise Trans-Pacific Partnership negotiations, thus opening more opportunities to draw large investors from across the world.
Vietnam’s young population was mostly concentrated in urban areas, while housing funds were limited, he said.
Vietnam’s regulations relating to land had become more open, creating opportunities for foreigners to buy houses and opening investment opportunities for both domestic and foreign investors, he said.
