Vietnam: Real estate investment fund Indochina Capital and Japanese developer Kajima Corporation have established a $1 billion JV named Indochina Kajima Development.
Indochina Capital and Kajima Corporation are equal partners in the new venture. The $1 billion investment capital will be contributed over a period of 10 years. The JV will initially focus on the residential and hospitality segments in Hanoi, Ho Chi Minh City, and Danang. It will primarily concentrate on serviced apartment and residences for sale.
CEO of Indochina Capital Peter Ryder said that the Vietnamese real estate sector has great potential due to the fast economic growth, young population, and the increasing demand for accommodation. The joint venture plans to develop three projects with a total investment capital of $100 million within the next 12 months.
The JV comes shortly after Japan’s Daiwa House announced plans to become a leading serviced apartment developer in south-east Asia, starting with projects in Vietnam.</p
