Toshiyuki Hoshino (R), general director of Becamex Tokyu, and CBRE managing director Marc Townsend, exchange the agreements after signing on Wednesday - Photo: Dinh Dung

Becamex Tokyu on Wednesday clinched an agreement with CB Richard Ellis Vietnam (CBRE) to distribute the first condos of the Tokyu Binh Duong Garden City project in Binh Duong New City next year.

Becamex Tokyu is the joint venture between Japan’s Tokyu Corporation and Vietnam’s Becamex IDC Corporation.

Under the agreement, CBRE will study the market and provide consulting services for the project and distribute the first 413 apartments of the scheme. However, the developer has yet to announce the selling price of the condos.

The apartment building is part of the Tokyu Binh Duong Garden City project with a total area of some 110 hectares costing VND25 trillion, or around US$1 billion. The project when in place is expected to provide the market with over 7,500 condos, a commercial center and office areas.

According to Toshiyuki Hoshino, general director of Becamex Tokyu, this is the first project of his group in the local real estate market. Via the project, the group will transfer its technology and experiences of urban development to the local market, he said.

The Vietnamese property market now is in difficulties but it is still a young market with high development potential, Hoshino said, adding his firm is deploying its long-term business strategy in Vietnam.

Binh Duong in the future will have a fast-growing population, especially when State agencies of the province relocate their offices to the center of Binh Duong New City, he cited.

The 1,000-hectare new city project is still being developed after two years of construction. It is set to be an economic, political and social center of Binh Duong with a system of services and facilities serving about 125,000 residents and 400,000 workers.

Tokyu Corporation is one of Japan’s leading groups active in electric railway, urban development, transport, retail and hotels and others. Its local partner, Becamex IDC Corporation, is operating in infrastructure investment and development of industrial parks, urban areas, information technology, education, securities, banking and construction sectors.

The Saigon Times Daily