Three partners agree to terms over the construction of the River City project in District 7.
A $500 million cooperative deal was signed on March 6 in Ho Chi Minh City between the Phat Dat Real Estate Development Corporation (PDR), An Gia Investment, and the Creed Group, to build the River City project in District 7, which will have 8,000 apartments in 12 blocks.
Vietnam’s real estate market has similar potential to the markets in Japan, South Korea, and Singapore, according to Mr. Toshihiko Muneyoshi, Chairman of the Creed Group, a Japanese investment fund. Demand for real estate among citizens and enterprises is huge, he went on, requiring the participation of professional investors.
As Vietnam integrates deeper into the global economy, especially via the TPP, it will attract many more international investors. In cooperating with An Gia Investment and PDR, Mr. Muneyoshi said, the Creed Group expects to share its experience in real estate with Vietnam, especially Ho Chi Minh City.
This year is expected to see significant developments in infrastructure in the south with a range of key transport projects underway, said Mr. Le Trong Hieu, Secretary of the District 7 Party Committee. Thu Thiem 4 Bridge, which connects Nguyen Van Linh Street to the Thu Thiem new urban area in District 2, is just one such major project, he added.
Last year, An Gia Investment and the Creed Group cooperated in the construction of the Angia Skyline and Angia Riverside luxurious apartment projects, supplying over 2,000 apartments to the market, said Mr. Nguyen Ba Sang, CEO of An Gia Investment.
According to Mr. Nguyen Van Dat, CEO of PDR, Thu Thiem 4 Bridge will be an important driver for the development of Ho Chi Minh City’s real estate market this year.