A perspective of the Manor Central Park Bitexco project. (Photo: www.bitexco.com.vn)
Corp. is partnering with Ho Chi Minh City-based Bitexco
Group to develop up to 8,700 middle-income residences in Hanoi
, Vietnam, where the wealthy and middle class is growing fast, Nikkei Asia Review reported Wednesday.
According to their joint plan, 17 high-rises containing about 7,700 condominium units and 1,000 units in low-rises will be built at an estimated cost of roughly 200 billion yen ($1.9 billion).
Bitexco Group is managing a mixed-used development project on the same 190-hectare plot. The project named The Manor Central Park Bitexco includes garden space, commercial properties, office buildings and research facilities.
Mitsubishi will sell 240 low-rise units and roughly 1,000 high-rise units during the initial phase, with project costs estimated at about 30 billion yen ($284.2 million). The low-rise housing will become available in November while housing in two condominium high-rises will be launched for sales early next year.
The Japanese government and some private companies are teaming up to roll out a $192 million project that will allow middle-class home buyers to take out loans for durable and expensive housing, Nikkei reported last month.
Demand for housing in Hanoi is on the rise as the country’s rapidly growing economy has turned a large number of workers and state employees into middle-income earners and urbanization has sped up in major cities.
According to CBRE, more than 21,000 residences were changed hands in 2015, rising 40% from an earlier peak set in 2009.