Work starts on US$1.2 billion property project in south

07.03.2012

Becamex Tokyu Co. Ltd. has begun work on a US$1.2 billion property project on about 71.5 hectares in the southern province of Binh Duong, marking the involvement of a first Japanese firm in urban development in Vietnam.

The joint venture between Japan’s Tokyu Corporation and Vietnam’s Becamex IDC Corporation has got financial support from the Bank of Tokyo Mitsubishi UFJ to carry out the Tokyu Binh Duong Garden City project in Binh Duong New City.

The project will develop about 7,500 apartments and houses, plus recreational and service facilities, and offices for lease, Toshiaki Koshimura, chairman of Tokyu Corporation, said at the groundbreaking ceremony in Binh Duong last Friday.

He said Tokyu was the first Japanese company to export expertise and technology for urban development into Vietnam. “We will try our best to build a multi-functional and high quality city to be abreast with the development of Binh Duong Province when becoming the Metropolitan City in 2020.”

The town will be built in a Japanese style, so it will be environmentally friendly.

Du an_Tokyu_Binh_Duong_3

Leaders of Tokyu Corp., Becamex IDC Corp., Binh Duong Province
and guests break ground for the Tokyu Binh Duong Garden City project on Friday

The project is part of the Binh Duong New City project, which began construction two years ago and covers 1,000 hectares. The project will contribute to the sustainable development of Binh Duong New City. Upon completion, the city will become a new economic and political center of Binh Duong and have 125,000 residents and 400,000 migrant laborers.

Speaking at the ceremony, Nguyen Van Hung, Becamex chairman and CEO, said Tokyu with extensive experience in urban development would work with Becamex to carry out the remaining work of the center of Binh Duong New City.

The involvement of Tokyu in the project is believed to contribute to sustainable development in Binh Duong New City. “With experience and financial potential from the two corporations, beside Tokyu Binh Duong Garden City, we will weigh developing other projects to meet the expansion needs of this City in the coming years,” Hung said.

Becamex and Tokyu, who has 243 affiliates, will continue exploring the possibility of developing satellite urban areas in the province’s industrial development zones, he noted.

The two companies will also mull getting involved in public transportation works such as bus and metro routes to connect the transportation networks of Binh Duong, HCMC and others in the Southern Key Economic Zone.

“I am convinced that Binh Duong New City will develop into a great urban area,” Toshiaki Koshimura said. “In addition to the real estate sector and urban development, Tokyu currently operates metro and bus systems that transport 2.9 million people a day, high-end supermarkets, department stores, hotels, and health recovery and hospitality, information technology and security services.

“We plan to add the above activities to urban development projects to ensure urban areas will have convenient utilities and modern features.”

According to Le Thanh Cung, chairman of Binh Duong Province, Tokyu-Binh Duong Garden City will contribute greatly to economic restructuring and urban development in the province.

At the groundbreaking ceremony, Chairman Cung handed over an investment certificate to Becamex Tokyu Co. Ltd.

By Quoc Hung – The Saigon Times Daily

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