Business in Vietnam38Increases in Vietnam’s GDP growth rate and working-age population, along with the country’s stable government and moderate, pro-Japanese national character give grounds to expect that its steady economic growth will con-tinue. We therefore plan to build a value chain in the real estate business and contribute to the development of Viet-nam’s cities by undertaking urban development and transportation projects in Binh Duong, as well as condominium and real estate management projects in Ho Chi Minh City and elsewhere.Urban development projects in Binh Duong ProvinceLocated about 30 km to the north of Ho Chi Minh City, Binh Duong Province is an area where many Japanese and other overseas-affiliated companies have expand-ed into industrial parks and where further development is expected. In 2012 we established Becamex Tokyu, a joint venture with the Vietnamese company Becamex IDC. Since then, we have been moving forward with the development of Tokyu Garden City, a residential and commercial area within Binh Duong New City (approx. 1,000 ha), focusing on urban development integrated with public transport.>> Housing projects Becamex Tokyu offers comfortable, high-quality housing within Binh Duong New City. In 2015, we completed our first condominium Urban development projects in Binh Duong New CityHigh rise condominium SORA gardens IIThe greenway recreational space for residents links SORA gardens I and IIproject, SORA gardens I (406 units), bringing to fruition the garden element of its development concept with a rooftop garden and green walls, while taking meticulous care to provide Japanese standards of quality in such areas as the quality of construction work and its security system. In 2018, BECAMEX TOKYU CO., LTD. and Mit-subishi Estate Residence Co., Ltd. established the joint venture BTMJR Investment Limited Company, which be-gan work on SORA gardens II (557 units) and complet-ed the development in 2021. As well as ensuring that the exterior blends seamlessly with SORA gardens I and creating an adjoining commercial space, we equipped all units with smart home facilities and systems in what would be a first for Binh Duong province.In another part of the new city, we are proceeding with the MIDORI PARK area development project. The combination of high-rise condominiums, low-rise town houses, and villas has been designed to form a beau-tiful townscape with a harmonious appearance, while the green spaces accounting for as much as 56% of the total site area ensure a verdant living environment. To help residents feel closer to nature, we have incorpo-rated into the landscaping small streams and plantings offering seasonal variation. 2019 saw the completion of our MIDORI PARK The VIEW (604 units) condominium project. In 2020, we established H9BC Investment Company Ltd., a joint venture with NTT Urban Development Corp., and in 2021 started construction of a new condominium project, MIDORI PARK The GLORY. It is scheduled to Low-rise housing in MIDORI PARKHARUKA Residence / HARUKA TerraceLeveraging the expertise cultivated by the Tokyu Group over many years of develop-ment along railway lines, we are involved in urban development projects in 3 countries: Vietnam, Thailand, and Australia.Development Overseas
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