This morning (December 5), TTCapital Investment Joint Stock Company and two partners, Cosmos Initia (a member of Daiwa House Group) and Koterasu Group, launched a strategic joint venture, long-term companionship in developing affordable real estate projects in Ho Chi Minh City and neighboring provinces.
The joint venture is expected to invest about 150 million USD over the next 5 years, aiming to bring to the market about 1,000 affordable apartments each year.
At the event, the joint venture announced that it had completed capital contribution for the first project in November. This project is near Vincom Di An, located in Di An City, Binh Duong Province with a scale of nearly 2,000 apartments, with an area of about 50-60m2/apartment.
The expected selling price is 30-32 million VND/m2, equivalent to less than 2 billion VND/unit. The project is carrying out the necessary procedures to be able to launch the market in mid-2024.
Initial perspective of the Binh Duong project implemented by the joint venture (Photo: TTCapital).
Mr. Nguyen Dinh Truong - General Director of TTCapital - said that choosing Binh Duong as the first locality to launch the project, Mr. Truong assessed that this area has high housing demand, is located near Ho Chi Minh City but does not have many reputable brands in product development. Therefore, this playground will be quite fair with a new face like the joint venture TTCapital - Cosmos Initia - Koterasu Group.
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Appearing in this joint venture, Cosmos Initia is known as a subsidiary of Daiwa House Group. This group has worked with investor Phu My Hung to develop the Midtown project in District 7, Ho Chi Minh City in the high-end segment. Cosmos Initia wants to position its brand in the affordable housing segment, with TTCapital as its sole partner.
The second Japanese company participating in the joint venture is Koterasu, with Mr. Yamaguchi as General Director. Before investing in this joint venture, Mr. Yamaguchi invested in An Gia and was a member of the company's Board of Directors.
Finally, the only Vietnamese member of the joint venture is TTCapital, established in 2021. The enterprise is chaired by Mr. Nguyen Trung Tin and General Director by Mr. Nguyen Dinh Truong, who have decades of experience in the real estate and finance industries.
In particular, Mr. Tin was also Vice Chairman of the Board of Directors of An Gia Group (stock code: AGG) or Member of the Board of Directors of Ricons Construction Company. Mr. Truong held key positions at funds such as VinaCapital, Dragon Capital VFM or at An Gia Real Estate Company.
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