August 01, 2016

The project is located in Hoang Mai District, southwest of Hanoi, and is an integrated part of The Manor Central Park Township that includes residential, commercial, office, educational, entertainment and sport facilities to emulate the modern day lifestyle. The Manor Central Park has a planned area of nearly 90ha; and this, together with the adjacent 100ha memorial park will be the largest modern real estate township in Hanoi. For the 1st phase of cooperation, MC and Bitexco have agreed to establish a joint venture to develop 240 low-rise units and 2 high-rise buildings with 1036 apartments estimated total investment cost of US$287 million (30 billion JPY) for the 1st phase.

Bitexco is a privately owned Vietnamese conglomerate, with diverse business interests that include real estate development, market leadership in hydroelectric power generation, infrastructure development, mineral water and natural resources. This project will mark the first co-operation with a foreign partner in its real estate business, which started with the completion of an office building in 2003 in Ho Chi Minh City that one of interest spans across residential, commercial, hospitality, mixed use and township development. Today Bitexco's real estate is one of the most well-known and respected real estate brands in the domestic residential market. Example “The Manor” in Hanoi and Ho Chi Minh City and Bitexco Financial Tower - recognized as one of the top 20 Iconic buildings in the world and a famous Ho Chi Minh City landmark.

Mitsubishi Corporation is a global integrated business enterprise that develops and operates businesses across virtually every industry segment including energy, metals, machinery, chemicals, foods, environmental business, industrial finance, logistics and development. MC’s current activities expand well beyond the traditional trading operations into diverse business sectors encompassing natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. The company has over 200 offices and subsidiaries in approximately 90 countries worldwide and a network of over 600 group companies, MC employs a multinational workforce of over 65,000 people.

Vietnam's steady economic growth and the growing middle-income class continue to drive the strong housing demand in the domestic market. The amended housing law that became effective in July 2015, has further relaxed restriction for foreign ownership of real estate in Vietnam, which will likely provide further impetus to the residential market.

The Joint Venturewill leverage Bitexco's expertise and established brand name and MC’s know-how in real estate projects globally and advanced Japanese technology to deliver high-quality, value-added residential offering and other related services to the growing Vietnamese market.  

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