Japanese developer NISHI-NIPPON railroad signs agreement to jointly develop the 1st residential project in VSIP Hai Phong

October 20, 2017, Vietnam – Nishi-Nippon Railroad Co., Ltd (NNR) a Tokyo stock exchange listed company, has today entered into a joint venture with Vietnam Singapore Industrial Park and Township Development Joint Stock Company (VSIP JSC) to develop a residential development in Hai Phong City, Vietnam. Under the terms of the joint venture agreement that was signed today, NNR will hold 70% interest and VSIP JSC will hold the remaining 30% shareholding in the new company to be formed.


 
The joint development will be a residential estate comprising landed houses, shop houses and clubhouses that will be developed over several phases in tandem with demand, on a land plot of up to 9.5 hectares. The site is located within the VSIP Hai Phong Integrated Township, Industrial and Service Park (VSIP Hai Phong) that is being master developed by VSIP JSC. The first phase of the project is slated for development in the second quarter of 2018.
 
VSIP Hai Phong is one of the integrated developments of the VSIP Group. The 1,600-hectare VSIP Hai Phong has 45 multinational corporation tenants and 30,000 people working within its premises. VSIP Hai Phong also has a township zone catering to leisure and residential uses. The new residential development with NNR will be situated within the township zone where there are shop spaces dedicated to retail, entertainment and food and beverage uses as well as landscaped gardens and a lake.
 
Said Mr Hiroshige Horie, Division Director of NNR’s Housing Business Division, “We are attracted to Hai Phong because of its strong economic growth and its vast untapped market potential for good quality housing. We are also very excited to enter into partnership with VSIP JSC because of its strong reputation. We believe in the growth potential of VSIP Hai Phong as it is poised to become an up-and-coming township with all the infrastructure connectivity and development already in place.”  


 
Mr Huynh Quang Hai, General Director of VSIP JSC said “We are very pleased to welcome NNR as our partner and first residential developer in VSIP Hai Phong. With the increasing working population in VSIP Hai Phong, it has reached the right scale for the township zone to be developed and to fulfill the project’s masterplan as an integrated development for work, live and play. NNR is an experienced developer in Vietnam, having already launched several successful residential projects in Ho Chi Minh City. We look forward to their valuable expertise for the Hai Phong market.”
 

Information of the joint venture partners:
 
NISHI-NIPPON RAILROAD CO. LTD (NNR): Nishitetsu Group is based in Fukuoka, Japan, and is listed on the Tokyo stock exchange. The Nishitetsu Group consists of 96 member companies operating in a variety of sectors including transportation, logistics, real estate, leisure and service. The joint venture with VSIP JSC in Hai Phong City is NNR’s first investment in northern Vietnam. It has launched several successful residential projects in Ho Chi Minh City including MIZUKI PARK, FLORA-ANH DAO, FUJI RESIDENCE and KIKYO RESIDENCE.
 
VSIP JSC:  A member of VSIP Group which is a joint venture between lead shareholders Sembcorp Development from Singapore and Becamex IDC Corporation, a state-owned enterprise based in Binh Duong province, Vietnam. VSIP JSC operates VSIP Hai Phong, VSIP Bac Ninh and VSIP Hai Duong in Vietnam’s northern economic corridor. The VSIP Group has also successfully launched and sold-out a residential development in Binh Duong province, The Habitat Binh Duong, which recently won the PropertyGuru Vietnam Property Awards for Best Mid-end Condo Development, 2017.
 
 
 
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