Japan property investor buys into Cotecland
08/12/2011 12:58 pm
News/HCMC - Tama Global Investment Pte., a subsidiary of Japan’s Tama Home Group,
will buy a 20% stake in Cotec Housing Development and Investment Joint
Stock Co., (Cotecland) as part of a deal the two sides struck in HCMC on
Tuesday.
Under
the agreement described as strategic, Tama Home will transfer advanced
technology of property construction and construction management to the
local partner in a bid to shorten building periods, reduce costs,
improve product quality and increase profits in cooperation and
investment projects of the two sides.
Tama
Home is a group of seven member companies active in housing development
and real estate business, with Tama Global Investment specialized in
realty and finance as the two core business activities.
Cotecland
is a subsidiary of Cotec Group, which is developing a number of
property projects, such as the five-star resort Blue Sapphire in the
southern city of Vung Tau, and the Truong Lam general hospital in Hanoi.
On the same day, the group also signed another cooperation agreement
with Seaprodex to jointly develop several projects in the coming time.
In
related news in the property sector, HVK, a joint venture between Hung
Viet Investment Construction Joint Stock Co. and Korea Real Estate
Development Fund, on Tuesday started work on The Eastern residential
project in HCMC’s District 9.
The
US$40 million project is designed with 648 flats covering 56-112 square
meters each along with many other facilities, including swimming pool,
tennis court, gym and children’s entertainment areas.
This
is the third realty project the Korean development fund has got
involved in after Hanviet Tower in Hanoi and Luxel serviced apartment
scheme under construction in Phu My Hung new urban area in HCMC’s
District 7.
The
fund so far has injected US$1.2 billion in the stock and property
markets in Vietnam with US$130 million set aside for developing real
estate projects only.
Source: vnstocknews.com
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