Three large enterprises join forces to develop affordable apartments

On December 5, TTCapital Investment Joint Stock Company (mainly operating in the real estate business) and two partners, Cosmos Initia (member of Daiwa House Group) and Koterasu, launched a joint venture.

Through the 3-party cooperation, TTCapital - Cosmos Initia - Koterasu will jointly implement affordable real estate projects in the city area. HCM and surrounding areas .

The joint venture plans to invest about 150 million USD in the next 5 years, aiming to bring to the market about 1,000 affordable apartments each year.

Launching ceremony of the joint venture Cosmos Initia – TTCapital - Koterasu (from left to right)

Speaking at the joint venture launch ceremony, Mr. Nguyen Trung Tin, Chairman of the Board of Directors of TTCapital Investment Joint Stock Company, said that the cooperation with Cosmos Initia and Koterasu will help TTCapital complete its capital resources, promote its existing strengths and quickly bring products to market.

"The joint venture is committed to creating excellent quality housing products, enhancing customers' living experience with superior services" - Mr. Nguyen Trung Tin emphasized.

The capital contribution for the first project was made in November 2023. TTCapital Joint Venture and 2 partners will join hands to implement the first real estate project in Di An City, Binh Duong Province. The project scale is about 2,000 apartments with an area of ​​about 50-60m2/apartment, priced under 35 million VND/m2, equivalent to under 2 billion VND /apartment.

According to analysts, affordable housing in Ho Chi Minh City and surrounding areas is currently in short supply. In Ho Chi Minh City alone, the total local housing demand in the 2021-2030 period is about 37 million square meters of residential floor space.

In the first 8 months of 2023, the authorities have licensed 14 projects with 14,286 houses eligible to mobilize capital for future housing construction. Of these, there are 13,033 apartments and 1,253 low-rise houses.

This is a rather modest figure compared to the amount of housing that needs to be brought to the market to meet the housing needs of the people. Therefore, if the goal of 1,000 affordable apartments of the TTCapital joint venture is realized, it will supplement the supply of apartments in the segment under 2 billion VND/unit for Ho Chi Minh City and surrounding areas.

Source: https://nld.com.vn/ba-doanh-nghiep-lon-lien-doanh-phat-trien-phan-khuc-can-ho-vua-tui-tien-196231205173417123.htm