[Sumitomo Forestry Co., Ltd.] Sumitomo Forestry, Kumagai Gumi, and NTT Urban Development jointly participate in large-scale township development in Binh Duong Province, Vietnam
*View in browser* *Sumitomo Forestry Co., Ltd.*
Press release: March 29, 2024
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Sumitomo Forestry, Kumagai Gumi, and NTT Urban Development jointly participate in large-scale township development in Binh Duong Province, Vietnam
*~Contributing to carbon neutrality in Vietnam through sustainable urban development~*
Sumitomo Forestry Co., Ltd.
The Sumitomo Forestry Group develops its business activities centered around wood, from forest management to distribution, wooden
construction, and biomass power generation. By providing value to the global environment, people’s lives and society, markets and economic activities, we aim to ensure that the earth remains a comfortable home for all people and all living things, including future generations. Masu. We will utilize and deepen the value of “forests” and “trees,” which have been our strengths, and transform them into new future power.
Sumitomo Forestry Co., Ltd. (President: Toshiro Mitsuyoshi, Head Office: Chiyoda-ku, Tokyo, hereinafter referred to as Sumitomo Forestry) and Kumagai Gumi Co., Ltd. (President: Yasunori Sakurano, Head Office: Shinjuku-ku, Tokyo)
Kumagai Gumi), NTT Urban Development Corporation (President: Hiroshi Tsujigami, Head Office: Chiyoda-ku, Tokyo, hereinafter NTT Urban Development) are major local real estate development companies Kim Oanh
In collaboration with KOG Group (KOG), we will participate in the development of a township in Thuan An City, Binh Duong Province, Vietnam.
* 1.Project overview*
This project is a large-scale township development with approximately 1,200 low-rise condominiums and 5,500 high-rise condominiums on a site of approximately 41ha. The total project cost is approximately 140 billion yen, and all sections are scheduled to be completed by 2034. Developed jointly by KOG and three Japanese companies: Sumitomo Forestry, Kumagai Gumi, and NTT Urban Development, it captures housing demand not only from managers working in nearby industrial parks but also from real demand groups such as commuters to Ho Chi Minh City. Masu.
The development site is Thuan An City, Binh Duong Province,
approximately 25 km northeast of central Ho Chi Minh City. The province has developed through the accumulation of industrial parks and the expansion of many foreign companies, and has become a leading economic and industrial base in southern Vietnam. The development site is approximately 45 minutes by car from the center of Ho Chi Minh City via the adjacent main road. Additionally, construction of Loop Line 3, which connects the southern major economic areas, is underway, and the area is expected to become even more convenient.
KOG has an extensive track record of developing condominiums in southern Vietnam, and actively develops environmentally friendly real estate. Sumitomo Forestry’s design and wood material proposal capabilities cultivated through its domestic and overseas housing projects, Kumagai Gumi’s large-scale architecture and civil
engineering know-how, NTT Urban Development’s diverse real estate development experience both domestically and internationally, and information from the NTT Group. By combining our know-how in the communications field, we aim to create a sustainable city and contribute to carbon neutrality in Vietnam.
Sumirin Vietnam Company, a 100% subsidiary of Sumitomo Forestry SKN GREEN, established by SV Limited (hereinafter referred to as SV), Kumagai Gumi, and NTT UD Asia Pte Ltd., a wholly owned subsidiary of NTT Urban Development.
DEVELOPMENT
Ltd. (hereinafter referred to as SKN) and KOG, the joint venture company is the main developer. This is Sumitomo Forestry’s second real estate development project with KOG, and the first for Kumagai Gumi and NTT Urban Development.
*2． Future outlook*
[Sumitomo Forestry]
The Sumitomo Forestry Group is globally engaged in business centered on wood, from forest management to the procurement and manufacturing of timber building materials, contracting for wooden construction including detached houses, real estate development, and wood biomass power generation. Medium-term management plan until 2024 “Mission TREEING 2030
One of our basic policies in “Phase 1” is “accelerating global expansion,” and we aim to establish a revenue base in Asia. Our group has been engaged in the distribution and manufacturing business of lumber and building materials in Vietnam since 2012.
Furthermore, we are participating in the development of condominiums in Ho Chi Minh City in 2015 and the development of low-rise
condominiums in Ba Ria-Vung Tau province on the outskirts of Ho Chi Minh City in 2023. The expansion into Binh Duong Province marks the third residential development project in the country. Going forward, we aim to accumulate experience and knowledge in the real estate development business in the country and continue to expand our business, while also leveraging synergies among group companies to strengthen our earnings base.
[Kumagai group]
Kumagai Gumi has set the “evolution of construction-related businesses” as one of its business strategies in its “Medium-term Management Plan (2021-2023)” and is focusing on efforts in the real estate development business under this strategy. Kumagai Gumi is participating in a solar power generation project in the renewable energy business, which is one of its priority fields in Vietnam, and is also considering offshore wind power generation. Through this business, we aim to accelerate our real estate development business, another priority area, and secure stable earnings by diversifying our revenue sources. In addition, in accordance with Kumagai Gumi’s ESG policy, we will contribute to the realization of sustainable communities in the field of investment in real estate development projects.
[NTT Urban Development]
As a member of the NTT Urban Solutions Group, which is responsible for the NTT Group’s urban development business, NTT Urban Development makes full use of the experience and know-how cultivated in the real estate business, as well as the NTT Group’s resources such as ICT, energy, and environmental technology. , we are promoting new “urban development” by confronting the various issues faced by local communities.
This project is our third project in Southeast Asia, following the housing development project in Binh Duong Province, Vietnam in 2020 and the housing development project in Cebu City, Philippines in 2024, and our first participation in a township project. By accumulating township business know-how through this project, we will further expand our business in Southeast Asia, including the country. * 【project overview】*
Location: Thuan An City, Binh Duong Province
Total number of units (planned): Approximately 6,700 units
Site area: Approximately 41ha
Completion and handover: Scheduled for completion and handover in stages from 2025 to 2034
* [Kim Oanh Group Overview] *
Company name: Kim Oanh Group
Head office: Binh Tan District, Ho Chi Minh City
Established: 2008
History: Kim Oanh Real Estate Joint Stock in 2008
Company and started real estate brokerage business, established a real estate development company in 2009, and expanded into condominium development in 2015.
* [SKN Company Profile] *
*1 Calculated using USD = 150.3 yen (TTM exchange rate as of March 1, 2024). *About details about this release*
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