Indochina Kajima ventures into Hai Phong, building hotel and factories for lease

By Giang Son - Aug 19, 2022 | 08:00 AM GMT+7

TheLEADERIndochina Kajima, a joint venture between Indochina Capital and Kajima Corporation, has commenced contruction on an industrial property and a hotel in the northern port city of Hai Phong.

Indochina Kajima ventures into Hai Phong, building hotel and factories for lease
Core5 Vietnam benefits from the 30-year experience of Kajima Corporation in developing more than 80 industrial projects in the US and 40 projects in Europe

The groundbreaking ceremony for their Core5 Hai Phong project was held today in in Deep C 2 Hai Phong Industrial Zone. At completion, the project will deliver a total of approximately 96,000 square metres of world-class ready built factory and warehouse for lease. Handover of the first factories and warehouses is expected in early second quarter next year.

Keisuke Koshijima, representative director and executive vice president of Kajima Corporation believes Hai Phong is an excellent location for investment and ideal for the launch of Core5 Vietnam’s first project.

“Hai Phong has made enormous infrastructure investment, becoming a key link in the global logistics chain with Cat Bi International Airport, Lach Huyen International Deepwater Port and direct accessibility to Hanoi via the Hai Phong Highway, in the process attracting the presence of many large scale manufacturers, among them LG and Pegatron”, he said.

Meanwhile, Peter Ryder, CEO of Indochina Capital, expressed his belief in the Hai Phong market the joint venture would invest into the city’s hospitality sector with Wink Hotel at 135 Dien Bien Phu in addition to the industrial sector with Core5 Hai Phong.

“We believe in the current and long-term potential of this market, given the excellent economic fundamentals and the attractiveness of this location for export processing enterprises, and its strategic location to several key ports within northern Vietnam. This combined with the supply chain shift from China to Vietnam bodes well for the manufacturing sector in northern Vietnam in general, and Hai Phong in particular”, he added.

Wink Hotel Hai Phong Centre comprises 203 rooms and 77 serviced apartments spanning on 22 floors.

The hotel is part of Indochina Kajima’s bigger plan to build 20 hotels within seven years in Vietnam, with the first - Wink Hotel Saigon Centre – opened in Ho Chi Minh City last year and two others to be put into operation in the fourth quarter of 2022 and the second quarter of 2023 in Da Nang. Two hotels in Can Tho City and Phu Yen province will be opend in 2024.

Indochina Kajima ventures into Hai Phong, building hotel and factories for lease
Indochina Kajima brings the revolutionary hotel brand to the port city

Ryder said the joint venture will also invest around $1 billion in the industrial sector, with the Core5 Hai Phong’s first factories and warehouses being available to clients by early second quarter next year.

The company will build nex projects in Hung Yen and Quang Ninh province the first half of next year, both of these projects will add approximate 127,000 square metre net leasable area of ready built factory and warehouse to the market. Multiple additional projects will commence in later 2023 and further on.

Core5 Hai Phong project provides ready-built factories and warehouses for lease with terraced design and various unit sizes, ranging from 3,174 square metres up to 25,509 square metres.