Phat Dat Real Estate is going to receive $22.5 million from Japan-based real estate company to accelerate its ongoing projects in Ho Chi Minh City
Ho Chi Minh City-headquartered Phat Dat Real Estate Development Corporation has recently signed a cooperation agreement with Singapore-based Samty Asia Investments Pte. Ltd., a subsidiary of Samty Co., Ltd.
Accordingly, the Japanese will provide a $22.5 million to partially support Phat Dat in its development of various projects across Vietnam, particularly those in Ho Chi Minh City.
The agreement marks a major milestone for Phat Dat in collaborating with foreign investors to roll out its projects. Its chairman and general director Nguyen Van Dat stated, “We have seen great potential of Vietnam’s real estate market in the coming years, and we are confident to introduce our projects to our foreign partners.”
Yasuhiro Ogawa, representative director and president of Samty Co., Ltd. said that the group has identified Vietnam as an important overseas market and selected Phat Dat as its partner in the country.
Vietnam, according to Ogawa, has witnessed high economic growth in the past years and Samty thus wants to tap into the real estate market here.
In the past 15 years, Phat Dat has carried out a wide range of real estate projects, varying from high-end apartment complexes to shop house and villa projects in Ho Chi Minh City and other localities in Vietnam.
Phat Dat has recently promoted its new strategy to invest in and develop its land bank in coastal provinces, particularly in the provinces of Binh Dinh and Quang Ngai that enjoy high tourism growth.
Phat Dat was listed on the Ho Chi Minh City Stock Exchange (HSX) in 2010 and has a market capitalisation value of some $340 million on May 15, 2019.
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