Japanese real estate giant Nomura invests in Ecopark

Content image - Phnom Penh Post
An aerial photo of the Ecopark project. This will be Nomura’s first project participation in the capital city. Photo courtesy of Ecopark

Japan’s Nomura Real Estate Development Co Ltd has agreed to participate in a condominium housing project within the Ecopark project, a large-scale development undertaken by Ecopark Corp JSC in Hanoi.

Ecopark Corp is a Vietnamese developer that has been engaging in the ongoing Ecopark project for over a decade and boasts one of the highest levels of brand power in the area.

The Ecopark project covers approximately 500ha, making it one of the largest township developments in Vietnam, and features residential, office, retail, school, park and other urban functions combined with abundant natural spaces spanning over 100ha of greenery and waterfront.

The project is located in Phase II of the Ecopark urban area, with a scale of up to 3,000 apartments. It is expected to be completed and handed over in 2024-2025.

In Vietnam, Nomura joined the Phu My Hung project in 2015, and has since been engaging in condominium housing and office building projects in Ho Chi Minh City. This will be Nomura’s first project in the Vietnamese capital.

Centred on a partnership between the two companies, Nomura will contribute to further enhancing the Ecopark project’s added value while engaging in the project from the planning and design stages by utilising the housing business insight cultivated in Japan, as well as its track record and expertise in Vietnam.

The Nomura Real Estate Group has positioned its overseas business as a growth field in its new mid- to long-term business plan (effective until March 2028), and it plans to invest approximately 300 billion yen ($2.8 billion) in overseas projects by March 2028.

Furthermore, by the end of that term, with the aim of increasing its profit ratio to 15-20 per cent overall, Nomura will continue to actively expand its overseas business by developing projects in new countries and growing its business in markets that it has already entered, such as Vietnam, the Philippines, Thailand and China.

This is not the first time that Ecopark Group has chosen to cooperate with Japanese enterprises investing in urban areas. Waseda Academy of Medicine Japan also selected Ecopark as the site of the Tokyo Health Science University Vietnam.

Located at the southeast gateway of Hanoi, Ecopark is one of the first successful ecological megacities in the country. Ecopark has a full range of real estate products, from modern high-end apartments, to commercial town houses and upscale villas.

The developer plans to launch the Solforest project, developed under the vertical forest model, on the market. Solforest is a 41-storey green tower over 150m high, with more than 400 tropical gardens. When completed, Solforest will be one of the tallest green towers in the world.