Nishi-Nippon Railroad (TYO:9031) intends to construct 22,000 homes across Vietnam by 2035, Nikkei reported on Tuesday, citing executive officer Taro Koyama.
The railway operator, commonly known as Nishitetsu, has acquired a 49% share in Nam Long ADC and will place its own executives into management roles to expand its residential development business in Southeast Asia, the news agency said.
The partnership, which extends beyond Ho Chi Minh City to Hanoi and Da Nang, will concentrate on cost-effective housing, with condo prices around $45,500 and detached homes at roughly $95,000, the publication said.
Nishitetsu, which entered the overseas real estate market in 2015 and is active in several other Asian nations, views the collaboration with Nam Long as a move toward deeper integration, given Vietnam's estimated annual demand for 100,000 housing units, the report said.
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