Japan’s Mitsubishi Corporation has acquired the 1.8-hectare Thuan An 1 high-rise residential project from Phat Dat Real Estate Development Corporation (PDR) for VND1.9 trillion ($73.2 million). Following the transaction, the two companies on February 4 commenced a partnership to develop the project.

As an initial step in the partnership, the two companies will jointly develop the Thuan An 1 high-rise residential scheme in Thuan Giao Ward, Ho Chi Minh City. The development is expected to reflect international collaboration standards and contribute to raising urban development quality in the city’s northeastern area.

Under the agreement, the two parties are cooperating on a mixed-use complex incorporating integrated amenities and green living spaces. Thuan An 1 is being designed to meet international standards such as LEED and Fitwel, aiming to enhance residential quality and support the surrounding urban environment.

Both parties seek to leverage their respective expertise and experience in project development and management, with the objective of delivering a high-quality and well-managed urban development that meets international expectations.

Bui Quang Anh Vu, CEO of PDR, said, “We are pleased to cooperate with Mitsubishi Corporation on the Thuan An 1 development. Drawing on Mitsubishi’s experience and international standards, the partnership is expected to support the delivery of green and sustainable housing aligned with market demand in Vietnam.”

Mitsubishi Corporation is also committed to acquiring the Thuan An 2 venture following the completion of the first deal. The subsequent transaction is estimated to be valued at around VND2 trillion ($77 million).