Japanese retailer Takashimaya, whose company is struggling from the consequences of Covid-19, is preparing to extend industrial and office ventures through property production in Vietnam.
According to the Nikkei, a modern metropolitan center named Starlake is being established six kilometers east from downtown Hanoi.
This is the first overseas property creation ever to be involved all the way from land acquisition to service, and in the next three or four years, the study said it intends to spend 20 billion yen ($191.39 million) overseas.
Between 2022 and 2025, the organization will build industrial and office property at Starlake and two other major commercial ventures elsewhere in Hanoi.
It is also working on renovating many mixed-use buildings that it bought last year in Ho Chi Minh City and Hanoi.
In order to set it apart from malls owned by local firms, it aims to draw Japanese products to its commercial ventures.
The Nikkei quoted Takashimaya President Yoshio Murata as saying, “There’s still sectors for us to expand our portfolio in many different areas in Vietnam,”