Tokyu Corporation Joins Vietnam's IZUMI CITY Master-Planned Development Through Strategic Partnership
On July 30, Tokyu Corporation announced that it has entered into a strategic partnership with Vietnam-based Nam Long Investment Corporation and Japan’s Hankyu Hanshin Properties Corp. to participate in the large-scale urban development project "IZUMI CITY" in Dong Nai Province. The master plan spans approximately 170 hectares along the Dong Nai River and centers around roughly 2,900 low-rise for-sale homes, integrated with commercial facilities, schools, parks, and other lifestyle amenities. Initiated in 2021 by Nam Long and Hankyu Hanshin, the project delivered its first phase—comprising 275 low-rise homes—at the end of 2023. Construction of the second phase, which includes approximately 500 homes, is scheduled to begin within 2025, with sales launching concurrently.
Dong Nai Province, adjacent to Ho Chi Minh City and home to approximately 4.4 million people, is experiencing rapid growth. Key infrastructure developments such as the new Long Thanh International Airport, expressways, and industrial parks are accelerating. The project site is accessible from central Ho Chi Minh City in about one hour by car or motorbike. Additionally, a proposed extension of Ho Chi Minh City’s Metro Line 1 into Dong Nai Province entered pre-feasibility study stages in March this year. If realized, the extension would enable rail access from the project site, further enhancing its connectivity and supporting projected economic and population growth.
Since 2012, Tokyu has been involved in integrated residential, commercial, and transit-oriented development in Binh Duong New City through its joint venture Becamex Tokyu. On July 31, Tokyu began construction of “SORA gardens III,” a for-sale condominium project, reflecting its strategy of maintaining a balanced and sustainable portfolio across for-sale and rental housing. In IZUMI CITY, the three-party framework—combining Japanese and Vietnamese expertise—aims to create a community that blends residential offerings with daily conveniences, fostering organic, self-sustaining neighborhood growth.
Key Facts
Property Name: IZUMI CITY
Developers: Nam Long Investment Corporation / Hankyu Hanshin Properties Corp. / Tokyu Corporation
Location: Long Hung, Dong Nai Province, Vietnam
Number of Units: Approx. 2,900
Phase 2 Construction Start: Planned within 2025
Completion: Phase 1 completed in late 2023