Hankyu Hanshin Properties — partner of Izumi City, Norton Park

Hankyu Hanshin Properties is the real estate company of Hankyu Hanshin Holdings, a railway and real estate group headquartered in Osaka, Japan. In Vietnam, the company does not sell under its own name; instead it invests in, co-plans and operates urban areas with Vietnamese developers, most notably Nam Long's Mizuki Park, Akari City and Izumi City. Since the end of October 2026, it has also joined Gamuda Land's Norton Park project.

About Hankyu Hanshin Properties

• Legal entity: Hankyu Hanshin Properties Corp., one of the 5 core companies of Hankyu Hanshin Holdings, a group listed in Japan.
• Development history: its predecessor was founded in 1947 and renamed Hankyu Realty in 1967. In April 2018, the company took its current name after taking over the real estate businesses of Hankyu Railway and Hanshin Electric Railway.
• Current owner: part of the Hankyu Hanshin Holdings group (Osaka), the group of companies operating the Hankyu and Hanshin railways.
• Scale in Japan: in the fiscal year ended March 2024, the group's real estate segment had revenue of 318.3 billion yen. As of March 2025, the company leased about 2.36 million m² of offices and retail space, concentrated in the Umeda area of Osaka.
• In Vietnam: developing housing projects since 2016, with a subsidiary in Ho Chi Minh City set up in 2021. Besides housing, the company takes part in 6 logistics projects in VSIP industrial parks in Hai Phong, Hai Duong, Quang Ngai and Nghe An. Including Norton Park, the company has 8 housing projects in Vietnam with about 24,700 units (including partners' shares).
• Partners: Nam Long Group (together with Nishi-Nippon Railroad and Tokyu Corporation on individual projects) and Gamuda Land.

Projects Hankyu Hanshin Properties is involved in

Izumi City — Long Hung Ward, Dong Nai

An urban area of about 170 ha on the Dong Nai River; the legal developer is Dong Nai Waterfront City Co., Ltd. In 2021, Hankyu Hanshin Properties signed a strategic partnership with Nam Long and took 34.9% of the project company; at the end of 2025, Nam Long transferred 15.1% to Tokyu Corporation and kept 50%. The project is divided into 9 sub-zones with about 13,500 products; the Izumi Canaria sub-zone is selling townhouses and villas. See Izumi City price list and progress.

Mizuki Park and Akari City — Ho Chi Minh City

Two projects Nam Long develops with Hankyu Hanshin Properties and Nishi-Nippon Railroad. Mizuki Park is a 26 ha urban area on Nguyen Van Linh Boulevard, most of whose sub-zones have been handed over. Akari City covers 8.5 ha on Vo Van Kiet Boulevard, An Lac Ward; phase 2 has been handed over since October 2024.

Norton Park — Thuan Giao Ward, Ho Chi Minh City

On 31 October 2026, Gamuda Land signed a strategic joint venture agreement with Hankyu Hanshin Properties for the 7.9 ha Norton Park apartment project on Binh Duong Boulevard, near VSIP I Industrial Park. Gamuda Land leads strategy, management and delivery. The project has 6 towers of 19 storeys, 1,286 units and a building density of 20%, with handover expected in Q3/2029. See Norton Park legal status and progress.

How HPR can help

HPR has information pages and advises on the projects Hankyu Hanshin Properties is involved in: Izumi City, Norton Park, Mizuki Park and Akari City. An HPR consultant will help you compare projects by workplace location and budget, check the project's legal status (which entity signs the sale and purchase agreement, the status of the pink books) and calculate your home purchase cash flow. If you already own a unit in Mizuki Park or Akari City that you want to resell or rent out, you can consign it with HPR.

The Japanese partner is not the entity that signs contracts with buyers. Check the name of the legal developer on each project's contract before paying a deposit.

Considering a project with a Japanese partner in Ho Chi Minh City or Dong Nai? Leave your phone number — an HPR consultant will help you compare projects, check the legal status and work out your cash flow based on your budget.