Real estate development in Ha Noi and Ho Chi Minh City is showing signs of a heat-up with foreign investment fluxing in major projects.
Director of the Ha Noi Service of Planning and Investment Trieu Dinh Phuc said foreign investors are rushing for licenses to build high-tech parks, financial-banking meccas, new residential quarters, hotels, apartments, offices for lease, commerical centres, restaurants and super-markets.
The biggest project underway is the 500mio US$ investment in a high service complex in the district of Cau Giay. The Keangnam group from the Republic of Korea recently won the license for construction in a fierce race with another developmental giant from Japan, the Kanagawa Union under the Riviera group.
Ha Noi's Cau Giay district was chosen by the Charmvit group from the Republic of Korea to build a five star hotel on an area of almost 2 ha at a cost of 80mio US$.
The investor has applied to increase the highrise to 30 storeys from its original design of 18, to tap the advantages of this location, which is close to the National Convention Centre, opposite Big C, a major market chain. It is also close to a number of new residential quarters.
Antara Koh Development Pte.Ltd from Singapore is interested in the development of a residential complex on the northern bank of the Red River. The complex will include houses, offices for rent, shops, hotels and other public facilities.
Source: VNA
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