The Hanoi administration gave approval Thursday to Vietnam Oil and Gas Corp. (PetroVietnam) to build a five-star hotel and commercial-residential complex at a cost of 90 million US$.
The complex will be built on a 3.7 hectare site in Tu Liem district’s Me Tri Culture and Sports Park.
PetroVietnam’s director general, Tran Ngoc Canh, said it would contain at least 350 hotel rooms besides a number of luxury apartments and offices.
An 88-storey office building, Vietnam’s tallest structure, would be built along with an imposing commercial and entertainment center, he added.
The company’s real estate arm, Petrowaco, is working on procedures and land acquisition in preparation for construction which will start before September.
Tran Ngoc Binh, Petrowaco’s deputy director general, said the complex would be completed by March 2010, in time for the 1000th anniversary of Hanoi.
Hanoi recently approved two other deluxe hotels, each at a cost of 500mio US$ – the Japanese Riviera Corporation and CSK Finance Company consortium’s 500mio US$ five-star hotel in the outlying Tu Liem District, and Korean Keangnam’s five-star hotel near the National Convention Center.
Source: Thanh Nien Mekong Capital Equity Vinacapital fund
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