Vincom Joint Stock Company, which owns Vincom City Towers, a large commercial center in Hanoi, got the license Thursday to build a 94 million US$ entertainment complex in suburban Hanoi.
The 500 ha complex, straddling Long Bien and Gia Lam districts, will comprise a 36 hole golf course, shopping malls, restaurants, a hotel, villas.
Work on the project is expected to kick off in August and will be done in two phases.
The golf course – the largest in the city – a tourist port on the Hong (Red) River, a park, shopping malls, restaurants, and other leisure facilities will be completed first.
However, it is not known when the work will be completed. A second phase will see the construction of the hotel and villas.
Vincom is planning to list on the Ho Chi Minh City stock exchange this year.
It has already applied to the State Securities Commission to make an initial public offering and said details would be revealed upon receiving approval.
The company has tied up with a local partner to renovate the Thong Nhat Park also at a cost of $94 million.
Vincom Joint Stock Co was established in 2002 with a chartered capital of VND251 billion (15.7 US$ million).
It has since increased its capital to VND600 billion.
Source: Thanh Nien
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