Foreign owner spurs progress on slow $70m ParkCity project
Foreign owner spurs progress on slow $70m ParkCity project
The long-delayed ParkCity Hanoi residential project has seen dynamic progress in the six months since the foreign investor of the joint venture bought out its Vietnamese partner.
An insider in the Malaysian-owned Perdana ParkCity, which is now in the total control of the project, explained that their first move was to replace the projects subsiding foundations.
“To correct this, the company invested another $7 million,” the source added.
The sinking foundations were a major cause of friction between the partners, who could not agree on a solution.
ParkCity is a 77 hectare property located at the intersection of Le Trong Tan and Le Van Luong streets in western Hanoi.
The project will comprise of suburban homes and apartment blocks, shopping centre, park, sports facilities, and an international school. In the first and second phases, Park City plans to complete around 1,200 villas, semi-detached houses, and high-rise apartments.
The first lowrise residential area – the Ngoc Lan suburb – is undergoing its initial building stage with plans to complete the structures by October, with them likely to be handed over to customers during the second quarter of 2014.
ParkCity Hanoi and its contractor Ecoba Vietnam held a ground-breaking ceremony last month for the Hoang Lan suburb, the project’s second neighbourhood.
Hoang Lan will be a guarded and gated neighbourhood consisting of 144 townhouses and 16 semi-detached villas.
In early 2013, Perdana ParkCity announced it had completed its acquisition of 40 per cent of Vietnam International Township Development JSC (VIDC) from the former partner Vinaconex Hoang Thanh, officially ending the 60-40 partnership that began in 2009.
VIDC’s CEO Lawrence Peh commented that the acquisition was vital to moving the project forward and noted the company’s track record and financial strength.
Perdana ParkCity is the property development subsidiary of Samling Group, a Malaysian timber conglomerate.
The company has another project, Marina ParkCity in East Malaysia and flagship project Desa ParkCity in Malaysian capital Kuala Lumpur.
Once completed, Desa ParkCity will include 7,000 homes with a population of roughly 35,000 and a 17.4 hectare town centre with around 300,000 square metres of commercial space.
Yaw Chee Siew, chairman of Perdana ParkCity, was recently voted Malaysian Property Man of the Year for his exceptional vision and achievements.
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