FLC buy-out hastens Hanoi’s Alaska Garden City
FLC buy-out hastens Hanoi’s Alaska Garden City
FLC Group has purchased Alaska Garden City Urban project on the western outskirts of Hanoi. The project is expected to start construction by the end of 2013.
Doan Van Phuong, general director of Group, confirmed to VIR last week that Alaska Land, the developer of Alaska Garden City urban area project, sold 99 per cent of its stake, worth VND300 billion ($14.3 million) to the FLC Group. Phuong said that the group planned to kick off the project in the fourth quarter and expected to put into operation the VND3.5 trillion ($166.7 million) project covering on an area of 8 hectares in Dai Mo commune, Tu Liem district in 2017.
According to Phuong, the acquisition of the project would create a huge commercial advantage for FLC due to the project’s ideal location on the western edge of the capital, which is undergoing rapid urbanisation with many large-scale projects such as the National Convention Centre, National Sports Centre, shopping centres, supermarkets like Big C and a JW Marriott five-star hotel.
Alaska Garden City will boast 300 villas, featuring a variety of housing options. The apartments are located from the sixth floor of a tower complex that will also include a shopping centre and offices. Besides the commercial houses, the project has lower cost social housing with a 29-storey tower block.
Founded in 2001, FLC’s first property project is FLC Landmark Tower in Le Duc Tho street, Tu Liem district.
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