Foreign-backed projects in Hanoi power ahead
Foreign-backed projects in Hanoi power ahead
Despite the global crisis and domestic downturn, a range of foreign-backed real estate projects moved ahead last year.
Limitless, a Dubai government company, recently agreed a contract to co-develop its Halong Star complex in Quang Ninh province with domestic Sovico Holdings.
The participation of Sovico in this project could provide a brighter future for the ill-fated project which has been delayed for more than five years.
According to Ali Rashid Lootah, chairman of Nakheel and Limitless, work will restart on the $550 million five star hotel, villa, townhouse, apartment and shopping centre complex in the first quarter of this year.
Malaysian-backed ParkCity Hanoi also showed positive signs in 2013 when Perdana ParkCity bought out local partner Vinaconex-Hoang Thanh’s stake in the joint venture.
Perdana ParkCity’s subsidiary, Vietnam International Township Development JSC (VIDC), has been speeding up construction to deliver their first homes by mid-2014.
VIDC CEO Lawrence Peh said that the company had decided to make adjustments to the master plan to accommodate a new 20-ha mixed-use component, diversifying the project’s housing focus.
Also in Hanoi, Korean-backed Tay Ho Tay Development Company officially received a $200 million from the Korean Development Bank (KDB) to develop its StarLake urban development project.
This allocation will be used to develop the first phase of StarLake, which is 100 per cent invested in by Daewoo E&C.
According to the developer, the KDB loan would enable Daewoo E&C to continue its project for the next two years and implement infrastructure systems as soon as it receives cleared land from the Hanoi People’s Committee.
This allocation will also help to start the first villa and housing complex at the start of this year.
Long-term developers are also more upbeat.
CapitaLand, a Singaporean housing developer which has more than 20 years of experience in Vietnam, is finishing its Mulberry Lane project in Hanoi. Customer handovers in the second phase are scheduled for the middle of this year. The company is also preparing to handover its first apartments at the Parcspring residential area in Ho Chi Minh City’s District 2 within this year.
Meanwhile Keppel Land, another Singaporean developer also is expanding its activities to the north, with plans to develop a major residential project in Hanoi.
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