Daewoo subsidiary transfers CMC Creative Space Project to CMC Technology Corporation
Daewoo subsidiary transfers CMC Creative Space Project to CMC Technology Corporation
Hanoi's People's Committee has approved the transfer of the CMC Creative Space Hanoi project from THT Development Company to CMC Technology Corporation.
The project's total investment is expected to reach VND1.789 trillion ($74.54 million), with completion scheduled for Q4/ 2024. The project encompasses a 1.13-hectare area with a 23-story height and 40 per cent construction density.
THT, wholly owned by South Korean company Daewoo E&C, established the project. CMC, a Vietnamese technology corporation, has invested approximately $18.75 million in the CMC Creative Space project in Ho Chi Minh City. Previously, CMC proposed a VND12 trillion investment in the CMC Creative Space project in Danang in 2020.
Daewoo E&C has been promoting the project in the western Hanoi area with a total investment of approximately $2.2 billion (Phase 1 of around $1.2 billion) since early 2016.
The company started selling the first 182 products in June 2016, with prices ranging from $720,000 to $2.35 million. Buyers are required to make a 20 per cent down payment and could move in from July 2017. Daewoo E&C plans to launch the second phase (182 flats) and phases 3 and 4 (including villas and 600 flats) in 2017.
In 2020, Daewoo E&C announced plans to invest $388 million in the Starlake Tay Ho Tay project, along with Korean financial institutions, including Korea Development Bank and KB Securities, as reported by Business Korea.
After the transfer, THT still holds a 161.19-hectare land for the development of the Starlake Tay Ho Tay project. The project's total investment exceeds $1.25 billion, with completion scheduled in two phases.
THT was established and wholly owned by the South Korean construction company Daewoo E&C.
The legal representative of THT is currently An Kuk Jin, chairman of Daewoo E&C. CMC, on the other hand, is a Vietnamese technology corporation that originated from the ADCOM Centre under the Institute of Electronics and Telecommunications Technology and the National Research and Development Institute, founded in 1991.
