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Work starts on new project in Hai Phong
Bulldozers started breaking ground on a 300 million USD real estate project in Kien An district in the northern port city of Hai Phong early this week.
According to the project investors, Huadi Investment Firm, construction of the project will be done in three stages, to be completed by 2011.
The project will cover 300,000sq.m and comprise a trade centre and 17 buildings boasting 16-18 floors, and thousands of 90-145 sq.m apartments.
The investors used Chinese company Huadi Company for the planning phase, and US-based DND Company to design the project.
Huadi Investment Firm, a joint venture between Huadi International Group and Vietnamese company CDI, have a 300 million USD budget to complete the project.
Huadi Investment Co Ltd’s first property project in Vietnam underlines its ambitious plan to tap into the real estate market. “Growing numbers of developers are waking up to Hai Phong’s potential as our investment destination, as the city has developed rapidly”, said Linbai, the firm’s strategy supervisor.
Hai Phong, close to Hanoi and Quang Ninh, occupies a strategic location in the country’s northern economic triangle. In addition, Hai Phong is an attractive destination for industrial projects. Therefore, there will be great demand for residential properties, especially luxury apartments, said Linbai.
At the end of July, Hai Phong attracted 294 foreign investment projects with registered capital of 2.9 billion USD.
VNA
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