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Developer granted $60 mln loan for residential project
A Singapore-Vietnam joint venture last week signed a loan agreement to borrow US$60 million from Vietnam Joint Stock Commercial Bank for Industry and Trade to develop a residential project in Hanoi.
The loan will be allocated to fund the development of the Mulberry Lane in the Mo Lao Urban Zone in the city’s Ha Dong District.
Covering an area of 2.4 hectare, the complex comprises five residential towers with an estimated 1,500 high-end apartments, Thoi Bao Kinh Te Sai Gon (Saigon Economic Times) newspaper reported.
The US$250 million complex is a project of the CapitaLand – Hoang Thanh Co., Ltd, a joint venture between Singaporean real estate firm CapitaLand and a local partner, the Hoang Thanh Investment and Infrastructure Development Joint Stock Company.
The project, whose work started in the third quarter of last year, is scheduled for completion in 2014.
Some 451 units in Mulberry Lane have been sold for the prices ranging from US$1,350 to $1,900 per square meter.
Last month, CapitaLand also signed a joint venture agreement with Hoang Thanh to develop a $170 million residential project covering 1.4 hectares in Ha Dong District.
The joint venture, whose a 70 percent stake owned by the Singaporean firm, will build a residential projects including four towers housing 960 apartments in the Mo Lao Urban Zone.
CapitaLand is a multinational company who has business interests in real estate, hospitality and real estate financial services. The Singapore-based firm has made its presence in more than 110 cities in 20 countries.
It is currently developing four real estate projects with more than 4,000 housing units in Hanoi and Ho Chi Minh City.
vietnews
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