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HUD marks debut with $100m project
The Viet Nam Housing and Urban Development Holdings Group (HUD) would make its debut tomorrow following a decision by the Prime Minister, said Director of HUD Corp. Nguyen Dang Nam.
The group was made up of four businesses under the Ministry of Construction umbrella: the Ha Noi Construction Corporation (Hancorp); the Viet Nam Building Glass and Ceramics Corp. (Viglacera); the Bach Dang Construction Corp.; and the Viet Nam Water Supply Sewerage and Environment Construction Investment Corp. (Viwaseen).
The group was tasked with regulating Viet Nam's real estate market and expanding its new urban area models to other localities nationwide.
In celebration of the debut, HUD kicked off construction of a VND1.9 trillion (US$100 million) hi-end office building in Ha Noi's Thanh Xuan District on Sunday.
Designed by Singapore-based KYTA Company, the HUD Towers would include two buildings, one reaching 32 storey and the other 28, in a form that symbolised two sails.
The project was expected to be completed in late 2012 and would provide Ha Noi's real estate market with 56,000sq.m of new hi-end offices for lease.
The group has targeted VND5.62 trillion ($295.79 million) in revenue for the year, which would cover its VND379 billion ($30 million) budget.
HUD Holdings was also expected to achieve its strategic goal of building 8-10 million square metres of residential housing through 2015.
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