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Mammoth real estate projects stand out
A series of real estate projects capitalized at billions of dollars have been announced over the last month. Here are some of the largest.
The $4.5 billion high-grade general tourism complex in Ninh Thuan will include a resort area, villas, entertainment area and works of public interest. There will also be Mui Dinh Golf Course, which is named as one of the courses to be developed by 2020.
The project will cover an area of 1500 hectares and will be developed by Polo Beach International Limited (Hong Kong).
Documents certifying the financial capability of the investor have been sent to the Ministry of Construction. The ministry has allowed the investor to survey the 700 hectares of land. The project will proceed after assessing the results of the first phase.
Happyland - the biggest entertainment complex in Vietnam
Happyland project, capitalized at nearly two billion dollars and developed by Phu An Construction Investment and Infrastructure Development, is expected to kick off in January 2011 and become operational in 2014.
The project will cover an area of nearly 700 hectares in Long An province as part of the development of the Vam Co Dong River area.
World famous names are involved: Steelman Partners will provide the design, PricewaterhouseCoopers will conduct the feasibility study, while Hill International will provide management consultation and International Creative Services Company will execute the project.
The project will include a park, shopping mall, 3-5 star hotel, water park, dancing hall, floating market, Vietnam cultural centre and an urban area.
The Lotus Project may boast tallest building in Vietnam
Located on a four hectare land plot west of Hanoi, the multifunctional complex will include a shopping mall, hanging garden and six star hotel with thousands of rooms. The project is designed by Foster + Partners.
The project developer, Kinh Bac Group, now has 24 choices to increase the number of floors for the Lotus Project. The developer and design consultant are considering using shapes like lotus, rice, Mot Cot Pagoda and Hong River as the symbol of the building.
Prior to that, the Lotus Project was allocated to Japanese Riviera Group which planned to spend $500 million on a 15 story building. However, the group withdrew from the project due to financial difficulties and the project has been transferred to Kinh Bac Group.
To date, Hanoi authorities have not made a final decision on the number of floors and they have not revealed the building’s official name, but they have confirmed that total investment capital would be about one billion dollars.
Vietinbank Tower
The project has initial investment capital of $300 million and the figure is predicted to rise. Covering an area of 30,000 square metres in Ciputra, west of Hanoi, the project will include two towers, one 68 floors and another with 48 floors. The project designer is Foster + Partner.
Vietinbank plans to organise international bidding to choose the contractors. It is very likely that a South Korean team will be chosen.
Prior to that, in 2008, Vietinbank hoped to set up a joint-venture with Singaporean Premium Aset Pte., which would be in charge of building and developing the project, but the Singapore investors withdrew due to financial difficulties
47 stories on Hanoi’s Pham Hung Road
The shopping mall and office project is estimated to have total investment capital at 1700 billion dong or nearly $100 million. The project will be developed as a joint-venture between VIMECO and HANEL, which contribute 64 percent and 36 percent of capital, respectively. Construction will start in late 2010 and will be completed by late 2013.
vietnamnet, VnExpress
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