Work Starts on US$103-Mln Building in HCM City
Ngan Binh Construction Investment Joint Stock Company Jul 18 kicked off construction on a high-rise building worth a total capital investment of VND1.65 trillion (US$103 million) in Ho Chi Minh City.
Vo The Binh, director of the company said, his firm will carry out the 8,320-hectare project in district 1 in two phases.
The first phase will build two blocks of 444 apartments covering an area of 5,175 square-meters, four basements and offices and trade centers for rent.
After the phase is completed late 2010, the company will start the project&rsquos second stage, the director said.
Cushman & Wakefield, the U.S.&rsquos leading real estate service provider said that Ho Chi Minh City ranks 10th among Asian countries with highest apartment rents.
The firm said that office rents in the southern city is rated 17th out of 203 locations in 58 countries in the world, which is attributed to the city&rsquos booming economy, strong growth in foreign investment and entry of multinationals. (Investment)
Vietnamese
