Vietnamese-Korean JV Gets Nod for US$76Mln Property Project
Lee and Co., a Vietnamese-Korean joint venture, on December 8 received investment license from Ho Chi Minh City People's Committee to develop a residential and clean industrial area worth US$76 million.
The complex, to cover 25ha in Phu Thuan Ward, District 7, south of Ho Chi Minh City, is designed to comprise commercial sections, houses, parks, roads, schools, heath services, and other facilities.
As planned, the venture will include five luxury 18-story apartment buildings with 1,800 units for sale and lease, and shops and facilities for companies in clean industrial sectors.
Lee and Co. is established by Lee & Co Development, Ho Chi Minh City-based Khanh Gia Joint Stock Co. and Saigon Electricity-Construction-Investment Joint Stock Co, with a chartered capital of $22.8 million.
Of the required capital, the foreign partner is set to contribute 80 per cent, with the balance coming from the Vietnamese consortium of firms.
The project, with lifespan of 50 years, is slated for construction in mid-2007.
Thanhnien, VNA
Vietnamese
