1:39:45 PM | 15/8/2007
The Japanese-based property firm Intra started construction on a US$100-million premier-class trade and housing complex in Thai Nguyen province, 80 kilometers north of Hanoi, on August 11 .
The complex will include Xuong Rong lake, energy and water supply systems, villas, high-rise apartments, offices and a commercial center. It will also house to a green park, an entertainment area, a sports club and a lakeside hotel.
Construction on the complex is slated to be completed by 2010.
“We believe that the complex will be a modern city and become the model for other localities in Vietnam. The project will set a firm foundation for Intra’s follow-up investment portfolio as we intend to pump US$500 million into other property projects in the country,” said Intra’s managing director Woo Poh Sun.
Sun said he was confident about the project’s potential returns although his company measured only 3 per cent of the city’s one million dwellers could afford to buy in the new urban town.
Beside Intra’s urban town, authorities of Thai Nguyen are also calling on domestic and foreign investors to develop six other property and service projects to make it a business and tourist magnet adjacent to Hanoi.
Up to US$300 million worth of projects are on the drawing board including a large-scale supermarket, a cultural promoting center, and a 15-storey governmental agency office building. (Vietnam Economic Times)
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