» » PPI gets land for residential development

VNRE - Local property developer Pacific Property and Infrastructure Development JSC (PPI) has won approval from the HCMC government to develop a housing project at a location formerly allocated to another developer.

Phan Anh Dung, deputy general director of the company, told the Daily on the phone on Tuesday that work had started on a detailed design and necessary procedures for a construction license so that the project in the outlying district of Thu Duc could get off the ground pretty soon. The former developer delayed its project for over 10 years.

The city authorities handed over two hectares of land in Hiep Binh Chanh Ward to Phu Nhuan Housing Trade and Construction Company in 1998, but the company had not finished compensation and site clearance.

Dung said PPI planned to invest some VND1.3 trillion to develop the Water Garden Apartment project comprising four blocks of flats, retail podium and other service facilities.

The city, however, has given PPI a deadline for finishing construction and warned that the city will revoke the land if the company also fails to complete necessary procedures to get the project moving within 12 months from the date of receipt of the land.

Work on the project will begin in the middle of next year and be completed within four years.

Reported by Dinh Dung - The Saigon Times Daily

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