VNRE - South Korean property developer Cantavil looks set to increase the number of its property projects in Vietnam through its cooperation with a local partner to develop a condo project in HCMC.
The company will join hands with the Southern Seed Company (SSC) to implement the project costing some US$45 million and covering 8,000 square meters on Le Van Sy Street in Tan Binh District.
The 17-story building will consist of 243 apartments of 87 to 162 square meters, a section for commercial services and another for offices.
Cantavil has got involved in five property projects in Vietnam to date. Two of them have been completed in HCMC’s districts 2 and Binh Thanh and the other three are under way in Ba Ria-Vung Tau, Danang and Hanoi.
The company is expected to receive an investment certificate and a construction permit to start work on the latest condo project in the second quarter next year.
In a related development, Hoang Anh Saigon Real Estate Co late last week launched a low-cost condo project in the fringe district of Thu Duc in HCMC.
The company has invested some VND400 billion to build two 19-storey blocks with some 500 apartments of 35 to 130 square meters and a section for commercial services.
Doan Chi Thanh, director of the company, said the condos were selling for VND8 million or above per square meter, which low-income people can afford.
The condo building is scheduled for completion by late 2012.
Reported bt Dinh Dung | Saigon Times