Ho Chi Minh City-based HDBank has become the bookrunning mandated lead arranger for the US$550 million Ha Long Star property complex by Ha Long Bay in the northern province of Quang Ninh.
The Vietnamese lender signed the capital arrangement deal on July 5 with project developer Limitless Vietnam, a member of Dubai-based Limitless, a global integrated real estate master developer.
HDBank will arrange credit for the whole project and make disbursements by phase. It will immediately make the first disbursement of US$10 million for Limitless Vietnam.
Located 200m above Ha Long Bay, Ha Long Star will accommodate up to 4,000 residents and guests in three hotels, serviced villas, townhouses, apartments, complemented by leisure and retail facilities, all with extensive views of the world renowned bay.
As agreed, Limitless Vietnam will use HDBank's capital services related to the development of the project such as domestic and international payments from customers, capital for contractors, funding for secondary investors and clients of the project .
Limitless Dubai CEO Faisal Al Raisi said," We strongly believe that the project will meet the timeline and soon bring more benefits to home and abroad travelers coming to Quang Ninh, as to be deserved its name Ha Long Star."
Reported by Truong Nguyen | Tuoi Tre News