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VNRE - A luxury hotel and commercial center complex worth nearly VND7.17 trillion will be built in the heart of HCMC.

The HCMC government this Monday approved a selection of investors for the project at 164 Dong Khoi Street in HCMC’s District 1.

A consortium comprising Hongkong Land International Holdings Ltd. of the U.K. and two Japanese firms, Sumitomo Realty & Development Co. Ltd. and Toshin Development Co. Ltd., is involved in this project.

The project will cover an area of nearly 9,800 square meters near Tran Dai Nghia High School, bordered by the streets of Dong Khoi, Nguyen Du and Ly Tu Trong. This commercial, service and cultural complex would offer offices, luxury hotel rooms and exhibition space.

The cost of the project is around VND7.17 trillion, or roughly US$355 million, with nearly half to be spent on construction and the remainder on site clearance compensation and resettlement.

If the investors failed to carry out the project without good reason, their deposit would be confiscated and they would be banned from participating in other projects in the city for three years, according to the HCMC government.

In addition, the investors are not allowed to transfer their stakes or their right to develop this project to other investors as long as the project has not been completed.

The prime land lot of the project earlier attracted bids from nearly 70 investors, including those having a strong financial position with equity of over US$1 billion.

Source: The Saigon Times Daily

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