Construction giant Coteccons subsidiary bids for $419 mln southern Vietnam residential project

A consortium comprising Covestcons Co. Ltd and BEHS Joint Stock Company is the sole applicant for developing a VND10.66 trillion ($418.8 million) commercial-residential project in Long An province.

Covestcons is a subsidiary of Vietnamese construction giant Coteccons.

The complex will cover 85.19 hectares in Thanh Phu commune, Ben Luc district. Of the total project cost, VND8.66 trillion ($340.29 million) will be earmarked for construction, while the remaining VND2 trillion ($78.57 million) will be allocated for compensation and resettlement.

The project, designed to accommodate 4,800 residents, will include 698 detached houses, 318 villas, 282 houses/land lots for resettlement, and some technical portfolios.

The southern province’s Planning and Investment Department stated Friday that it envisages legal procedures, compensation, resettlement and site clearance for the project will be undertaken and completed in 2024-2025.

About 30% of project work will be completed by Q1/2027, 60% by Q1/2028, 90% by Q3/2029. The department expects the project to become fully operational in Q3/2029.

Both members of the consortium were founded in 2020. Covestcons's charter capital was VND1.87 trillion ($73.54 million) as of October 2020; while the figure for BEHS was VND1.19 trillion ($47.1 million) as of April 2020.