MBBank to finance $61 mln for 780-room apartment in Binh Duong province
Phu Dong 5 Investment Company Limited, under Phu Dong Real Estate Group JSC, and MBBank have signed an agreement on financing the construction of Phu Don SkyOne apartment complex.
Per the guarantee and credit funding contracts signed on Tuesday, MBBank will grant a credit limit of VND500 billion ($20.48 million) to finance the project's deployment and a guarantee limit of VND1,000 billion ($40.97 million) for the investor’s financial obligations in case the investor fails to deliver its product as committed.
The “affordable” project aims to serve housing demand, covering 5,615 square meters with an investment of VND1,100 billion ($45.06 million). It features two 30-story apartment blocks and one basement, providing 780 apartments of between 42 and 75 square meters each.
Executives of Phu Dong Group and MBBank sign an agreement in Ho Chi Minh City on January 30, 2024. Photo courtesy of Phu Dong Group.
The project, which received its construction license from Binh Duong province’s Department of Construction in November 2023, plans to start offering products in December 2025.
Located in a prime spot at DT 743C street, Di An town, it is connected to key roads, such as My Phuoc-Tan Van road connecting Binh Duong province and Ho Chi Minh City, National Highway 1K, National Highway 13, Pham Van Dong Avenue, and the to-be-built extension of Metro lines 1 and 3.
In the one-kilometer radius, the project is linked to Vincom Plaza Di An shopping center, Song Than 2 Industrial Park, Di An market, Di An High School, VSIP 1 Industrial Park, Song Than 1 Industrial Park, Aeon Binh Duong mall, and Thuan Giao market.
The distance between the project and HCMC’s District 1 is 19 kilometers.
Phu Dong SkyOne will offer "tailor-made" amenities stretching from the ground floor to the 4th floor of the building, fully meeting the needs of young people involved in an active lifestyle, such as a warm water swimming pool, jacuzzi, preschool, food court, BBQ area, bar, children's playground, gym, yoga room, and community room.
All apartments will be furnished with famous brands and will go on sale in March 2024, with an expected selling price of from VND1.4 billion ($57,354) to VND2.2 billion ($90,127).
As many as 75% will be priced from VND1.4 billion ($57,354) to VND1.8 billion ($73,740) per unit, suitable for the needs of young families.
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