Vietnamese real estate developer Novaland, construction firm Ricons, and TPBank signed an agreement on Wednesday to be able to finish the construction of an eye-catching property complex at the heart of Ho Chi Minh City.
Under the agreement, Vietnamese lender TPBank will provide financing for completing the construction of The Grand Manhattan complex in District 1 after a pause of building and provide a credit package for apartment buyers.
Ricons, a Vietnamese leading building firm, serves the new period as the general contractor.
The Grand Manhattan complex is expected to help boost the liquidity of the realty market in the upcoming time as the legal issues for the project have been solved while financing is already available.
The Vietnamese ailing property market started to undergo woes in the second quarter of 2022, and the Prime Minister and several regulators have continually made efforts to tackle the issues. Market experts and businesses expect to see a market recovery in the fourth quarter of this year.
The Grand Manhattan is among the first seven projects in HCMC to see legal issues solved. With TPBank and Ricons involved, the project is expected to revitalize investor confidence in the market recovery and supply in the high-end segment in HCMC.
Resuming the construction of the complex shows Novaland's non-stop efforts in carrying out its projects, the HCMC-based firm noted in a release.
Novaland said it is committed to completing key projects, delivering houses to customers, and adjusting construction plans with suitable segments as part of its restructuring strategy. The company is also negotiating with financial institutions to arrange capital sources and collaborating with relevant authorities to complete legal procedures as soon as possible.
The Grand Manhattan is at a prime location in District 1, covering 14,000 square meters. It will provide over 1,000 fully-furnished apartments.
The project has completed the basic infrastructure, foundation, basement, the 28th level, and some protocol houses. Novaland expects to make house deliveries in the last quarter of 2024.
Besides The Grand Manhattan, Novaland is in talks with other partners to continue work on other key projects like NovaWorld Phan Thiet, NovaWorld Ho Tram, and Aqua City.