Novaland, TPBank, Ricons join hands to complete prominent property project
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.
Executives of Novaland, TPBank, and Ricons sign their agreement for completion of The Grand Manhattan in Ho Chi Minh City on April 19, 2023. Photo courtesy of Novaland.
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.
An artist's impression of The Grand Manhattan complex in Ho Chi Minh City. Photo courtesy of Novaland.
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.
- Related News
- Read More
Posco keen on investing in Vietnam's $2.2 bln LNG power project
South Korea’s steelmaker Posco is eyeing to invest in the $2.2 billion Quynh Lap LNG-fired power plant project in Vietnam’s central province of Nghe An.
Energy - Thu, November 21, 2024 | 10:42 am GMT+7
Vietnam firm Hoa Lam to build $212 mln Aeon Mall in Mekong Delta
The Mekong Delta city of Can Tho has accepted a subsidiary of private multi-sector Hoa Lam Group as the investor of the Aeon Mall Can Tho commerce and service center.
Industries - Thu, November 21, 2024 | 10:31 am GMT+7
Vietnam startup expert closes Monkey in Black coffee shop
Tung BT (Tran Thanh Tung), a popular startup expert and social media influencer, is closing his final coffee shop in Ho Chi Minh City, ending a 10-year journey of the "Monkey in Black" brand.
Companies - Thu, November 21, 2024 | 8:16 am GMT+7
Vietnam-Singapore ties set for elevation to comprehensive strategic partnership
Vietnam and Singapore will elevate bilateral ties to a comprehensive strategic partnership and Singaporean Prime Minister Lawrence Wong will visit Vietnam next year.
Politics - Wed, November 20, 2024 | 8:16 pm GMT+7
Vietnam’s Vingroup establishes robotics firms, with co-founder’s 2 sons as major shareholders
Vingroup, Vietnam’s largest private conglomerate by ecosystem, has set up a robotics unit as it moves to ramp up its industrial-high technology ecosystem.
Companies - Wed, November 20, 2024 | 6:17 pm GMT+7
E-commerce, digital platforms likely to pay taxes on behalf of their sellers in Vietnam
E-commerce and digital platforms will have to declare and pay taxes on behalf of their sellers starting January 1, 2025, according to a draft amendment to the Law on Tax Administration.
Finance - Wed, November 20, 2024 | 5:37 pm GMT+7
Flexibility, adaptability key to effective leadership: PepsiCo Vietnam exec
In a rapidly changing world, leaders need to develop the skill of being “as flexible as seaweed,” says Nguyen Viet Ha, general director of PepsiCo Foods Vietnam.
Companies - Wed, November 20, 2024 | 3:52 pm GMT+7
Central Vietnam province okays $88 mln automobile part project
Binh Thuan province's industrial zone authority on Tuesday granted an investment registration certificate to a $88 million project invested by Taiwan’s NeoSCM Limited.
Industries - Wed, November 20, 2024 | 3:44 pm GMT+7
Thai packaging firm Thantawan Industry makes inroad into Vietnam
Thantawan Industry Public Company Limited, a leading Thai manufacturer of premium plastic packaging, has inked a deal for a 30-year factory lease, marking its inaugural investment in Vietnam.
Industries - Wed, November 20, 2024 | 3:34 pm GMT+7
Developer Novaland gets legal hassles cleared for satellite urban area bordering HCMC
Major property developer Novoland has had legal obstacles for its Aqua City project cleared after Dong Nai Chairman Vo Tan Duc approved Tuesday a critical adjustment to the southern province’s urban development plan.
Companies - Wed, November 20, 2024 | 2:29 pm GMT+7
Pegatron to quadruple workforce at $800 mln project in Vietnam
Pegatron Vietnam, a subsidiary of Taiwanese electronics manufacturer Pegatron Corporation, is set to soon quadruple the company's workforce for its $800-million project in Vietnam.
Industries - Wed, November 20, 2024 | 2:03 pm GMT+7
Thailand’s WHA greenlighted to invest $55 mln in central Vietnam industrial park
WHA Group, a leading Thai provider of fully integrated logistics and industrial facilities solutions, has secured in-principle approval from the Vietnamese government to invest in an industrial park in central Vietnam.
Industrial real estate - Wed, November 20, 2024 | 12:01 pm GMT+7
Indonesia, Brazil sign cooperation deals worth $2.65 bln
Indonesia and Brazil on Monday sealed cooperation agreements worth $2.65 billion in the areas of renewable energy, sustainable agriculture and technology at the Indonesia-Brazil Business Forum held in Rio De Janeiro, Brazil, on the sidelines of the G20 Summit.
Southeast Asia - Wed, November 20, 2024 | 11:57 am GMT+7
Nusantara not yet feasible as Indonesia’s capital city: authorities
Indonesian Minister of Home Affairs Tito Karnavian said Jakarta still holds the capital status despite the enactment of State Capital Law No. 3 of 2022, adding that the capital city will officially be relocated after the president issues a presidential decree.
Southeast Asia - Wed, November 20, 2024 | 11:55 am GMT+7
Malaysia’s Halal industry to make up 10.8% of GDP by 2030
Malaysia’s Halal industry is projected to account for 10.8% of the country's GDP by 2030, with an estimated value of RM231.1 billion ($51.7 billion).
Southeast Asia - Wed, November 20, 2024 | 11:48 am GMT+7
Thailand takes more fiscal measures to sustain growth momentum
The Thai government is working on a raft of fresh fiscal measures to sustain an economic recovery, foster new foreign investment, and lower the near-record household debt, says Thai Prime Minister Paetongtarn Shinawatra's top aide.
Southeast Asia - Wed, November 20, 2024 | 11:46 am GMT+7
