Sun Group-led consortium eyes $2.8 bln urban project in southern Vietnam
A consortium led by Sun Group, a leading real estate developer in Vietnam, is the sole applicant for developing a VND72.29 trillion ($2.8 billion) urban area in the southern industrial province of Dong Nai.
The consortium comprises Sun Group and its two subsidiaries – Ha Long Sun Limited Liability Company and Sun Group Property JSC, and two local businesses – Lan Anh-Phu Quoc Company Limited and Phu Quoc Beautiful Beach Investment Limited Liability Company, director of the provincial Department of Planning and Investment Nguyen Huu Nguyen said on Thursday.
A view of Hiep Hoa ward, Bien Hoa town, Dong Nai province where the Hiep Hoa urban area project is set to be rolled out. Photo courtesy of Doanh Nhan (Businesspeople) magazine.
The amount excludes VND16.7 trillion ($656.3 million) in expenses for site clearance and resettlement.
The 293-ha Hiep Hoa urban area project, to be located at the gateway to Bien Hoa town, will comprise low-rise houses and high-rise apartments and is expected to accommodate 31,600 people. Housing area will account for 20% of the total.
Construction is set to take 12 years in five phases from the date of in-principle approval.
Demand for housing in the province in on the rise thanks to infrastructure developments, with key projects such as Long Thanh International Airport, Dau Giay-Phan Thiet expressway, and a host of industrial parks.
Since the start of this year, Dong Nai has been calling for investment in four urban and tourism projects, totaling VND106,765 billion ($4.2 billion).
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