Singaporean fund invests in Ho Chi Minh City
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Singaporean Genesis Global Capital and Phuc Khang Corp signed an agreement on November 1 to develop a green residential building project in Ho Chi Minh City.
Under the agreement, the fund bought 30 percent of the Diamond Lotus project, worth 300 million USD, and would lend it over a period of six years, said Phuc Khang Corp Chairman Tran Tam.
The company is investing in construction of residential and urban areas on 1,000 hectares. In 2016, it plans to provide 3,000 environmentally friendly apartments that meet US standards in the central districts.
Ng Chuan Kai, director of Genesis Global Capital, highlighted the city’s potential for international integration and incentives Vietnam has offered to foreign investors.
Vu Xuan Thien from the Ministry of Construction said the agreement marks the first long-term retail deal between a local enterprise and an international investor.
Diamond Lotus, which cost nearly 1.27 trillion VND (56.6 million USD) and meets the US’s LEED standards, is located on 1.68 hectares on Le Quang Kim Street in District 8.
It has three apartment buildings and a 500-sq-metre garden on the roof.
The company is investing in construction of residential and urban areas on 1,000 hectares. In 2016, it plans to provide 3,000 environmentally friendly apartments that meet US standards in the central districts.
At the signing ceremony (Source: tienphong)
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Vu Xuan Thien from the Ministry of Construction said the agreement marks the first long-term retail deal between a local enterprise and an international investor.
Diamond Lotus, which cost nearly 1.27 trillion VND (56.6 million USD) and meets the US’s LEED standards, is located on 1.68 hectares on Le Quang Kim Street in District 8.
It has three apartment buildings and a 500-sq-metre garden on the roof.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years