The 50-50 joint venture company
VinaProjects will offer project and construction management, urban
planning and facilities management services to real estate investors and
developers in Vietnam, including VinaCapital Group.
“The Vietnamese market has enormous
potential for growth and this joint venture will provide both partners
the ability to maximize these opportunities,” Matt Fletcher, inProjects
Group managing director, told reporters at the Sheraton Saigon Hotel
& Towers in HCMC.
Fletcher said that the goal for
VinaProjects was to become known for delivering high-quality,
large-scale developments, and with a number of projects already planned
and underway, the company looked forward to a long and successful
partnership with VinaCapital.
Established in January this year,
VinaProjects has already begun the delivery of landmark urban
development projects valued some US$500 million in cities across the
country.
The newly established company has been
appointed as project and construction manager for several property
projects, including a project in HCMC’s District 9 named The Garland
costing US$13.7 million to develop 53 high-end villas due for completion
late this year.
In another project, the luxury apartment
tower World Trade Center Danang in the central coast city of Danang is
under construction with a budget of US$35 million for the development of
252 apartments in the 32-storey structure.
VinaProjects
will also be appointed as project and construction manager for the
mixed-use development named Times Square in the capital city of Hanoi.
The complex project, whose first phase is due for completion in early
2013, has total investment capital of US$115 million, providing spaces
for commercial, hotel, retail and serviced apartments.
VinaProjects
will combine and expand the services currently provided separately by
inProjects, which has worked across the Asian region on a range of real
estate projects, and VinaCapital to improve efficiency and ensure the
successful delivery of real estate projects. It will be the sole
supplier of real estate services for VinaCapital’s majority-owned real
estate assets, while also participating in competitive tenders for
third-party clients.
Asked whether the new company would
replace professional management companies at its current projects, David
Henry, managing director of VinaCapital Real Estate Co., said
VinaProjects was established just to focus on project management. He
added that VinaCapital would continue cooperation with professional
management companies, such as CB Richard Ellis (CBRE) and Savills
Vietnam for projects’ marketing and sales programs.
Don Lam, chief executive officer of
VinaCapital, commented in a statement that the group has a significant
number of major real estate projects across Vietnam, and it wanted these
projects to be delivered with world-class results.
“We want the next generation of urban and
resort developments in Vietnam to be at the same standard as seen in
cities across Asia and the world and look forward to working with the
inProjects team to help raise the standard of project delivery in
Vietnam,” Lam said.