A series of real estate projects capitalized at billions of dollars have been announced over the last month. Here are some of the largest.
$4.5 billion resort in Ninh Thuan province
The
$4.5 billion high-grade general tourism complex in Ninh Thuan will
include a resort area, villas, entertainment area and works of public
interest. There will also be Mui Dinh Golf Course, which is named as one
of the courses to be developed by 2020.
The project will cover an area of 1500 hectares and will be developed by Polo Beach International Limited (Hong Kong).
Documents
certifying the financial capability of the investor have been sent to
the Ministry of Construction. The ministry has allowed the investor to
survey the 700 hectares of land. The project will proceed after
assessing the results of the first phase.
Happyland - the biggest entertainment complex in Vietnam
Happyland
project, capitalized at nearly two billion dollars and developed by Phu
An Construction Investment and Infrastructure Development, is expected
to kick off in January 2011 and become operational in 2014.
The
project will cover an area of nearly 700 hectares in Long An province
as part of the development of the Vam Co Dong River area.
World
famous names are involved: Steelman Partners will provide the design,
PricewaterhouseCoopers will conduct the feasibility study, while Hill
International will provide management consultation and International
Creative Services Co will execute the project.
The project will include a park, shopping mall, 3-5 star hotel, water park, dancing hall, floating market, Vietnam cultural centre and an urban area.
The Lotus Project may boast tallest building in Vietnam
Located on a four hectare land plot west of Hanoi,
the multifunctional complex will include a shopping mall, hanging
garden and six star hotel with thousands of rooms. The project is
designed by Foster + Partners.
The
project developer, Kinh Bac Group, now has 24 choices to increase the
number of floors for the Lotus Project. The developer and design
consultant are considering using shapes like lotus, rice, Mot Cot Pagoda
and Hong River as the symbol of the building.
Prior
to that, the Lotus Project was allocated to Japanese Riviera Group
which planned to spend $500 million on a 15 story building. However, the
group withdrew from the project due to financial difficulties and the
project has been transferred to Kinh Bac Group.
To
date, Hanoi authorities have not made a final decision on the number of
floors and they have not revealed the building’s official name, but
they have confirmed that total investment capital would be about one
billion dollars.
Vietinbank Tower
The
project has initial investment capital of $300 million and the figure
is predicted to rise. Covering an area of 30,000 square metres in
Ciputra, west of Hanoi, the project will include two towers, one 68
floors and another with 48 floors. The project designer is Foster + Partner.
Vietinbank
plans to organise international bidding to choose the contractors. It
is very likely that a South Korean team will be chosen.
Prior
to that, in 2008, Vietinbank hoped to set up a joint-venture with
Singaporean Premium Aset Pte., which would be in charge of building and
developing the project, but the Singapore investors withdrew due to
financial difficulties
47 stories on Hanoi’s Pham Hung Road
The
shopping mall and office project is estimated to have total investment
capital at 1700 billion dong or nearly $100 million. The project will be
developed as a joint-venture between VIMECO and HANEL, which contribute
64 percent and 36 percent of capital, respectively. Construction will
start in late 2010 and will be completed by late 2013.