Photo: Daewoo E&C
Korean-style urban area in Hanoi has total investment capital of $2.2 billion.
Daewoo Engineering & Construction (Daewoo E&C) has announced sales will be launched on July 4 for the first high-end villas in its StarLake project.
A representative from Daewoo E&C confirmed the date of the sale with VET but did not reveal the price tag of its villas.
The StarLake project covers on an area of 1.86 million sq m in Hanoi’s Tay Ho district. Vietnam’s THT Development Co., a wholly owned subsidiary of Daewoo E&C, has led the new city development project.
The total cost of the project is about $2.2 billion, with the first stage costing $1.2 billion. Daewoo E&C will begin the first sale of 182 four-storey villas “at prices ranging from $720,000 to $2.35 million,” according to BusinessKorea.
Buyers will be able to move into their new homes in July 2017. The second sale of villas is to be held sometime this year while the third and fourth are expected to be held next year.
“After Vietnamese lawmakers approved the revised Law on Housing in July last year, allowing foreign investment and ownership of houses or apartments, more foreign customers are making inquiries,” an official from Daewoo E&C was quoted as saying. “Local real estate developers and South Korean institutional investors have also made inquiries.”
The StarLake project was granted an investment certificate in 2010, with ground cleared in 2011 and construction of the first phase beginning in 2014.
Established in 1973, Daewoo E&C is one of South Korea’s largest construction groups, with a presence in nearly 50 countries and territories around the world. In Vietnam, before StarLake it invested in the Daeha Business Center in Hanoi and was the general contractor at the high-end Daewoo - Cleve apartment building in Ha Dong district.
As at May this year, South Korea had 5,273 projects with total registered capital of $49 billion in Vietnam, ranking it No. 1 out of 115 countries and territories. The average scale of each project is about $9.3 million.
In real estate, South Korea had invested in 99 projects with total investment capital of $7.78 billion, accounting for nearly 2 per cent of all projects and 16 per cent of total capital.
South Korean enterprises play an important role in Vietnam’s economy, employing 70,000 workers and contributing more than 25 per cent of total export value.