Real estate group adds stalled project in Hanoi's Cau Giay district to its list of recent acquisitions.
The FLC Group has completed its acquisition of Cemaco Tower at 265 Cau Giay Street in Hanoi’s Cau Giay district, according to its Deputy Managing Director Dam Ngoc Bich. “The Group is rushing to prepare all legal procedures to kick off the project’s construction soon,” she said.
After five years lying idle, the one-hectare project, which is located in one of the most favorable areas of the capital, is undergoing site clearance.
FLC has not revealed the value of the deal or whether they intend to follow the project’s initial design.
According to the original design Cemaco Tower, which was owned by the Chemical & Scientific Technological JSC (Cemaco) and the Vietnam Infrastructure Investment & Development JSC (VIID) was to comprise twin towers, including a 50-storey residential tower and a 38-storey office tower, with 420 apartments for sale on an area of 66,484 sq m, office space for lease with a total floor area of 35,960 sq m, and a shopping mall on 25,000 sq m.
The FLC Group has attracted much attention in recent times after acquiring three real estate projects in Hanoi in 2014 and the early months of 2015, including two in Nam Tu Liem district and one in Ha Dong district.
It also became the owner and developer of the $260 million FLC Samson Beach and Golf Resort in the north-central province of Thanh Hoa and the $162 million Nhon Ly resort, villa and luxury entertainment complex in southern Binh Dinh province.