Real estate investor appointed investor of park in Hanoi's Cau Giay new urban area.
The Hanoi People’s Committee has approved planning for a park and lake in the Cau Giay new urban area and assigned Indochina Capital to implement the project, construction of which is expected to commence in the fourth quarter of this year.
The People’s Committee also asked the Hanoi Department of Planning and Investment to coordinate with the Hanoi Department of Construction, investors, and related parties to review the content, composition, and scale of items within the park. It is also necessary to identify which items are to be invested in the form of build-transfer (BT), which are to be invested by the State budget, and which are to be invested by private investment.
Adjustments to the planning criteria for counterpart projects were also accepted, to ensure a balance in funding for the BT project.
The Department of Planning and Investment is requested to complete its planning and report to the People’s Committee before August 20. The Department of Construction will direct investors on technical designs and total estimated cost. Related departments will consider, evaluate, consult, and submit their work in accordance with regulations. Indochina Capital will coordinate with related parties and accelerate investment preparations, complete site clearance, and prepare to begin construction in the fourth quarter.
The project, in the CV1 land area, was agreed to by Hanoi and the government in 2009. Implementation, however, has been slow due to a lack of attention from departments and agencies in the capital.
Indochina Land has been a well-known real estate investor for the last 20 years, with famous projects such as Indochina Plaza Hanoi, The Montgomerie Links Golf Course, The Nam Hai Resort, and Evason Hideaway and Six Senses Spa on Con Dao Island, among others.