The Ministry of Planning and Investment (MPI) has granted licenses to two Korean-funded property projects, the first in the southern economic hub of HCM City and the second in the northern province of Ha Tay.
The former is being developed by a joint venture between Vietnam’s Industrial Construction Joint Stock Co (Descon) and South Korea’s Pumyang Group, who plan to build an office and apartment complex in HCM City’s District 2.
The Pumyang-Descon Joint Venture Co has a total investment capital of US$14 million with Descon contributing 30% via land use rights with Pumyang putting up the balance.
The company will build two 30-story blocks of offices and apartments for sale and for lease. Work on the project is expected to start later this year and be completed in 2008.
The latter, called “Sky Lake Golf and Resort” is being developed between two Korean companies—DK ENC & Kim’s Development—for a new integrated golf resort complex in Van Son Commune, Chuong My District in the northern Ha Tay Province.
The 36-hole golf course with associated infrastructure will include restaurants, a clubhouse and villas for lease, with a total capital of US$22 million.
In related news, an official from the MPI said that the ministry has also recently received an application for the development of a high-ranking apartment complex in the Mo Lai New Urban Area also in Ha Tay. The major Booyoung is supporting this US$170 million condo project.