Hanoi expanded, real estate projects speeding up
20-AUG-2008 Intellasia | Vietnamnet
Aug 20, 2008 - 7:00:00 AM
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Real estate projects in the former Ha Tay province which were once delayed while investors listened for news about Hanoi's expansion now are speeding up again as Ha Tay has become a part of the capital.
Tran Huy Hung, director of the Management Board of Van Phu New Urban Area Project, said that investors have been speeding up construction in order to meet the demand of clients and secondary investors.
Hung said that the real estate market has become brisk again since the merging of Ha Tay into Hanoi. It is now the right time for investors to speed up project construction in order to meet the demands of an expanded city.
"As an infrastructure developer, we are now under heavy pressure to complete infrastructure items in order to satisfy the demand of investors," Hung said.
At Van Phu new urban area, a land fund of 4,148 square metres reserved for Inpyung-Vina central project of trade centres and offices for lease has been handed over to South Korean investors with completed infrastructure items. It is expected that the construction of the project will be officially kicked off in September 2008, and will include two 60-storey buildings above ground and three underground floors.
The Van Phu urban area project's management board is also pushing up the construction of infrastructure items in high-rise buildings projects, including the high-grade Van Phu-Hi Brand apartment project, which will have 22 36-storey buildings, and Van Phu-Seoul hypermarket.
However, the acceleration of construction in the context of price fluctuations has been putting big difficulties on investors.
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