Vietcombank to lend to Indochina Land home owners

Indochina Land, the investor in the Indochina Riverside Towers office complex at No 74 Bach Dang St, Da Nang that is up for lease, yesterday May 24 signed an agreement to borrow US$11 million from the Bank for Foreign Trade of Vietnam’s (Vietcombank) Da Nang branch, to supplement the projects investment capital.

Under the agreement, Vietcombank has pledged to provide a ten-year loan worth 50% of the price of an apartment in the building, to customers who have registered to buy a property there.

Indochina Riverside Towers is a top end apartment and office complex comprising of two twin towers and cost US$27 million to build and sits on a site of over 32,000 square metres.

Ho Quang Dung, Indochina Land’s general director, said customers have registered to buy 70% of the apartments and offices and 60% of the trading area in the project. The project is estimated to be in full operation by December.

 

Category: Business