The Hoang Quan and Ung Thanh companies broke ground yesterday for a 700 billion dong property development in Saigon South.
Covering nearly four hectares, Hoang Quan Plaza will comprise nine buildings of 15-18 stories with 653 apartments and 14,000 square meters of office space for lease as well as a two-hectare shopping centre.
Speaking at the groundbreaking ceremony, HCM City vice chair Nguyen Van Dua said the new property, combined with the apartment blocks built by Phu My Hung Corp, would make Saigon South more attractive and transform the face of HCM City.
Truong Anh Tuan, general director of Hoang Quan Trading, Service and Real Estate Co, said the target clients for the new development were Vietnamese people, whether resident here or abroad.
The project site is close by Binh Dien, a commercial area that houses a Big C supermarket, Trieu An Hospital and the new RMIT University campus. It is also near the main entrance to HCM City from the Mekong Delta.
The apartments will range in size from 90 to 222 square meters wide and cost from eight million dong to nine million dong per square metre. According to Tuan, 100 apartments have already been registered for. The state-run Mekong Housing Bank is financing anyone who wants to buy a Hoang Quan Plaza apartment through 10-year loans worth up to 60% of the purchase price.
Cofico is the construction contractor, while Britain’s Dinning & Associates will market and manage the property. The first four buildings should be ready and the first apartments delivered by September 2007, and the other five buildings by the end of 2008.