Perspective of Daewoo E&C’s villas in Star Lake City New City in Hanoi. (Photo: www.starlakeland.com)
Daewoo Engineering & Construction Co. (Daewoo E&C) has announced that it will proceed with the official contracts for 182 households of the first high-end villa project in the Star Lake New City from July 4, Business Korea reported.
Daewoo E&C has become the first Korean private firm which proposed the project to the Vietnamese government, and it is the first export of Korean-style developer projects.
The Star lake City project includes building a 1.86 million-square-meter residential city in the West Lake area, five kilometers northwest from the heart of Hanoi
. Vietnam’s THT Development Co., a wholly owned subsidiary of Daewoo E&C, has led the mega project.
The project is estimated to have an investment of $2.2 billion and the first-stage construction costs $1.2 billion.
Daewoo E&C will begin the first parceling sale of 182 four-story houses in a block located on the southwest side of the new city. The villas cost between $720,000 and $2.35 million and will be handed over in July 2017.
Daewoo E&C plans to start the second parceling sale of 182 houses within this year, and the third and fourth sale of villas and 600 apartments next year.
Vietnam last year approved the revised Law on Housing, allowing foreign investment and ownership of houses or apartments. The move is expected to boost foreign demand for housing, which is a backbone of the Vietnamese economy.
South Korean conglomerate Lotte Group plans to start the construction of the Thu Thiem Eco Smart City complex with an investment of $2.2 billion in Ho Chi Minh City’s Thu Thiem New Urban Area next month.