Singaporean group backs up southern realty project

April 11, 2016 | 17:11

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Singaporean financial group SynGience signed a contract with local Minh Nguyen Long and L&L-LuckLand yesterday on the development of a property project in District 12 of Ho Chi Minh City.

Accordingly, SynGience will pump VND400 billion ($18.3 million) into DepotMetro Tower-Tham Luong project. The sum will be disbursed throughout the project’s different phases. The first instalment of VND40 billion ($1.8 million) was transferred on March 29 to fast-track the first phase, according to newswire dddn.com.vn.

DepotMetro Tower-Tham Luong features two apartment blocks consisting of about 660 apartments with areas ranging from 48 to 73 square metres. It is located in District 12’s Tan Thoi Nhat ward, near the Tham Luong station of Metro Line No2, promising high profitability as this area is considered a main gateway to Ho Chi Minh City from the northwest.

Besides, this is also the favoured residential area for engineers and experts working at the nearby Tan Binh industrial park.

At the signing ceremony, SynGience representatives said that Vietnam is an attractive market for international financial groups, especially after the country lifted a number of trade barriers and signed a series of free trade agreements, including the Trans-Pacific Partnership Agreement (TPP).

With respect to the recent movements of the Ho Chi Minh City real estate market, Dat Xanh Group recently launched Opal Riverside resort complex project along the Sai Gon River, worth nearly VND1 trillion ($45.8 million) with 648 apartments.

Also, Hung Loc Phat is developing the Golden Star project, worth VND932 billion ($42.7 million), in District 7 with 478 apartments.

By By Anh Duc

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