Vingroup affiliate to develop city's urban project

August 06, 2015 | 09:45

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Xavinco Company will carry out construction work on 40 per cent area of a 110,000 sq.m piece of land in Thanh Xuan District, that Ha Noi authorities had reserved for urban development.

A model of the building complex in Nguyen Trai Street, Thanh Xuan Ditrict, ha Noi. Photo cafef.vn

According to reports in the local media, the firm, an affiliate of property giant Vingroup, will be responsible for an area of more than 43,000 sq.m, part of the 110,000 sq.m land located at No 233, 233B and 235 Nguyen Trai Street in Thanh Xuan District.

The detailed master plan, presented on a 1/500 scale, was adopted by municipal People's Committee Chairman Nguyen The Thao on July 30.

In an online report on August 5, the committee said the urban area will consist of offices, trade and dwelling complexes, as well as schools, kindergartens, exercising places and gardens.

Office floors will be spread over a total of around 240,000 sq.m, while buildings may have up to 46 storeys, according to news website ndh.vn.

When Biz Hub asked a Vingroup's communication official about details related to the project's development via a phone call on August 5, she said no specific information from the company was available at the moment.

Vingroup reportedly holds a 96.42 per cent stake in Xavinco, which has a charter capital of VND2 trillion ($91 .74 million), the remaining stake being owned by the Ha Noi Soap Joint Stock Company.

The 110,000 sq.m piece of land located opposite the Royal City, an urban complex in which Vingroup had invested and which was inaugurated in the south-west gateway of the capital in 2013.

VNS

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