VNEconomyNews.com - Two new condo projects with over 1,000 apartments have got off the ground in the early days of the New Year in HCMC and Binh Duong, which will boost supply of commercial apartments in the coming time.
Saigon Real Estate Investment Company and its partner Minh Nguyen Long Company on Tuesday broke ground for a condo project near Tham Luong Bridge at Tan Thoi Nhat Ward in HCMC’s District 12.
The developers said they would invest some VND320 billion to develop the Moscow Tower project, which is designed with four blocks of 17-storey buildings with some 600 apartments from 60 to 319 square meters each and penthouses. The project will also have serviced facilities such as a supermarket, a kindergarten and a section for entertainment services for its future residents.
Nguyen Tien Dung, director of Saigon Real Estate Investment Co, told the project’s groundbreaking ceremony that the Moscow Tower targeted mid- and low-income earners and office staff living and working in the city.
The condo project is scheduled for completion by the third quarter of 2012.
In another development, Tuong Phong Real Estate Investment Company has started work on its condo project named Contentment Plaza in Vinh Phu Commune in the southern province of Binh Duong’s Thuan An District.
The company said it would set aside some VND550 billion to develop the project that covers an 8,000-square-meter area along National Highway 13 in proximity with HCMC.
Contentment Plaza is designed with two 25-storey buildings with 522 apartments from 50 to 115 square meters each and some penthouses. The project will also have serviced facilities such as a commercial center, a conference room, a kindergarten and a fitness center.
According to Dat Xanh Real Estate Services Co., which has been named as the exclusive distributor, the condo project would target middle-income earners as main buyers. The company has begun receiving deposits for apartments in the project.
