Ho Chi Minh City’s government has agreed to a local joint venture replacing Daewoo Binh Khanh Investment Co. in the Binh Khanh resettlement housing project in the city’s District 2 after the South Korean investor withdrew.
The joint venture consists of four local investors, namely Vietinbank Coseco Company, Construction Company No. 1 (COFICO), Thuan Viet Construction and Trade Company and Truong Son Construction Corporation.
At first, Daewoo was to develop the project with 2,200 apartments in District 2. In return, Daewoo was to be allocated a land lot in the Thu Thiem new urban area, but the investor has pulled out.
According to the city’s requirement, the joint venture will have to finish the project and hand over apartments for relocated households next year.
The project is part of a program to provide 12,500 resettlement apartments for the Thu Thiem new urban area. Among projects which are being implemented, Nam Rach Chiec Co. has transferred to the city 1,100 of 1,844 apartments of a 17.3-hectare resettlement project in An Phu and Binh Khanh wards, District 2./.