Daewoo E&C to Pursue 222 Billion KRW-Scale Hanoi, Vietnam Mixed-Use Development Project
Daewoo E&C is embarking on a complex development project in Hanoi, Vietnam, worth 222 billion KRW.
On the 28th, Daewoo E&C announced that on the 26th, it signed an investment agreement with domestic investors for the development of the H1HH1 block located in Star Lake City, Hanoi.
This site is a complex development land within the new town of Star Lake City, which Daewoo E&C is planning and developing as the developer. Daewoo E&C plans to develop this land by constructing two apartment buildings (228 units) ranging from two basement floors to 23 above-ground floors, one office building, and commercial facilities.
The total project cost is 185.5 million USD (approximately 222 billion KRW). The project will be carried out by establishing a local Vietnamese implementation corporation (grandchild company) through investment from a fund (parent company) established in Korea to a Singapore SPC (subsidiary). Daewoo E&C will participate not only in fund investment but also in construction, concurrently managing implementation and construction.
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A Daewoo E&C official stated, "This is a representative example of a Korean-style new town export, where a domestic construction company plans the entire development project based on its own know-how and technological capabilities."
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