US$250-million for Daphuoc International New Town Project In Da Nang City
Today February 29th 2008, the ground breaking ceremony of the “Daphuoc International New Town in Da Nang City” is held by Daewon Cantavil Co., Ltd in Da Nang City. With this project, one more time, affirms that, Vietnam has been attracting forgein investment and investment geoups from Korean are not exception.
Korean investment has increased significantly in term of both projects and cappital. Mr. Lee Chang Keun, Chairman of the Korean Chamber of Commerce and Industry in Vietnam, says Vietnam now the top choice of Korean investors seeking for investment overseas. “Vietnam’s high and stable economic growth over many years and its bright prospects have encouraged Korean investors to pour money into the country,” Mr. Lee says.
Vietnam’s entry to the WTO has opened many opportunities for forgein investors, including Korean investors. Apart from small and medium enterprises, many big Korean businesses are setting up production facilities here. Mr. Min Young Woo, Korean Consul Gerneral in HCM City, attributes strong Korean investment to the large market and abundant and young labor force of Vietnam. He says the cultural similarities between the two countries also play a role. These advantages have prompted Korean investors to move their projects from other countries to Vietnam, where they are particularly interested in industry and real estate.
One Korean investors that has ambitious plans for real estate investment is Daewon. The company, which has had success with its Cantavil apartment project in District 2 in HCM City, a US$20 – million affair, recently started work on a apartment project in Binh Thanh District with investment capital of more than US$30 million. It is also proceeding with Cantavil projects in Danang, Haiphong and Hanoi, as well as other housing projects in HCM City. Mr. Chun Young Woo, Deawon Chairman, has praised Vietnam’s impressive economic growth. “We belive Vietnam’s economy will continue to strengthen, and condominium construction will be an important industry to contribute to this growth. That’s why we are seeking opportunities here,” he says.
For the “Daphuoc International New Town Project” in Danang City. The Danang People’s Committee has granted an investment licence on 13th November 2007 to Deawon Cantavil Co., Ltd (Korea) for building the “Daphuoc International New Town in Danang City”. This is the fifth Deawon project in Vietnam and the first such project in Vietnam.
The new town zone, known by the name D-CITY, will be located on 210ha in Da Phuoc, Hai Chau District, including 180ha reclaimed from the sea, the first of its kind in the country. This project “D-CITY will be a landmark project in Viet Nam, consisting of an 18 – hole international standard golf course, a marina, an international hotel and conference centre, a 60 – storey office building, villas and 8,500 apartments high-rises, and an opera house and amusement park, trade centers…
“The project will take about 30 month for redamtion and we’ll then develop the golf course, which should be completed in 2011,” Mr.Cheun Eung Sik, the Company’s Deputy General Director told Viet Nam News.
This project on land reclaimed from the sea will use the most modern technology to survey the topography and water flows and in construction. The estimated investment is USD250 million and it will be completed in ten years. The land reclamation is expected to be completed in 2010 and contruction to take place in phrases over the subsequent decade.
Mr. Chun Young Woo – Deawon Chairman committed that Deawon Cantavil Co., Ltd will ensure the schedule of the project. The new urban zone will contribute to Danang’s socio-economic development.
Box: Deawon Co.,Ltd has been investing various overseas projects for Textile and Construction business mainly in Vietnam. Deawon is working on serveral residential projects in Viet Nam, including the Cantavil 400 – apartment complex in co-operation with Thu Duc housing Development JSC Co and another 200 – unit apartment project, the Deawon – Hoan Cau Cantavil, with the Hoan Cau Company in HCM City. It is also developing the Deawon Hancic Cantavil Apartment Project of 400 units in Ha Noi with the Ha Noi Construction and Investment Company, among others.
Vietnam’s entry to the WTO has opened many opportunities for forgein investors, including Korean investors. Apart from small and medium enterprises, many big Korean businesses are setting up production facilities here. Mr. Min Young Woo, Korean Consul Gerneral in HCM City, attributes strong Korean investment to the large market and abundant and young labor force of Vietnam. He says the cultural similarities between the two countries also play a role. These advantages have prompted Korean investors to move their projects from other countries to Vietnam, where they are particularly interested in industry and real estate.
One Korean investors that has ambitious plans for real estate investment is Daewon. The company, which has had success with its Cantavil apartment project in District 2 in HCM City, a US$20 – million affair, recently started work on a apartment project in Binh Thanh District with investment capital of more than US$30 million. It is also proceeding with Cantavil projects in Danang, Haiphong and Hanoi, as well as other housing projects in HCM City. Mr. Chun Young Woo, Deawon Chairman, has praised Vietnam’s impressive economic growth. “We belive Vietnam’s economy will continue to strengthen, and condominium construction will be an important industry to contribute to this growth. That’s why we are seeking opportunities here,” he says.
For the “Daphuoc International New Town Project” in Danang City. The Danang People’s Committee has granted an investment licence on 13th November 2007 to Deawon Cantavil Co., Ltd (Korea) for building the “Daphuoc International New Town in Danang City”. This is the fifth Deawon project in Vietnam and the first such project in Vietnam.
The new town zone, known by the name D-CITY, will be located on 210ha in Da Phuoc, Hai Chau District, including 180ha reclaimed from the sea, the first of its kind in the country. This project “D-CITY will be a landmark project in Viet Nam, consisting of an 18 – hole international standard golf course, a marina, an international hotel and conference centre, a 60 – storey office building, villas and 8,500 apartments high-rises, and an opera house and amusement park, trade centers…
“The project will take about 30 month for redamtion and we’ll then develop the golf course, which should be completed in 2011,” Mr.Cheun Eung Sik, the Company’s Deputy General Director told Viet Nam News.
This project on land reclaimed from the sea will use the most modern technology to survey the topography and water flows and in construction. The estimated investment is USD250 million and it will be completed in ten years. The land reclamation is expected to be completed in 2010 and contruction to take place in phrases over the subsequent decade.
Mr. Chun Young Woo – Deawon Chairman committed that Deawon Cantavil Co., Ltd will ensure the schedule of the project. The new urban zone will contribute to Danang’s socio-economic development.
Box: Deawon Co.,Ltd has been investing various overseas projects for Textile and Construction business mainly in Vietnam. Deawon is working on serveral residential projects in Viet Nam, including the Cantavil 400 – apartment complex in co-operation with Thu Duc housing Development JSC Co and another 200 – unit apartment project, the Deawon – Hoan Cau Cantavil, with the Hoan Cau Company in HCM City. It is also developing the Deawon Hancic Cantavil Apartment Project of 400 units in Ha Noi with the Ha Noi Construction and Investment Company, among others.
The VIETNAM NEWS_29th February 2008_Page 25
- US$250 million for building the Daphuoc International new town project in Danang City
- Ground breaking ceremony of Daphuoc International New Town project
- The first land reclaimed from the sea in Danang
- Daphuoc International New Town project – The first land reclaimed from the sea in central of Vietnam
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