The Malaysia-based firm Sova Holdings Sdn. Bhd. will mark its first presence in Vietnam’s property market through a property project in Nhon Trach District in the southern province of Dong Nai.
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An artists impresion of the Nhon Trach City Center in Dong Nai province |
The Malaysia-based firm Sova Holdings Sdn. Bhd. will mark its first presence in
Albert SC Ong, Sova general director, said the company had teamed up with the local land owner Thai Duong Company (SUNCO) to develop the Nhon Trach City Center (NTCC) project, for which ground will be broken in early April this year.
The two partners will pour some US$47 million to turn an eight-hectare area into a modern property with offices, accommodation and entertainment services to serve locals as well as expatriates, Ong said.
As designed, NTCC will has four blocks of 13-story apartment buildings, villas, town houses, sport center, commercial services and two 15-story office buildings for lease and a four-star hotel with 200 rooms.
The complex project, which is located in the would-be administrative center of Nhon Trach and some 60 kilometers from HCMC, will be up and running by 2012, according to the developer.
Ong told the Daily that the grade B apartment building would be for mid-income home buyers, and that the company had yet to invite a management company to run the hotel, which is seen as the first four-star one in the region.
He said Sova had decided to join hands with the local partner to develop the project for it saw great potential in Nhon Trach District which will be transformed into a modern city and an economic and social center.
NTCC is expected to create more options for international and local investors who will search for accommodations and working spaces in the wake of high prices for office spaces and apartments for rent in HCMC.
In addition, the ongoing infrastructure development works such as
Ong said Sova had come for long business, but time would be needed for a newcomer like Sova to understand local culture before venturing into new projects.
Sunco is a state own company active in import-export and trading services, industrial and civil construction, travel services and goods production for export and domestic consumption. Meanwhile its business cooperation partner, Sova Holdings Sdn Bhd, is active in property development, building and construction and property sales.
(Source: SGT)
