Singaporean fund invests in Ho Chi Minh City

10:47 | 06/11/2015 Economy

Singaporean Genesis Global Capital and Phuc Khang Corp signed an agreement on November 1 to develop a green residential building project in Ho Chi Minh City.

Singaporean fund invests in Ho Chi Minh City

At the signing ceremony (Source: tienphong)

Under the agreement, the fund bought 30 percent of the Diamond Lotus project, worth 300 million USD, and would lend it over a period of six years, said Phuc Khang Corp Chairman Tran Tam.

The company is investing in construction of residential and urban areas on 1,000 hectares. In 2016, it plans to provide 3,000 environmentally friendly apartments that meet US standards in the central districts.

Ng Chuan Kai, director of Genesis Global Capital, highlighted the city’s potential for international integration and incentives Vietnam has offered to foreign investors.

Vu Xuan Thien from the Ministry of Construction said the agreement marks the first long-term retail deal between a local enterprise and an international investor.

Diamond Lotus, which cost nearly 1.27 trillion VND (56.6 million USD) and meets the US’s LEED standards, is located on 1.68 hectares on Le Quang Kim Street in District 8.

It has three apartment buildings and a 500-sq-metre garden on the roof./.

Source: VNA