Work starts on US$100-million residential area
Company 7-5, a unit of Military Zone 7 High Command, has begun work on a residential development project covering 32.4 hectares in HCMC's District 9 for some 6,400 people.
The project capitalized at more than VND1,609 billion (about US$100 million) comprises of villas, apartments, houses, commercial area and public utilities in Long Thanh My Ward.
The project will be completed in nearly five years, said Huynh Van Tai, general director of the company. He said the project will be carried out in two phase.
The first phase will include road, electricity and water systems, parks, school, commercial center and villas and will be put into use in 2010. The second phase will develop houses, 12-story apartment buildings and be completed in 2012.
The company specializes in urban area and real estate and roads. It is also involved in other projects such as an expressway connecting Lien Khuong Airport and the hilly resort town of Dalat in Lam Dong Province, a new residential area also in Dalat, and a real estate project at 2Big Nguyen Thi Minh Khai in HCMC's District 1.
Source: Saigon Times
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