Korean group to restarts Asiana Plaza project
11:00' 03/10/2006 (GMT+7)
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The complex will be built at this place.

VietNamNet Bridge – The Republic of Korea’s Kumho group will restart construction of the Asiana Plaza project in HCM City on October 25 after 10 years of interruption.

 

An agreement was signed on September 29 between Kumho and InterContinental group, under which the latter will assume management of Asiana Plaza.

 

The complex will be located at No 39 Le Duan street, district 1, surrounded by four roads: Le Duan, Hai Ba Trung, Le Van Huu and Nguyen Du. It will be a standardised complex of three modern high-rise buildings including one 5-star 300-room hotel, a 270-apartment building for lease and an office building.

 

It is expected to become operational in mid 2009, with leasing price of $30 and $40/sq m/month.

 

The land plot at No 39 Le Duan Street in the centre of HCM City has been the target of many big foreign investors. The re-emergence of Asiana Plaza reflects the determination of the investors to pursue the project, especially since they have experienced many difficulties.

 

In 1996, the Ministry of Planning and Investment granted a licence to Kumho – Saigon Joint Venture to invest in Asiana Plaza. The foreign partner in the joint venture committed to put forth 65% of total capital in cash, while the Vietnamese partners, Saigontourist and HDSC.D1, to contribute the other 35% in land use rights. As per the licence, Asiana Plaza has the operation duration of 45 years, and can lease land at $13.6/sq m/year.

 

However, Kumho asked to postpone the implementation of the project until 2000 due to the Asian financial crisis in 1997. Later, the group once more asked for a postponement until 2002 due to its financial difficulties. At that time, Vietnam decided to choose another investor for Asiana Plaza, and the Hong Kong-based Shangri-La Asia proved to be the most suitable candidate.

 

Kumho group returned to the negotiations on the project and it finally got the new investment licence for Asiana Plaza on August 8.

 

Lee Yon Goo, Deputy Director General of Kumho, said that the group planned to make further investment in highways, infrastructure and urban development in Vietnam. Most recently, Binh Duong People’s Committee has licensed Kumho’s project on producing tyres in the province.

 

Dang Vy

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