Muristek
Daewoo Engineering & Construction Ltd. has said it signed a contract on Jan. 26. to develop the H1HH1 block in Starlake, a new urban town in northwestern Hanoi. The whole project costs $185.5 million, including constructing and operating a building complex.The South Korean construction giant will lead developing the complex, which comprises of two apartment buildings, each having 23 floors above ground and two underground, an office building with commercial facilities.Korea’s JR Asset Management Company (JR AMC) has created a $40 million fund and established a real estate developer in Vietnam for the project. The fund has received injections from Daewoo E&C, Kyobo Securities Co., Eugene Investment & Securities Co., real estate services firm RSQUARE, building management company Samkoo Inc., engineering firm Woomi Global and retail solutions provider OTD Corp. A total of eight units under the Vietnamese government, commercial buildings and high-quality residential facilities will be built in the area, Daewoo E&C said.Daewoo E&C participated in a Starlake development in 2020 for the first time. The construction giant created a fund with six Korean financial institutions, including state-run Korea Development Bank and KB Securities Co., and undergoing project of a building complex equipped with a hotel, serviced residence, office and retail shops. The project has earned basic design approval from the Vietnamese government and aims to start construction within the first half of this year. Meanwhile, the development of Starlake was firstly planned in 1996 when Daewoo E&C proposed building the new city to the Vietnamese government. Starlake, covering an area of 186.3 hectares, is connected with West Lake and main roads to Noi Bai International Airport. Starting the infrastructure construction phase I of 114.8 hectares in 2014, it is undergoing phase II construction of 71.5 hectares.
By A-young Yoon and Sang-Mi Anyoungmoney@hankyung.comJihyun Kim edited this article.