Urban town project in Hanoi secures investment agreement from S. Korean financial insitutions
SEOUL, AJU - Daewoo Engineering & Construction has agreed with South Korean financial institutions to finance the construction of a new urban own in the center of Hanoi, Vietnam. Construction will begin this year for completion in 2024.
Daewoo E&C said on Monday that it signed an investment development agreement with Korea Development Bank (KDB), a state policy bank, and other South Korean financial institutions on January 20 to push forward the development project for Starlake City in Hanoi. The total development cost was estimated at $388.8 million.
The town will have multifunctional zones of administration, hospitality, education, finance, commerce and recreation. This is the first time for South Korean financial institutions to invest in a large real estate development project in Vietnam. Daewoo E&C and KDB would create a fund to implement the project.
Starlake is a Korean-style urban town proposed by Daewoo E&C in 1996. The builder will construct a 35-story building housing a hotel, service facilities, offices and commercial facilities. Hotel Shilla, a hotel chain based in Seoul, is responsible for the operation of the hotel in Starlake City.