Hung Thinh Surprisingly Advances into Hai Phong with a 1.9 Trillion VND Affordable Housing Project
Hung Thinh, a prominent real estate developer in Vietnam, has made a surprising move by venturing into Hai Phong with a social housing project valued at 1.9 trillion VND. The project, named Cau Rao 2 urban area, covers a total area of 7.31 hectares. Currently, approximately 4.8 hectares of land have been cleared, while the remaining 3.6 hectares are proposed for expansion.
Project Details
The main components of the project include four residential towers, each consisting of 15 floors, with a total of approximately 1,880 apartments (covering an estimated floor area of 153,616 square meters). Additionally, there will be a commercial housing area with 68 five-story apartments (covering an estimated floor area of 32,774 square meters), as well as a three-story kindergarten with an area of approximately 4,536 square meters, accommodating around 350 students (covering a total floor area of 5,988 square meters).
Total Investment
The total investment for the entire project is 1.939 trillion VND. The preliminary cost of implementing the project is estimated to be 1.914 trillion VND, with over 25 billion VND allocated for land clearance. The project has a lifespan of 50 years, starting from the date the investor was granted land.
Developer Overview
Hung Thinh Incons Joint Stock Company (HTN) is a member of the Hung Thinh Group. Established in 2007 and headquartered in Ho Chi Minh City, HTN has a registered capital of over 1.3 trillion VND. The company has been actively involved in various construction projects in Binh Dinh, Binh Duong, Ba Ria-Vung Tau, and other provinces.
Key Partner
TTD Holding Joint Stock Company, established at the end of 2021 and based in Hai Phong, is another key player involved in this project. The legal representative of TTD Holding is Mr. Nguyen Xuan Hoang (born in 1995). In addition to TTD Holding, Mr. Hoang also serves as the representative for three other enterprises, including Bayview Cat Ba Co. Ltd., Hoang Anh – Dat Xanh Da Lat Tourism Joint Stock Company, and ACME Technology Joint Stock Company.
In addition to their collaboration on the Cau Rao 2 project, Hung Thinh Incons and TTD Holding are also partnering with PG Invest Co. Ltd. to invest in a riverfront urban area in Lach Trach Ward, Dong Hoa District, Kien An District, Hai Phong. This project covers a total area of 8.23 hectares, with a total investment of 1.177 trillion VND.
It is worth mentioning that the previous “competitor” of the TTD Holding – Hung Thinh Incons joint venture in this project was the Hanic (SHN) – HTL Vietnam consortium.
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