Khai De Investment Co Ltd’s first property project in Vietnam underlines its ambition to bite into the market.

The firm, a joint venture between the Chinese Khai De International Group and Vietnamese CDI Company, will spend $300 million to build the Tinh Thanh Quoc Te residential area and a trade centre in Haiphong city. It will cover 300,000 square metres and comprise a trade centre and 17 buildings boasting 16-18 floors, supplying thousands of 90-145sqm apartments.

“We picked Haiphong as our investment destination because of its great potential. This city shows rapid economic development,” said Lam Bach, Khai De’s strategy supervisor. “Haiphong, close to Hanoi and Quang Ninh, has a strategic location in the country’s northern economic triangle. In addition, Haiphong is an attractive destination for industrial projects. Therefore, there will be a huge demand on residents, especially luxury apartments,” said Bach.

According to Khai De’s plan, construction of the project will be divided into three phases from 2008 to 2011. The complex will also include a 20,000sqm entertainment area, a 4,000sqm trade centre, tennis courts, swimming pool and parking areas. The investors have hired China’s Hoa Dich company to plan the project and the US-based DND company as the designer.

“These will also show Khai De’s business direction is in accordance with Vietnam’s market economy,” he added. As of the end of July, 2008, Haiphong attracted 294 foreign investment projects with a registered capital of $2.9 billion.

Source: VIR