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Friday, July 04, 2008

Optimistic Signs for Property Market

THANH NIEN DAILY REPORTED YESTERDAY (BEING A THURSDAY): "Tuesday was a special day for Ho Chi Minh City's real estate market as two property developers announced projects worth a combined $4.5 billion.

Amidst a slumping property market, the investment in the two projects, Hung Dien New Town and the Vietnam International University Township, is a positive sign.

"Tan Hung Investment Shareholding Company, a specialist in agricultural exporting, fertilizer production and pepper processing, is making a 'milestone' investment in the US$1 billion urban area project on nearly 20 hectares of land in Binh Chanh District and District 8.

"Tan Hung's Chairwoman, Le Thi Giau, said the company would call other investors to partner it in Hung Dien New Town.

"The town will be comprised of office buildings, high-end apartment blocks, a shopping center, sports area and hospital.

"Work on the town project began Tuesday afternoon, after the morning press conference.

"On the same day, the Malaysian company Berjaya Land Berhad also announced its HCMC $3.5 billion university urban area project, which will cover 925 hectares of the northwestern Hoc Mon District.

"Ho Ngoc Minh, deputy head of the city's northwest urban project management board, said Vietnam International University Township was not only the city's largest project in terms of capital but also the largest university urban area project in the country.

"Nguyen Huu Tin, deputy chairman of the HCMC People's Committee, said the project was an urban development project as well as a center to train high-quality human resources for the city and the southern region.

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