Korean developer launches property project

By Dinh Dung – The Saigon Times Daily

The ribbon is cut to open the Hills Serviced Apartment gallery in Vinh Loc Residential Area in HCMC’s Binh Tan District last Saturday – Photo: Dinh Dung

HCMC – IDE Vietnam Company Limited cut the ribbon to open a housing gallery and started marketing its condo project Green Hills in Vinh Loc Residential Area in HCMC’s Binh Tan District over the weekend.

The Korean developer said it had set aside some US$150 million to develop the Green Hills apartment project which will provide the market with some 3,200 luxury apartments and villas, as well as general hospital, international school, office building, hotel and commercial center.

Located some 12 kilometers from the city center, the Green Hills project is underway with five sections for apartment buildings. The first will be built on 33,000 square meters, including three blocks and 777 apartments of 63,5 to 115 square meters and five penthouse categories.

Block A is under construction with 276 apartments whose prices are offered from VND15.35 million per square meter.

Speaking at the event, Hwang Byung-Lak, chairman of IDE Vietnam, said the company was looking to long term investment here in the local market seen as most active in the region.

“Along with the current population growth and modernization trend, the demand for houses and apartments is increasing,” Hwang said, adding that although the supply is rising, demand is not yet satisfied.

The developer said the condo project was targeting local middle-income people and Korean expatriates living and working in the city.

Ground was broken for the condo project last year, and it is scheduled for completion within five years.

Green Hills is the second project to be developed under Green Hills brand in Vietnam after the first development, Green Hills Serviced Apartment, was completed in Quang Trung Software City in HCMCs District 12.

Established in Vietnam since 2007, IDE Vietnam Company is active in accommodation services business and real estate management.