Daewoo consortium to develop building complex in Hanoi new town

Daewoo Engineering & Construction Co. has said it signed a contract on Jan. 26. to develop the H1HH1 block in Starlake, a new urban town in northwestern Hanoi. The whole project will cost $185.5 million, including constructing and operating a building complex.

The South Korean construction giant will take the lead in developing the complex, which comprises two apartment buildings, each having 23 floors above ground and two underground, as well as an office building with commercial facilities.

Korea’s JR Asset Management Company (JR AMC) has created a $40 million fund and established a real estate developer in Vietnam for the project. The fund has received injections from Daewoo E&C, Kyobo Securities Co., Eugene Investment & Securities Co., real estate services firm RSQUARE, building management company Samkoo Inc., engineering firm Woomi Global and retail solutions provider OTD Corp.

A total of eight units under the Vietnamese government, as well as commercial buildings and high-quality residential facilities will be built in the area, Daewoo E&C said.

Daewoo E&C first participated in a Starlake development in 2020. The construction giant created a fund with six Korean financial institutions, including state-run Korea Development Bank and KB Securities Co., to undergo a project of a building complex equipped with a hotel, a serviced residence, offices and retail shops. The project has earned basic design approval from the Vietnamese government and aims to start construction within the first half of this year.

Meanwhile, the development of Starlake was firstly planned in 1996 when Daewoo E&C proposed building the new city to the Vietnamese government. Starlake, covering an area of 186.3 hectares, is connected with West Lake and main roads to Noi Bai International Airport. Starting the infrastructure construction phase I of 114.8 hectares in 2014, it is undergoing phase II construction of 71.5 hectares.