VinaLand celebrates start of Capital Square project in Vietnam
28 March 2008
VinaLand, the AIM traded investment company, is celebrating the groundbreaking ceremony for the first phase of the Capital Square urban centre project in Danang, central Vietnam.
VinaLand has an investment licence to develop 2.5 ha of a 9 ha site in Danang, a coastal resort and one of Vietnam's top tourism destinations.
The first phase of the project, due for completion in 2011, will see construction of luxury apartments, a commercial centre, a 5-star hotel and an office building.
Two subsequent phases of the project will see construction of additional high-rise apartments, luxury villas, an international school, a 4-star hotel and a conference centre.
VinaLand owns a 75% interest in the Capital Square project, with Vietnam Opportunity Fund holding the remaining 25% interest. Total investment for all three phases is expected to reach US$325 million (£162.7 million).
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