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VietNamNews

Developer to scale down project

Update: March, 08/2013 - 00:00

HA NOI (VNS)— Berjaya Land Berhard Viet Nam is seeking approval to halve the scale of the Viet Nam Financial Center project in District 10 and slow down the pace of another project in Hoc Mon District, HCM City.

Nguyen Hoai Nam, the firm's general director, was quoted as saying by the Sai Gon Times that the Financial Centre project would see five 48-floor towers with total floor space of about 600,000 square meters reduced to two towers with 300,000 square meters.

Five years ago, Berjaya pledged to invest around US$930 million to develop the project. But after pouring VND1 trillion ($47.6 million) into the project, the firm cannot maintain it as planned given the tough conditions in the property market.

Berjaya is also waiting for approval to slow down the development pace of the Viet Nam International University Township project (VIUT) in the city's Hoc Mon District, which initially had a projected cost of around $3.5 billion.-VNS

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