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Apartment project gets a lifeline

Update: July, 17/2012 - 09:40

HA NOI — The delayed  in the capital city has received a lifeline thanks to a VND300 billion (US$14.2 million) loan from the Bank for Investment and Development of Viet Nam (BIDV).

Work on the large scale development project owned by the Song Da-Thang Long Joint Stock Company began in 2009 and was scheduled to be completed in 2013.

Covering an area of 9.2ha, the VND10 trillion ($476 million) project will include a complex of 13 buildings with 2,700 apartments. But work was delayed following the global economic slowdown and stagnation in the country's real estate market.

Nguyen Tri Dung, chairman of Song Da-Thang Long's Management Board said the loan has been a financial stimulus to complete construction of the remaining buildings in the project.

The company is also negotiating with other banks and credit institutions to provide additional loans for the project to help ensure apartments that have already been sold are handed over to their owners.

While the real estate market is forecast to continue struggling with a lack of capital this year, the loan agreement struck by Song Da-Thang Long could be a signal of a recovery in the estate market, according to Dung. — VNS

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