Vinaconex launches the second phase of North An Khanh urban area project

Vietnam Construction and Import-Export Corporation (Vinaconex, HNX: VCG) has just started construction of Lakeside Splendora – North An Khanh new urban area.

This is a subdivision of the second phase of the North An Khanh New Urban Area Investment Project funded by Vinaconex and POSCO E & C Corporation (Vinaconex and Posco each contribute 50%).

Lakeside Splendora project of Vinaconex – POSCO

The Lakeside Splendora villa project covers an area of ​​4.7 hectares with a total investment of $ 32.4 million, located in the heart of the North An Khanh new urban area.

The project consists of 77 luxury villas, 3 storeys high built on an area of ​​over 22,000 sqm; Total floor area is 27,100 sqm; Construction density: 40 – 45%; coefficient of land use 1.2 times.

Expected to be completed by January 2018, Lakeside Splendora will provide living space and work for some 350 new residents alongside residents of the new North An Khanh urban area.

Vinaconex still has financial difficulties for large projects such as North An Khanh urban area

It is known that to date, the project of Bac An Khanh – Splendora new urban area has been completed and put into operation in the first phase on an area of ​​nearly 50 hectares including 1049 apartments, townhouses, Technical infrastructure and social infrastructure including swimming pool, tennis court, public center and school system.

At present, the project is constructing a central lake park with the total area of ​​15.5 hectares, of which 6.3 hectares are water surface and 9.2 hectares are green trees. To strive to complete the construction of social and public infrastructures, greenery, water surfaces, physical training and sports activities before 2030.

Regarding the direction of implementation of the North An Khanh urban area project, at the annual shareholders’ meeting in April, Vinaconex leaders said that the project is still facing financial difficulties. Vinaconex also open the possibility of acquiring the entire stake of POSCO to implement this project.

This year, Vinaconex plans to achieve total revenue of VND4,115.6 billion (+ 19.8% y / y). Profit after tax is estimated at VND443.3 billion, up 21% y / y. The dividend for the year 2017 is 10%. In the first quarter of 2017, Vinaconex earned VND572.68 billion in revenue and VND79.7 billion in pre-tax profit.

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