TPC Infrastructure Investment Joint Stock Company HCM (HoSE: CII) has just signed a memorandum of understanding (MOU) to co-develop high-end apartments on land received from Thu Thiem BT project (District 2, HCMC).
According to CII, it is expected that there will be about 965 high-end apartments, high-rise villas, garden apartments … built on the land area of 3.5 hectares. Total investment in the project is expected more than VND400 million.
The location of the projects lies at the intersection between existing Thu Thiem Bridge and Vong Cung Boulevard (one of the four major roads planned by Thu Thiem New Urban Area); north facing the Saigon river and park along the river, the south bordering Vang Cung Boulevard, the future cultural museum and the east adjacent to the existing Thu Thiem bridge.
Previously, CII and Hong Kong Land agreed on a plan of 1/500 for a number of projects in the land fund received from the Thu Thiem BT project. The master plan was designed by renowned design consultancy DP Architects from Singapore.
Relating to the CII’s housing projects, Lakeview 1 has so far completed 60% of the construction volume. The two-storey building has been finished, while the 4-storey building is currently under construction on the second floor. It is expected that in 2018, the project will be handed over.
In addition, the company is designing the low-end high-end apartment projects in Thu Thiem new urban area and is expected to start selling in 2017.
Infrastructure projects in Thu Thiem have now completed most of main road works and are carrying out auxiliary works such as planting trees, paving the pavement.
In Q3 / 2017, CII will continue to complete the surface of road R14; construction of infrastructure, pavements, internal roads; suction and fill sand pumping and continued pumping of internal roads.
According to the financial statement of CII, by the end of the second quarter of 2017, the parent company has total assets of VND8,181 billion, down 2% over the same period last year.
Remarkably, the parent company has reduced its outstanding loans by VND895 billion due to repayment of part of Saigon Bond’s debt (about VND115 billion), repayment of bank loans (about VND55 billion) Converted CII41401 bonds into CII shares (about VND 55 billion) and transferred the loans related to the Thu Thiem BT project to Thu Thiem North Area (about VND 620 billion). This reduction has contributed to a reduction in interest expenses of VND88 billion per year for CII.
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