Nguyen Ba Duong, Chairman of CotecCons Construction Joint Stock Company, said: “I think it is possible to construct Vincity apartment which is priced from 700 million. In fact, a 40m2 apartment can still be able to sold. “
Currently, Coteccons is one of the largest and most prestigious contractors and constructors in Vietnam. Coteccons is considered as the largest contractor in building apartment projects, most of which are high-end apartments. In which, Vingroup is always the biggest partner of Coteccons.
With the big contracts, Coteccons’ annual business results are quite good. The company yields return of VND13,669 billion by 2015, nearly doubling its return in 2014.
Recently, Vingroup Corporation has officially announced development strategy of the new product of VinCity project, which is determined as the type of affordable housing for middle-income people with the price of about 700 million VND but is still equipped with closed full range of utilities and services that this group has been developing in the high-class Vinhomes brand apartment.
As a large partner of Vingroup for many years, when being asked about the plans to cooperate with Vingroup in the segment of cheap housing in the future, Mr. Nguyen Ba Duong said that one thing must be confirmed is that Vingroup Group invests in the low-cost, affordable housing segment rather than social housing, low-income housing.
Mr. Duong added: “We are also currently studying this issue. I think that if Vingroup Group is sure to sell the flat at that price, it is necessary to consider where Mr. Pham Nhat Vuong (Chairman of Vingroup) wants to build the project. With a 700 million dong apartment, I think that it is possible. In fact, an apartment with an area of 40m2 can still be sold. We are studying this matter. “
On the real estate market, it can be said that Vingroup is currently ranked as a leading real estate developer and they have always been the pioneer in all segments. Coteccons is also rated as one of the largest construction contractor in Vietnam. Therefore, Vingroup and Coteccons sign many contracts to build those large projects every year.
Coteccons is well-known as one of the construction contractors with many high -end condominium projects. Typically, apartments will cost from several billion to ten billion. Along with the quite high profit from these projects, it is attractive to many real estate giants.
Mr. Nguyen Ba Duong said: “In the past two years, we have always put the slogan as follows: In the next two years, if the number of workers in the construction site of other company is 3, Coteccons only need 2, and in the next five years if other company needs 5 workers, coteccons only need 3 workers. And we are doing that now. “
Mr. Duong also said that the house constructed by Coteccons unit is prefabricated concrete to assemble without having to do a lot of phases, we just then paint. The exterior of the building are also casted concrete directly to reduce the number of worker and help construction process safer.
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