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Vietcombank finances new tower   2009-02-20 - VNS

Vietcombank yesterday extended a US$44 million line of credit to Indochina Land to construct the Indochina Plaza in Ha Noi.

Details of the agreement like the interest rate, loan terms and grant period were not disclosed.

Indochina Plaza, which has a total investment capital of $145 million, will include two high-end residential towers and an office tower rising out of an intricate retail podium, located in Cau Giay District.

The estimated price of residential units will be released once the foundation is completed in April.

Partly-privatised Vietcombank and Indochina Capital - the parent company of Indochina Land - are working to come up with a financing package for residential buyers.

The plaza construction was in line with the Government’s plan to heat up the real estate market, stimulate investment, prevent economic recession and promote growth, Vietcombank Chairman Nguyen Hoa Binh told reporters.

Director of Indochina Capital Tran Van Binh said that the current low interest rates coupled with limited good investment opportunities in other sectors would make the real estate market more attractive and safer for individuals.

Indochina Plaza is the third largest joint project between Vietcombank and Indochina Capital, after the Nam Hai resort in Quang Nam Province and Indochina Riverside Towers in Da Nang City.

Last month, Vietcombank gave Sai Gon M&C Real Estate JSC a $110 million loan to construct a $256 million complex in the heart of HCM City.

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