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VinaCapital sets up JV to manage realty projects   2010-03-05 - VietNamNet/SGT

VinaCapital Group has joined forces with the Hong Kong-based project management group inProjects to set up a real estate services company, which was officially launched on Tuesday here in HCMC.

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The 50-50 joint venture company VinaProjects will offer project and construction management, urban planning and facilities management services to real estate investors and developers in Vietnam, including VinaCapital Group.

“The Vietnamese market has enormous potential for growth and this joint venture will provide both partners the ability to maximize these opportunities,” Matt Fletcher, inProjects Group managing director, told reporters at the Sheraton Saigon Hotel & Towers in HCMC.

 An artist’s impression featuring a villa of The Ocean Villas project in Danang City, one of the property projects to be managed by VinaProjects Company. - Photo: Courtesy of VinaCapital
Fletcher said that the goal for VinaProjects was to become known for delivering high-quality, large-scale developments, and with a number of projects already planned and underway, the company looked forward to a long and successful partnership with VinaCapital.

Established in January this year, VinaProjects has already begun the delivery of landmark urban development projects valued some US$500 million in cities across the country.

The newly established company has been appointed as project and construction manager for several property projects, including a project in HCMC’s District 9 named The Garland costing US$13.7 million to develop 53 high-end villas due for completion late this year.

In another project, the luxury apartment tower World Trade Center Danang in the central coast city of Danang is under construction with a budget of US$35 million for the development of 252 apartments in the 32-storey structure.

VinaProjects will also be appointed as project and construction manager for the mixed-use development named Times Square in the capital city of Hanoi. The complex project, whose first phase is due for completion in early 2013, has total investment capital of US$115 million, providing spaces for commercial, hotel, retail and serviced apartments.

VinaProjects will combine and expand the services currently provided separately by inProjects, which has worked across the Asian region on a range of real estate projects, and VinaCapital to improve efficiency and ensure the successful delivery of real estate projects. It will be the sole supplier of real estate services for VinaCapital’s majority-owned real estate assets, while also participating in competitive tenders for third-party clients.

Asked whether the new company would replace professional management companies at its current projects, David Henry, managing director of VinaCapital Real Estate Co., said VinaProjects was established just to focus on project management. He added that VinaCapital would continue cooperation with professional management companies, such as CB Richard Ellis (CBRE) and Savills Vietnam for projects’ marketing and sales programs.

Don Lam, chief executive officer of VinaCapital, commented in a statement that the group has a significant number of major real estate projects across Vietnam, and it wanted these projects to be delivered with world-class results.

“We want the next generation of urban and resort developments in Vietnam to be at the same standard as seen in cities across Asia and the world and look forward to working with the inProjects team to help raise the standard of project delivery in Vietnam,” Lam said.

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