The total consideration of the deal is about $16 million.
From 2020 onwards, foreign developers including Sumitomo, CapitaLand and Mitsubishi Corporation will enter, expected to contribute to a new modern city in the future.
It is the first time the Ho Chi Minh City-based property developer has appointed a foreign contractor for its high-end projects.
Chinese buyers are making up a dominant part of transacted luxury and high-end apartments, showing their keen interest in Vietnam's real estate market.
The grade-C apartments which are priced at under $50,000 are sold well, accounting for 73 per cent of the segment's liquidity, followed by grade-A ones with prices below $100,000, according to Savills Hanoi's report.
Nearly 80 apartment buildings in Hanoi violate fire safety regulations according to the Hanoi Fire Prevention and Fighting Police Department.
The national housing development strategy targets having 12.5 million square metres of social and affordable housing by 2020.
Hanoi Fire Fighting and Prevention Police in coordination with Vietnam Fire Prevention and Control, Rescue and Salvage Police Department (C66), has recently conducted fire safety inspections at 10 projects and high-rise construction sites, whose designs had previously been examined and approved by C66. The inspection was carried out on almost all the districts in Hanoi.
Publication permit No. 348/GP-BTTTT dated July 19, 2017, granted by the Ministry of Information and Communications of the Socialist Republic of Vietnam
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