There will be additional $ 200 million for the Tay Ho Tay project

13 May
VNRE The Korea Development Bank (KDB) has announced a capital call for around $ 200 million from commercial banks for Phase I of the Tay Ho Tay Urban Area in Hanoi invested by Daewoo E&C.

The capital will increase credit for Daewoo E&C and promote the implementation of this important project.

Earlier April 2012, KDB and Daewoo E&C organized workshops to call investment capital for the Tay Ho Tay Urban Area with audiences are commercial banks. KDB is expected to complete the capital call in late May 2012.

KDB is the major shareholder holding 50% stake in Daewoo E&C and primary responsibility in call investment capital for projects of Daewoo E&C. $ 200 million will be used for clearance of the remaining area of Phase I, built infrastructure and paid land use tax.

So far, Daewoo E&C has invested more than $ 94 million to complete the clearance of about 80% of the land of the phase I. The new capital will create the resources to speed up the implementation of the project, accelerate clearance of the rest land, build infrastructure.

Tay Ho tay Urban Area project is in the northwest area of Ha Noi, planned on 207.6 hectares with 5500 housing units, international school, commercial & service center, financial center…

The project is expected to develop into a modern urban, representative of the capital, Hanoi. Project duration is expected to 2019, total investment is 2 billion 528 million USD.

Source: VNE

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