Kumho Industrial to build Kinh Bac Hanoi Tower
By Quoc Hung - The Saigon Times Daily
HCMC - Kinh Bac City Development Shareholding Corp. (KBC) under Saigon Invest Group on Thursday signed a contract with South Korea’s Kumho Industrial Co. Ltd. as the main contractor of KBC’s Kinh Bac Hanoi tower project in Hanoi.
The US$100 million project covering 70,000 square meters will include six basements and 32 floors for luxury commerce and hi-end offices for lease for local and international companies, financial organizations and banks. The building is located at 1A Lang Ha Street in Dong Da District.
In October, KBC signed a strategic cooperation agreement with Kumho Industrial to cooperate in real estate development projects in the witness of high-ranking leaders of Vietnam and Korea.
KBC agreed to grant priority to Kumho in selecting a general contractor for KBC projects, including this complex and a complex of five-star hotel and residential, retail and office space in Hanoi.
In return, Kumho undertakes that its construction management techniques and workmanship meet all local and international building standards. Kumho also agrees to provide training, support and technical assistance in construction and engineering for KBC staff in a format agreed upon by the parties.
If selected as the general contractor for a project of KBC, Kumho shall seek the approval of KBC for sub-contractors recommended by Kumho, and Kumho shall grant priority to KBC’s preferred subcontractors, provided they satisfy Kumho requirements in carrying out the work.
KBC is an affiliate of Saigon Invest Group, which engages in real estate, industrial parks, resorts and deluxe residences.
The group, developer of Que Vo Industrial Park in northern Bac Ninh Province, is developing several large property projects around the country.
KBC will also replace Japan’s Riviera Corporation to develop the US$500 million Lotus Hotel project southwest of Me Tri Commune at a ‘golden land area’ on Pham Hung Road near the National Convention Center in Hanoi.
The company in June asserted its ambition to further tap the hospitality industry by signing a letter of intent with Starwood Group under which the latter would manage two five-star hotels whose construction would begin in the coming time by the former. These are the Le Meridien Danang Resort & Spa in the central city of Danang and the Sheraton Dalat Resort in the Central Highlands province of Lam Dong, whose combined investment amounts to US$140 million.