HCMC – MIK Group has written to the Hanoi People’s Committee, seeking approval to withdraw from a consortium of investors involved in building the Red River Scenic Boulevard through central Hanoi.
The group said it had coordinated with other consortium members and reached an agreement to exit the partnership, while transferring all associated rights and obligations to Dai Quang Minh Real Estate Investment Corporation, the consortium’s lead investor.
A representative of MIK Group said the Red River Scenic Boulevard investment project is a key mega project of the city, large in scale and comprising multiple components, ranging from urban planning and land use to redevelopment and landscape construction.
The decision by MIK Group to withdraw from the consortium and transfer its entire capital contribution to Dai Quang Minh Real Estate is considered necessary to facilitate project management and implementation in the coming period, the representative said.
After exiting the investor consortium, the group will continue to focus on its core strengths, developing large scale, high quality urban and residential projects in key urban areas, ensuring integrated infrastructure and amenities, and pursuing long-term, sustainable growth.
Earlier this month, the Hanoi People’s Council approved the investment policy for the Red River Scenic Boulevard, which spans more than 11,000 hectares and carries a preliminary investment estimate of VND855 trillion.
The project is being implemented under a build-transfer contract. The originally approved investor consortium comprised Dai Quang Minh Real Estate, Van Phu Invest, MIK Group, THACO, T&T Group, and Hoa Phat Group.
On December 19, the investor consortium and the Hanoi People’s Committee held a groundbreaking ceremony to launch the project.
Following MIK Group’s withdrawal, the consortium now consists of five members: Dai Quang Minh Real Estate, Van Phu Invest, THACO, T&T Group, and Hoa Phat Group.
