Daewoo builds new city in Vietnam

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StarlakeSouth Korean builder Daewoo Engineering & Construction Co. said on December 20 it received a $202 million order to build infrastructure and homes in a new city being developed in Vietnam.

Under the deal with its Vietnamese subsidiary THT Development Co., Daewoo Engineering plans to complete the construction of infrastructure, including roads, bridges and other facilities, within 24 months and 550 homes in 39 months after the projects are launched in the new city, called Starlake City, located some 5 kilometers northwest of Hanoi, the company said.

Formerly the Tay Ho Tay Township Development Project, the Starlake City project involves building a 207.6-hectare new residential city in the West Lake area northwest of Hanoi downtown. It includes the construction of commercial, office and government buildings in addition to housing complexes at a total cost of $2,528 million. Of this, first-stage construction will cost $1,068 million.

The project had been proposed in 1996 but was shelved after Daewoo went through financial difficulties due to the 1997 financial crisis. It won an approval in 2006 by the Vietnamese Ministry of Planning and Investment. The project is partly financed by project finance arrangements with the Korea Development Bank and other local financial companies.

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Reading Time: 1 minute

South Korean builder Daewoo Engineering & Construction Co. said on December 20 it received a $202 million order to build infrastructure and homes in a new city being developed in Vietnam.

Reading Time: 1 minute

StarlakeSouth Korean builder Daewoo Engineering & Construction Co. said on December 20 it received a $202 million order to build infrastructure and homes in a new city being developed in Vietnam.

Under the deal with its Vietnamese subsidiary THT Development Co., Daewoo Engineering plans to complete the construction of infrastructure, including roads, bridges and other facilities, within 24 months and 550 homes in 39 months after the projects are launched in the new city, called Starlake City, located some 5 kilometers northwest of Hanoi, the company said.

Formerly the Tay Ho Tay Township Development Project, the Starlake City project involves building a 207.6-hectare new residential city in the West Lake area northwest of Hanoi downtown. It includes the construction of commercial, office and government buildings in addition to housing complexes at a total cost of $2,528 million. Of this, first-stage construction will cost $1,068 million.

The project had been proposed in 1996 but was shelved after Daewoo went through financial difficulties due to the 1997 financial crisis. It won an approval in 2006 by the Vietnamese Ministry of Planning and Investment. The project is partly financed by project finance arrangements with the Korea Development Bank and other local financial companies.

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