Daewoo E&C to build $2.2 billion Korean-style luxury "city" in Hanoi

By Dam Tuan   June 22, 2016 | 03:21 pm GMT+7

Daewoo Engineering & Construction Co. (Daewoo E&C) has just announced that it will proceed with the official construction of its first high-end villa project in Hanoi from July 4.

The “Star Lake New City" project will make Daewoo E&C the first private Korean company to receive approval from the Vietnamese government for an independent housing project, according to Business Korea.

Star Lake will be constructed on the prime real estate near West Lake covering 1.86 million square meters. The project will be wholly owned by Daewoo E&C's subsidiary in Vietnam, THT Development Co.

daewoo-ec-to-build-22-million-korean-style-luxury-villa-project-in-hanoi

An artist's impression of Daewoo E&C's Star Lake New City project near West Lake in Hanoi. Photo from businesskorea.co.kr

The project’s total investment is estimated at $2.2 billion, of which $1.2 billion will be disbursed in the first stage. Daewoo E&C will start the sale of its first 182 four-storey villas in 2016 with prices ranging from $720,000 to $2.35 million. The Korean construction firm plans to launch the second sale of 600 villas in 2017. House buyers will be able to move into their new homes in July 2017.

A Daewoo E&C official said: “Since Vietnamese lawmakers approved the revised Law on Housing in July last year allowing foreign ownership of houses or apartments, demand has been rising. Local real estate developers and Korean investors are focusing more on this market.”

Established in 1973, Daewoo E&C is one of Korea's largest construction firms and operates in nearly 50 nations worldwide. In Vietnam, Daewoo E&C was the main investor in the Daeha Business Center and a five star hotel complex in a prime location in Hanoi, and the general contractor for the Daewoo-Cleve project in the southwest of the city.