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August 7, 2007

New projects attract $525 mln
Two more real estate and tourism projects by VinaCapital and the American KOR Group, with capital totalling US$525 million, will be launched in the central city of Da Nang.

The city authority on August 2, officially approved the VinaCapital Fund to invest in the construction of the VinaCapital Square Urban Area in An Bac Hai Precinct, Son Tra Peninsula, with US$325 million in capital, according to the People's Committee office in Da Nang.

The approval cleared one of the biggest real estate projects to date in the city. The VinaCapital Square Urban Area will be built on a nine-hectare site, including two shopping centres; two four- or five-star hotels with 600 rooms each; a conference and exhibition centre; and an office building for rent.

More than 1,300 luxury serviced apartments and a villa area will also be built in the area.

Also on August 2, director of Dubai Asia Pacific Sam Rehani represented the Kor Group during talks with Tran Van Minh, chairman of the People's Committee of Da Nang. The two discussed tourism development and a luxury hotel project in Hoa Hai Ward, Ngu Hanh Son District, with initial capital of US$200 million.

During the discussions, KOR Group presented its design idea for a 39-hectare site. By mid-August, KOR plans to have completed legal formalities to set the project in motion.

KOR is an investment group headquartered in Los Angeles, California. Since 1997, the group has invested US$1 billion in projects including hotels and other real estate in many countries all over the world. VNA

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