Ciputra City set to rise on banks of West Lake

March 08, 2004 | 18:34
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Work is progressing at a rapid rate on the country’s largest-ever housing project, with its first two high-rise buildings to open within the next year, project promoters said last week.
The $2.1-billion Ciputra International City is coming up on the northern bank of the capital’s West Lake, with six blocks of residential buildings to be built in the first phase at a cost of $42 million.
The project is being promoted by the joint venture, Citra Westlake City.
According to its development director David Arnsdorff, the first two 20-storey buildings will open in November this year and March next year.
While the first two blocks will have 316 three- and four-bedroom apartments, the remaining four blocks will have 17 storeys, with the first phase to offer 864 apartments in total.
Once complete, the high-rises will also house recreation clubs and administrative, medical and sports centres.
The promoters hope to complete the 169 hectares first phase by 2005 and the 198ha second and third phases by 2010.
Ciputra International City is one of four major foreign-backed residential projects in Hanoi, along with North Thang Long, International Exchange City and Red River City, none of which have yet broken ground.
In 2002, a $30-million United Nations international school was built in a 9.2ha area within the site and is set to open at the end of this year.
According to Arnsdorff, by last week the apartments in the two initial buildings were all sold, fetching an average of $500 per square metre.
Indonesia’s Ciputra group, a leading group specialist in technical infrastructure and property development, holds a 70 per cent stake in the joint venture.
Over the last 40 years, it has developed 14 satellite cities ranging in size from 450 to 6,000 ha.
The company also built the Horison hotel in Hanoi.
The local partner, Urban Development and Infrastructure Construction company, has many successful housing and development projects behind it.
The company built the 6ha Nam Thanh Cong apartments, New Trung Yen and Northwest Kim Giang in Hanoi.

By Bich Ngoc

vir.com.vn

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