South Korea’s Yakin Group to develop $700-million highway in Can Tho

Yakin Group from South Korea plans to develop a series of projects in the southern city of Can Tho, especially the 91C Highway project with a total investment capital of VND15.1 trillion ($666.2 million), according to newswire Saigontimes.

Yakin Group plans to construct the 30-kilometre section of 91C Highway

Accordingly, the highway will have a total length of 30.12 kilometres and a surface width of 31 metres, with nine intersections and 25 overpasses. The construction will be divided into two phases.

At a working session with leaders of the Can Tho People’s Committee, both the investor and the  leaders reached a compromise to develop the project under the build-offer-transfer (BOT) form.

Jang Sang Kyu, chairman of Yakin, expected that the company will be permitted to charge fees for 30 years to recover the investment capital. However, the representative of the Can Tho People’s Committee said that the duration for recovering the investment capital will be considered based on the investment capital and the fee rate, thus the duration for recovering the investment capital may be either longer or shorter than the duration offered by the investor.

Along with the BOT highway project, Yakin intends to develop a 100-hectare golf course, including a five-star hotel.

According to the leader of the Can Tho People’s Committee, the city has will have to seeking prime ministerial approval for the investor’s proposal.

Yakin Group assists real estate owners, investors, and builders with the planning, coordination, and control of construction projects including the construction of new buildings, the expansion of existing ones, and changing the use of projects.

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By Ha Vy