Daewoo E&C to build high-rises in Vietnam

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Daewoo E&C to build high-rises in Vietnam

Daewoo Engineering & Construction, a major Korean builder, is planning a 463 billion won ($388 million) project to build a pair of high-rise buildings in Vietnam, the company announced Monday.

The company is scheduled to break ground this year on two 35-story buildings, including two underground floors, in Starlake City in Hanoi, Vietnam. The project is schedule to be completed in 2024.

The state-run Korea Development Bank, along with KB Securities, BNK Busan Bank, Shinhan Capital, Hanwha Investment & Securities and JR Asset Management will provide financing for the project.

Those financiers have formed a fund and plan to create a special-purpose company to fund the project.

Starlake City is a 2.6 trillion won development project led by THT Development, Daewoo Engineering & Construction’s wholly owned Vietnam unit.

The project includes a hotel and residential and commercial buildings on a campus spanning 2.1 million square meters (22,604,000 square feet) - about two-thirds the size of Yeouido in western Seoul.

The hotel facility will be run by Hotel Shilla, while nearby streets will house branches of Korea’s major conglomerates including Samsung Electronics, CJ Group and Emart.

BY PARK EUN-JEE, YONHAP [park.eunjee@joongang.co.kr]

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