The HH3 Project is part of the South An Khanh New City, in Vietnam and consists of 2.8 hectares along Lang Hoa Lac Highway in An Khanh Village, Hoai Duc District, Hanoi City, which has been approved for 40 percent mixed use construction, with seven 40-story building blocks to be built, 38 stories of which are allocated for residential purposes.
PHIL and Ranch will be responsible for engaging a renowned architectural firm to help design the project and jointly contributing capital towards the development and construction.
Total cost of the HH3 Project is estimated at $238.7m while projected revenues range from $323.5m to $582.2m and net profits from $63.5m to $257.7m, based on a sale price of $1,000/square meter to $1,800/square meter.
PHILand Ranch may own 50 percent to 70 percent of the project, based on actual resource contributions such as design work, capital contributed and project management.
Henry Fahman, chairman of PHILand Ranch, said: “We are delighted to partner with Huong Viet, a group of real estate experts who possess in-depth knowledge of the local market, marketing savvy and a extensive client network, to develop the HH3 Project to meet the growing demand of the housing market in Hanoi and its surrounding areas.
“This is the first of our joint development projects with selective local Vietnamese partners as part of our growth strategy.”
Will the deal commercially benefit the firms?
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