$1bn hotel complex project is years away from reality

This sum, the report revealed, was paid to support the Hanoi People’s Committee, fees for consultancies and some others. Kinh Bac took over the complex from Japanese Riviera in 2009 who withdrew because of global economic crisis. A Hanoi People’s Committee source said Kinh Bac had to revise the complex’s design after it took project over from the Japanese developers. Developed by Kinh Bac City Development Share Holdings Corporation, work on the complex was expected to start at the end of 2011. However, in Kinh Bac’s mid-term financial report for 2012, the company released that as of June 2012, more than VND117 billion ($5.6 million) was invested into the project.

Moreover, the company had also to revise its complex’s height of less than 400 metres – which can be in line with the committee’s regulation on the limitation for all constructions in the My Dinh area. In its latest design, Kinh Bac proposed to set up a modern complex of a 100-storey building, an 80-storey building and another 15-storey building.

The project was designed by London-based international architectural firm Foster and Partners.

The complex expected to supply more than 640,000 square metres of floor, six underground storey of car park which have total of 240,000sqm to the market.

Located on more than fourhectares next to the National Convention Centre in Pham Hung road, the complex’s main functions are a 550 room hotel, trading centre, office for lease and residential for sale.

Hanoi People’s Committee in 2007 planned to give X2 lot to Korean Keangnam Enterprises to build a residential and hotel complex. However, Keangnam then moved to X6 – the location of the existing Keangnam Hanoi Landmark Tower and Japanese investors won the lot.

Keangnam Hanoi Landmark Tower – a complex of one 72 and two 48-storey buildings, was put into operation since beginning of 2011, while Diamond Rice Flower has been not started yet.

This is the second hotel project implemented by Kinh Bac Corporation.

The corporation previously had coordinated with the Singaporean Ascendas to implement another $500 million hotel, office and financial complex in Xuan Dinh Commune.

Apart from that, Kinh Bac is also constructing a range of industrial parks such as Que Vo, Quang Chau, Trang Due, Nam Son Hap Linh, Phuong Nam and Tan Phu Trung, as well as urban development projects such as Tan Lap-Dan Phuong in Hanoi.