Daewoo E&C to invest $388m in Hanoi Star Lake City Project

Daewoo E&C has signed an investment development agreement with Korean financial institutions to promote a property development project in Star Lake City, Hanoi, Vietnam.

Daewoo E&C will create a fund together with Korea Development Bank and KB Securities.

The project involves building two 35-story towers, which would accommodate a hotel, serviced residences, business offices and retail facilities. The cost of the development project is $388 million. Construction will start this year for completion in 2024.

The Hanoi Star Lake City project started in 1996 when Daewoo E&C proposed building a new city to the Vietnamese government. The city is being developed by THT, a company owned 100 percent by Daewoo E&C, on a site of 2.1 million square meters (22.6 million square feet), which is equivalent to two-thirds of the size of Yeouido in Korea. The city will be built in the West Lake area, northwest of Hanoi. The project will cost $2.2 billion in total.