Work begins on Petroland condo project,

Bui Minh Chinh, general director of Petroland, told the Daily yesterday that Petroland would invest some VND716 billion to develop My Phu Riverpark project on Lam Van Ben Street at Tan Kieng Ward in District 7.

Chinh said the 24-storey project would provide the market with 286 apartments designed for middle-income people in the city, with prices ranging from VND18 million to VND19 million per square meter.

Other facilities such as a commercial center, kindergarten, tennis court, swimming pool and fitness center will be included in the condo project, whose construction will be completed by the fourth quarter of next year.

Chinh revealed that Petroland would also expand its business to the hospitality sector by developing a four-star hotel in the southern province of Tay Ninh early next month.

The director said the company would set aside some VND350 billion to build a 120-room hotel in the province, where it sees potential in the hospitality market because there are not many standard hotels there. The hotel requires around 18 months for development.

In another project, the company plans to invest some VND4,000 billion to develop an eco-resort project in the southern resort city of Vung Tau, about 125 kilometers from HCMC. The project’s groundbreaking event is set for September 2.

Petroland plans to go public this year to gain access to an additional channel to mobilize funds for future property projects. Petroland will list 100 million shares on the HCMC bourse early next month.
Established in 2007, Petroland operates in investment and construction fields including housing, office and hotel projects, infrastructure development and property trading.