Eurowindow subsidiary to continue Yen So Park

Owned by Eurowindow Holding JSC and T&M Trans Company, the Vietnam Investment Joint Stock Company T&M has been assigned by Hanoi to develop Area B of the park.

The Hanoi People’s Committee has licensed the Vietnam Investment Joint Stock Company T&M (TMV) to build Area B of Yen So Park in the capital’s Hoang Mai district.

TMV’s two major shareholders are T&M Trans Company and Eurowindow Holding JSC.

The project covers 322.57 ha, including two Areas, A and B, and was licensed in December 2007. Area A includes a cultural park and a green park on a total area of 31.6 ha and functional urban areas and greenery on 91.2 ha. Area B covers 200 ha.

The Yen So Park project previously belonged to Vietnam Gamuda Ltd (VNL). Due to legal changes and site compensation costs increasing sharply, from $20 million for Areas A and B to $150 million for only Area B, VNL decided not to continue with the project.

The Head of Project Development at Eurowindow Holding said the project has only recently been assigned to the company so had no comment to make.

Eurowindow Holding was established on August 29, 2002. Its main products are windows, doors, UPV bulkheads, and aluminum and glass products meeting European standards.

In recent years it has moved into real estate. Before Yen So Park it built projects such as the Eurowindow Multicomplex in Cau Giay district, Hanoi, the Nghia Do New Urban Area in Tu Liem district, Hanoi, the No. 2 - Ton That Tung project in Dong Da district, Hanoi, and the Melinh Plaza commercial center chain.

The largest real estate project it has been involved in is the Mövenpick Cam Ranh Resort in south-central Khanh Hoa province. The five-star project has 121 villas, 250 international-standard rooms, and 96 condotel apartments, as well as entertainment services such as a Swiss village, a golf course, tennis courts, a beach club, and restaurants.

In developing Area B of Yen So Park, Eurowindow Holding has staked out a greater market share in Vietnam’s competitive real estate market.

by Hai Van / vneconomictimes.vn