Phuc Son Group to invest in Nha Trang

Group to build roads and residential project on site of old airport.

The Phuc Son Group will invest more than VND725 billion ($32.56 million) in building roads and intersections in the coastal city of Nha Trang in order to help alleviate traffic congestion, a source from the Group has told VET.

The Group will invest in building nine roads and intersections connecting the center of the city with the old Nha Trang Airport. The total length of the roads is more than 2.5 km and the project is under the build - transfer (BT) form.

The source declined to provide any further information.

Local media have reported that, in carrying out the project, the Group has been licensed to use part of the land at the ideally-situated old airport to build 1,300 houses and a hundred villas, with total capital of VND10 trillion ($448.4 million).

The province had previously earmarked the site for the construction of an urban commercial center.

The Phuc Son Group was also assigned by the People’s Committee to develop two urban areas - Phuc Khanh No. 1 and No. 2 - in the city, with total investment capital of $44.8 million.

Phuc Khanh No. 1 covers 12.6 ha and Phuc Khanh No.2 49.1 ha, with both including apartments, social housing, resettlement areas, and houses and villas.

The Phuc Son Group was established on January 6, 2004 as the Phuc Son Commercial and Construction Limited Company and is one of the largest real estate construction and business companies in northern Vinh Phuc province and the north as a whole.

The group has built the Phuc Son Commercial Center and housing in Vinh Tuong district in Vinh Phuc, housing for low-income earners (15 floors) in Vinh Yen city in Vinh Phuc, and new urban areas in Viet Tri city in northern Phu Tho province. It was also is the main contractor in the renovation of the Hung King’s Temple in Phu Tho.

by Hai Van / vneconomictimes.vn