HCM City (VNA) -- The Southern Seed Company (SSC) on Oct. 24 signed a contract with an alliance of two RoK companies, Daewon and Jayoung, to set up a joint-venture to build a high-rise building in Ho Chi Minh City's Tan Binh District.
According to Ngo Van Giao, SSC's chairman, investment for the 18-storey building on 8,000sq.m. of land in Le Van Sy Street will require 45 million USD, to which his company will contribute 49 percent and the RoK side, 51 percent.
"Construction is scheduled for the middle of 2007 and completion is expected in two years. When put in use, the project will offer 450 apartments as well as office and retail space," said Chun Eung Sik, deputy general director for Daewon.
Daewon has two textile and garment factories of its own in Da Nang and Dong Nai with a total investment of 33 million USD.
It also has several apartment building projects, including the Daewon Cantavil An Phu with Thu Duc Housing Development Company and Daewon Cantavil Binh Thanh with the Hoan Cau Company.
SSC, which became a listed company in March 2003, is the only one on HCM City Securities Trading Centre's board operating in the seed producing and trading field.
Foreign investors own more than 22 percent of its shares.-Enditem
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