The Grand Manhattan gets support to continue construction
After a series of policies issued by the Government, with the cooperation of ministries, departments, and branches, and the efforts of enterprises themselves, the difficulties of the real estate market are gradually being resolved. Credit capital, bonds, investment funds, etc. are gradually being cleared, and qualified projects are continuing to receive funding from banks, which is expected to contribute to increasing liquidity for the market in the coming time.
Recently, on April 19, the signing event of a three-party cooperation agreement to restart construction and complete the project of The Grand Manhattan Apartment – Commercial Service Complex in the heart of District 1 between Novaland Group, Tien Phong Commercial Joint Stock Bank (TPBank) and Ricons Construction Investment Joint Stock Company (Ricons) has sparked investors’ confidence in a real estate market that will soon recover this year.
According to the agreement, TPBank will provide a guaranteed financial package for The Grand Manhattan to continue construction after the temporary suspension as well as support a credit package for home buyers; Ricons will take on the role of general contractor, committed to ensuring the quality and construction progress with the investor.
In addition to focusing capital on priority areas, encouraged under the direction of the Government to promote economic development, TPBank still reserves a portion of credit for good real estate projects, with practical efficiency and suitable for customer needs.
“The Grand Manhattan project, in the center of District 1, Ho Chi Minh City, is also a project that TPBank has continued to provide capital for after a period of suspension. After careful assessment, survey and work, continuing to provide capital for The Grand Manhattan to complete construction not only provides quality housing products but TPBank is also following the Government’s target direction in Resolution No. 33/NQCP in focusing on removing obstacles for ongoing projects, to complete them soon, creating supply for the market”, TPBank representative shared.
The project has continuously received positive information and the construction implementation, expected to hand over houses in the fourth quarter of 2024, further strengthening the confidence of investors who already own the product as well as attracting the attention of new investors.
The Grand Manhattan apartment – commercial service complex is built on an area of 14,000 m2 at a prime location with 2 facades of Co Giang – Co Bac right in the heart of District 1. When completed, the project will provide the market with more than 1,000 apartments with full luxury and modern amenities, contributing to relieving the “thirst” for housing supply and high-class serviced apartments in the leading economic center of the country.
In the role of the project’s General Contractor, Ricons Company is committed to coordinating with the investor and bank to prioritize and focus resources to implement and complete The Grand Manhattan project on schedule, ensuring the quality and safety of the project. “We believe that, with the support and facilitation from the local government, banking partner TPBank and Novaland’s dedication to the project, Ricons will accelerate construction, ensuring the completion and handover of houses in the fourth quarter of 2024 to customers as scheduled, contributing to a new iconic project in the heart of Ho Chi Minh City in the near future,” shared a representative of Ricons.
It can be said that the funding for The Grand Manhattan project to be implemented goes beyond the meaning of restarting a real estate project. This is considered a positive signal from the efforts of the entire operating system – that is the drastic decisions of the Government; the cooperation and companionship of local agencies, departments, branches, organizations, financial enterprises, construction and building materials enterprises as well as the efforts of real estate enterprises themselves for the goal of recovering and promoting the safe and sustainable development of the real estate market.
The real estate industry plays an important role and contributes to the economy and affects many industries, professions and fields. Once the real estate market recovers, this will be a lever to promote industries in the ecosystem and supporting industries such as construction, building materials, finance, tourism, shopping – consumption … thereby contributing to economic development, creating jobs, stabilizing social security.
For Novaland, the continued support of its partners in the completion of The Grand Manhattan project is truly a meaningful start. After The Grand Manhattan, the group is also coordinating with local authorities and making efforts to negotiate with financial partners to soon put other key projects into construction and completion in the near future.
