Land acquisition for a small apartment building in Vietnam’s southern province of My Baos has opened to private investment, with local developers saying they plan to use the land for a future commercial enterprise.
The project, set to be completed in 2021, is one of several projects planned by Binh Duongs private development company for the province, where the area is known for its bamboo and rice farming.
“We will be creating a small office space that will provide the tenants with a good living environment,” Binh duongs founder and chairman of the Binh Family Holdings Group, said in a statement.
The building will have a two-storey apartment building on the ground floor and a three-storeys apartment building with an additional ground floor.
It will be located in the village of Binh Quang, which has an annual population of approximately 1.5 million people, according to the Vietnam National Bureau of Statistics.
The Binh family owns a number of other small businesses in the area.
Binongs own a number in Vietnam including a hotel, restaurant and construction company.
The company said in its statement that it will lease the land from the province for up to seven years.
The land is located on the outskirts of Binhan Quang and is surrounded by bamboo and sand plantations.
The Binhs own three commercial properties in My Binh and two in My Quang Binh.
Binh Binh also owns a small restaurant and a restaurant and bar in My Ngo.
The province has a population of about 10 million people.
It has an estimated annual GDP of $9 billion and a gross domestic product (GDP) per capita of $16,400.
The company said it will pay a rent of $1,300 per month.
The statement did not say what the company will use the project for.
The Bamboo Land Development Project, the Binhs’ second development project, was completed in May and was set to open in 2021.
The plan is to create a 1,200-square-metre office building with office space on the third floor, a one-storeyd building on one side, a two storeyd building with a ground floor, and a 3 storeyd development with office, retail and restaurant space on two sides.
Binary land, or land acquired by private individuals for private purposes, is used in construction, agriculture and construction.