No Va Land Investment Group Corp. (No Va Land) has announced the restart of its Grand Manhattan project in Ho Chi Minh City, signaling the resurgence of Vietnam’s real estate market.
The 39-story marquee development was temporarily halted five months ago due to funding issues after reaching the 28th floor, the Bloomberg reported.
However, with the renewal of a loan from Tien Phong Commercial Joint Stock Bank (TPBank) and the dismantling of legal and regulatory hurdles by Prime Minister Pham Minh Chinh, No Va Land is set to resume construction on the project soon. The restart of the Grand Manhattan project is expected to be a significant boost to the property sector, which faced several challenges in 2022.
The move is also expected to be a positive indicator for the entire industry, as it is likely to encourage other developers to resume construction on their stalled projects. The resumption of construction is a clear sign that the Vietnamese property market is stirring back to life.
The Grand Manhattan is a highly anticipated development in Ho Chi Minh City, which is set to be one of the city’s premier luxury residential projects upon completion. With this recent development, No Va Land is expected to maintain its position as one of the largest and most successful property developers in Vietnam.
The resumption of work on the Grand Manhattan project is seen as a clear signal of the Vietnamese government’s commitment to supporting the real estate sector and boosting economic growth. The move is expected to create new job opportunities and provide much-needed stimulus to the economy.
No Va Land’s decision to restart work on the Grand Manhattan project is likely to be a game-changer for the Vietnamese property market, as it is expected to set the tone for the sector’s recovery in the coming months. With a renewed sense of optimism, investors and developers are expected to take advantage of this opportunity to drive growth and profitability in the real estate industry.