The People’s Committee of Thai Binh Province has decided to recognize REE Real Estate Limited Liability Company (REE Land) as the investor responsible for implementing The Light Square residential and commercial development project in Bo Xuyen ward, Thai Binh city (the former site of the Military Command of Thái Bình Province).
Accordingly, the project covers a total planned area of over 19,375m2. Of this, residential land is approximately 19,131 m2 and commercial services land is about 245 m2.
The investor plans to construct two types of residential buildings for sale, including linked houses/villas and high-rise commercial housing (apartments). The apartment building will have a maximum height of 35 floors and will be built on a total land area of over 3,557 m2.
Besides residential buildings, the investor is also required to construct a cultural house with an area of 276.2 m2, two stories high, and hand it over to local authorities.
In the auction result, REE Land won the bid for the project with a total price of 389 billion VND. This includes 283.3 billion VND for low-rise residential land use rights, 81.5 billion VND for high-rise residential land, 6.6 billion VND for commercial and service land, 13.3 billion VND for underground parking, and 4.3 billion VND for asset liquidation through demolition.
Established in 2006, REE Land is the real estate development arm of Refrigeration Electrical Engineering Corporation (HOSE: REE). Along with its joint ventures and associated companies, REE Land specializes in investing and developing residential projects, community areas, offices, commercial services, and industrial infrastructure in major cities nationwide.
Currently, REE Land holds a controlling stake in Saigon Real Estate Corporation (HOSE: SGR) with a 51% ownership. REE Land is collaborating with SGR to develop the Phu Hoi residential project in Nhon Trach District, Dong Nai Province, which spans nearly 8 hectares of land.
Source: Hà Lễ – Fili
