Novaland Group, Tien Phong Commercial Joint Stock Bank (TPBank) and Ricons Construction Investment Joint Stock Company (Ricons) have recently signed a MOU to restart and complete construction of The Grand Manhattan – an apartment-commercial-service complex project at District 1, HCM City.

Under the agreement, TPBank will provide a financial package for The Grand Manhattan to continue construction and provide credit packages to homebuyers; Ricons will assume the role of general construction contractor, committing to ensure project quality and construction progress with the developer.

Up to now, The Grand Manhattan is one of seven projects located in the center of HCM City seeking to remove legal obstacles to its completion. In the context of limited real estate supply in the downtown area and restrictions in capital mobilization channels, the project's continued implementation of construction is considered a bright spot to help investors have more confidence in a market recovery as well as supplementing high-quality housing in HCM City.

According to the restructuring strategy, Novaland continues to focus resources on completing key projects, handing over houses in phases and, at the same time, flexibly adjusting construction plans of project subdivisions to suit the current situation. The group is also negotiating with credit institutions to arrange capital sources and is trying to coordinate with agencies, departments and local authorities to remove and complete legal projects soon while striving to ensure the interests of customers, investors and related parties.

The Grand Manhattan apartment-commercial-service complex is built on an area of 14,000sq.m at the prime location of Co Giang and Co Bac in the heart of District 1. When completed, the project will provide more than 1,000 apartments with luxurious and modern facilities, contributing to quenching the "thirst" of high-class serviced housing and apartments in the leading economic center of the country and in the context of excess demand. — VNS