Kusto Home CEO Murat Utemisov and Coteccons CEO Nguyen Ba Duong today signed the MOU for Diamond Island's 2nd phase development. — Photo Hoang Ha

HCM CITY (Biz Hub) — Kusto Home and Cotec Construction Joint-Stock Company (Coteccons) on September 17 signed a Memorandum of Understanding (MoU) for the development of Diamond Island's second phase.

The MoU was signed by Kusto Home CEO Murat Utemisov and Coteccons CEO Nguyen Ba Duong.

The second phase, consisting of 1,000 apartments, is expected to start by the end of this year, and be completed in two and a half years, Utemisov said.

"The market was different when we started the first phase five years ago. Now the market has changed. The price of apartments in the second phase will be more reasonable," he added.

The first phase prices began from US$400,000 to $3 million per unit.

Duong said the quality of the buildings in the second phase will keep the natural design of Japanese architect Arata Isozaki.

"Apartments will be smaller and more affordable for many customers," he said.

The People's Committee of District 2 plans to build a bridge to shorten the distance from the project to the city's downtown.

Spanning eight hectares in District 2's Binh Trung Tay Ward, the Diamond Island project devotes 85 per cent of its area to public space, including gardens, lawns and other natural areas.

A complex of 6 buildings with two-storey basements covers 15 per cent of the area.

Construction on its first phase, which began in 2009, was carried out by Coteccons. — VNS