Big companies team up for SC VivoCity project
(VOV) -The Vietsin Commercial Complex Development JSC (VCCD) on July 3 signed a memorandum of understanding (MoU) on the development of SC VivoCity project with the Bank for Investment and Development of Vietnam JSC (BIDV) and 13 other domestic and foreign counterparts in Ho Chi Minh City.
VCCD is a joint venture between the Saigon Co.op Investment and Development (SCID) and the Singaporean Mapletree- a leading Asia company specializing in real estate, investment and capital management.
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Under the MoU, BIDV pledged a financial package worth US$40 million for the project. Other stakeholders, including CJ CGV – the largest multiplex cinema chain in the Republic of Korea (RoK), agreed to rent 21,270sq.m, accounting for half the total floor acreage of the project.
Saigon Co.op and NTUC Fair Price – the two leading retailers of Vietnam and Singapore - plan to build a megamall named Co.opXtra, while other brands such as renowned Starbuck, MOF, Bread Talk, Thai Express, Pepper Lunch and Shabu Ya will provide diverse food services.
Other partners include Guardian’s health and beauty store, California Fitness&Yoga Center, Playtime-a Korean indoor play centre for children, and Wall Street English Training Center.
The SC VivoCity, to be built on 62,000sq.m at a total investment of US$100 million, will be one of the leading shopping and entertainment centres in Ho Chi Minh City when it opens the door in 2015.