HCM City: nearly US$6 bn for Sai Gon Peninsula project
The Van Thinh Phat Investment Group (VTP Group) on August 3 signed an investment cooperation agreement with Malaysian investors Pavilion Group and Genting Group to develop a park and housing complex in Ho Chi Minh City.
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It will comprise a park, office blocks, high-quality villa and apartment areas, and hotels among other technical infrastructure facilities.
Investors hope to turn the projects into a centre for unique architecture and green spaces.
Under the deal, Pavilion Group - a world class property developer, will be responsible for outlining a master plan for the project and building key works including a retail shopping centre, a five-star hotel, high-quality villa and apartment areas and office buildings.
Meanwhile, Genting Group will be involved in building a port to serve 200,000 Gross Tonnage (GRT) cruise ships, which will be the biggest passenger port in Vietnam when it becomes operational.
The project is expected to help promote Vietnam’s tourism sector, generate about 30,000 jobs for locals, and attract more investors to the city.
According to VTP Group, Posco E&C and Hyundai E&C, the leading engineering and construction firms of the Republic of Korea, were selected as sub-contractors for the project.
Apart from Saigon Peninsula, Pavilion Group and Genting Group are also considering participation in other big projects in HCM City, especially in urban infrastructure development.
