A consortium involving local firms SSG Construction and the Real Estate Joint Stock Company., along with Hongkong’s Vietnam Land, will spend U$156 million on a massive residential and office complex in the southern business capital.
Deputy Chairman of HCM City Peopler’s Committee, Nguyen Van Dua, handed an investment license to joint venture Vietnam Land SSG to build the Saigon Pearl project in Binh Thanh District.
The project will include eight apartment buildings up to 37-storey high, four office towers from 13 to 25 floors, retail and recreational facilities, a kindergarten and international standard school, and parking for about 1,200 cars and 9,000 motorcycles, said joint venture chairman Dang Trung Chinh.
The complex will span 10ha along the Saigon River, opposite Thu Thiem, where a residential business and financial center will be built. With favorable position of the land and top professionals from Hongkong, America and Australia, this project will be designed, built and managed to international standards, ensuring higher living quality for the residents, officials said.
The local partners required land-use rights at auction last year for $56 million.
Construction will start in December and the first buildings should be completed in two years, with the entire project due to be finished in 2009. A total of 2,144 apartments from 82 to 328 square meters will be for sale or rent.
Seven domestic companies will also work with the Hongkong partners, including the Sun Wah Group, which built HCM City’s Sun Wah Tower with Japanese Marubeni Corp.
Vietnam economic review - (28/09/2004)