Group to submit development options to HCMC People's Committee this month.
Vingroup confirmed on June 8 that it is on track to submit development options for the Sai Gon Safari Park project to the Ho Chi Minh City People’s Committee this month.
“Work has been continuing and we will have two or three options completed and submitted to the city on time,” Ms. Le Thi Bao Chi from Vingroup’s Public Relations Department told VET on June 8.
The city transferred the rights to develop Sai Gon Safari Park from Saigon Zoo to Vinpearl on May 19, requesting the country’s leading property developer expand upon plans for the long-delayed project.
Saigon Zoo originally planned to build a huge park consisting of a semi-wild animal area, a display of specific animals from different continents, as well as an amusement park, a golf course and hotels in 2004, with total investment capital of $500 million on 485 ha in An Nhon Tay and Phu My Hung communes in Cu Chi district. It was introduced as being the largest eco-tourism safari park in Vietnam and Southeast Asia.
The project then failed to get off the ground. “Land clearance and other works such as land surveying and landscaping were ongoing and had cost some $28 million,” a representative from Saigon Zoo told VET.
Land clearance, compensation and building resettlement apartments were all well behind schedule, however. Negotiations between Saigon Zoo and its planning consultants took a long time due to the financial limits in Circular No. 01/2013/TT-BXD on managing construction and urban planning. “The budget for employing a planning consultant under the Circular was lower than the quotation from our foreign partner and we failed to negotiate a price,” said the Zoo’s representative.
At a meeting held by the City’s People’s Committee and related departments and agencies, Chairman Nguyen Thanh Phong decided upon the option of delivering the project to the Vinpearl Corporation after hearing opinions from involved parties.
Vingroup has conducted a range of real estate projects in Ho Chi Minh City, such as Vinhomes Central Park in Ba Son in District 1 and with total investment of more than $1 billion. The project is expected to be completed and housing handed over to customers in 2017.
In 2015 Vingroup recorded revenue of $1.5 billion with total charter capital of $870 million. It owns huge brands such as Vinhomes, Vinmec, Vinmart, and Vinpearl.
Saigon Zoo is a State-owned enterprises belonging to the City’s People’s Committee, with charter capital of nearly $28 million. It also owns land in the city, including Thao Cam Vien Zoo in District 1.