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$1.2 billion project for Thu Thiem in HCMC

Released at: 15:47, 01/07/2015

$1.2 billion project for Thu Thiem in HCMC

The Observation Complex in HCMC's District 2 given go-ahead and is the latest development in the Thu Thiem New Urban Area.

by Thu Hoang

Empire City LLC has recently been granted an investment certificate by the Ho Chi Minh City People's Committee to develop The Observation Complex in the Thu Thiem New Urban Area in Ho Chi Minh City’s District 2, with investment capital of $1.2 billion.

On an area of 14.5 ha the project comprises a luxury shopping mall, a five-star hotel, office space for lease, apartments for sale, serviced apartments, an underground car park, and, in particular, an 86-storey observation tower - the highlight of the project.

According to Mr. Vo Sy Nhan, CEO of Empire City, it is now making great efforts to complete all legal procedures. “The project is expected to kick off in the fourth quarter of this year and be completed in 2022,” he said.

Empire City is a joint venture among two Vietnamese partners - the Tien Phuoc Real Estate JSC and the Tran Thai Real Estate Company - and the UK’s Denver Power Ltd under Gaw Capital Partners.

The Thu Thiem New Urban Area is located to the east of the Saigon River, opposite District 1, on a total area of 657 ha. It is to be a new modern central district, enlarging the existing center of Ho Chi Minh City. The City’s People’s Committee continues to call for other investors to develop projects in the urban area.

Source: Vietnamplus.vn

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