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Construction begins at HCMC's $233 million tower

Released at: 14:05, 08/12/2016

Construction begins at HCMC's $233 million tower

Photo: Saigon Diamond

The ground breaking ceremony for the SJC project in the central southern city was held by the joint venture.

by Khanh Chi

The Saigon Diamond Corporation, a Vietnamese real estate joint venture, has recently organized the ground breaking ceremony for the Saigon Jewelry Center (SJC) tower project located at the “golden” quadrangular area surrounded by Le Loi, Nam Ky Khoi Nghia, Le Thanh Ton and Nguyen Trung Truc streets in Ho Chi Minh City’s District 1.

Saigon Diamond is a joint venture of three shareholders including Ho Chi Minh City Finance and Investment State-owned Company (HFIC), Sai Gon Star Infrastructure and Real Estate Investment Development Corporation (Sai Gon Star) and Vietnam Infrastructure and Property Development Group (VIPD).

“The project includes 6 basements and 54 floors with a total investment capital estimated at around $233 million,” Ms. Nguyen Thi Thanh Loan, Head of Public Relations Department at Saigon Diamond Corporation told VET. The joint venture was established for investment and management of the SJC tower project only, she said.

This project was said to be related to Van Thinh Phat Group, one of the leading real estate and hospitality groups in Vietnam, by local media. However, the representative of the joint venture gave no further comment on this information.

Saigon Diamond Corporation was founded in 2007 and then was given the investment certification for the SJC tower project in the same year by the Ho Chi Minh City People’s Committee.

The project is located in the “core” central area of the southern city where a range of the busiest trading and cultural activities usually take place. The tower is designed as a luxurious multi-purpose building complex with a height of 200 meters consisting of a trade center, offices, apartments, restaurants and many enclosed amenities which aim at providing the highest quality services for customers.

At the same time, the project also contributes to enhancing the modern landscape of the city’s central area.

The project is planned to be constructed and put into operation within four years. Once completed, it will be a modern designed skyscraper, fitting into the urban landscape of the area and contributing to the development of the city’s business environment.

VIPD, one of the project’s major shareholders, has announced on its website that it will invest in a number of real estate projects in the future including VIPD Tower, Minh Ngan Industrial Park, Catinat Square and others. It is also known as the company which bought Vincom Center A from Vingroup at the price of nearly $440 million in 2013 then changed the name of the trade center to Union Square.

Kinh Do Corporation (which has been known as Kido Corporation since 2015) sold 50 per cent of its stakes in the SJC project in 2010 with a profit of about $19 million although the buyer has not been unveiled.

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