Japanese constructor to build $400 million project underneath urban railway station.
Japanese construction company the Toshin Development Co. Ltd is to build a shopping mall underneath Ben Thanh Railway Station in downtown Ho Chi Minh City with investment capital of VND8.4 trillion ($378 million).
Recently approved by the Ho Chi Minh City People’s Committee, Toshin Development will contribute about $158 million to the project and the remainder will come from the city’s official development assistance (ODA) funds.
Underground walkways for pedestrians, public squares, shopping areas, and ancillary works will be built on an area of 45,000 sq m, with shops and restaurants covering 18,000 sq m and the lobby and other venues 21,000 sq m.
Mr. Yasuhiro Matsumoto, President and CEO of Toshin Development, said that the Japanese Government and the country’s enterprises are very interested in the project, which will help boost the friendly ties between Japan and Vietnam.
Mr. Le Van Khoa, Deputy Chairman of the Ho Chi Minh City People’s Committee, spoke of the city’s interest in the project and committed to its efficient implementation.
On October 28 last year the People’s Committee granted permission to Toshin Development and the Saigon Star Investment and Real Estate Infrastructure Development JSC to prepare construction plans.
Construction is scheduled to begin in late 2019 and be completed in 2024.