$6 million for Saigon Peninsula

The country’s leading property developer Van Thinh Phat Group Corporation today held a signing ceremony of the cooperation agreement on developing an ecological urban park project with its foreign partners Pavilion Group and Genting Group at Reverie Saigon Hotel inside Times Square Building.

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Representatives of the investors sign the cooperation agreement on developing the ecological urban park complex Red Light Cap at the Reverie Saigon Hotel on August 3rd, 2016.

The project Saigon Peninsula covering a total area of nearly 118 hectares at Phu Thuan Ward of District 7 in HCMC consists of a multi-functional park, an international cruise terminal port, office towers, resort villas, apartment blocks, hotel and other functional areas… The complex of unique architectural constructions will create sparkling and fascinating beauty of the urban area named the Red Light Cap.

The project has been approved by the Ho Chi Minh City People’s Committee and Saigon Peninsula Group Corporation which is one of the members Van Thinh Phat Group was recognized as the project’s major investor by the committee.

With the total investment capital of US$ 6 billion the investor will turn the barren land into an ecological park including a cluster of world class unique architectural constructions and “green lung” blending into a wonderful, fresh space at the confluence of Saigon River and Nha Be River. 

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The Red Light Cap in the future

Pavilion Group is a Malaysia-based world class property developer. Its Executive Chairman Desmond Lim who is the founder and also the owner of the shopping mall Pavilion Kuala Lumpur, is appreciated for successful achievements in multi-sector development, project management and long-term investment.

Pavilion Group will lead in the master planning and landmark development consisting of a luxurious shopping mall combined with a 5-star hotel, high standard apartment blocks, deluxe resort villas and class A office towers in the Saigon Peninsula Project.

Genting Group, under the leadership of Tan Sri Lim Kok Thay, will build the 200,000GRT international cruise terminal port which will be the largest passenger cruise port in Viet Nam.

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Two other Korean leading E&C companies, Posco E&C and Hyundai E&C, are ready to participate as EPC contractors of the project.

The parties will contribute their experience, potential and finance to every important work items of the project and share the same objective of developing the project comprehensively.

The investors pledged to join hand to change the large barren land but unique location in Ho Chi Minh City into an ideal destination for those who like to soak up the gentle river space, greenery and freshness and enjoy the sun as it rises above the horizon or watch the sun peacefully goes down at the confluence of rivers looking charming and gliding. At night magnificent light colors of the Red Light Cap reaching out wetland South Saigon create a magical nature space which looks like a captivating painting.

Beside the Saigon Peninsula Project, the investors also eye on several multi-billion infrastructure projects in Ho Chi Minh City.

The cooperation will contribute to boosting the country’s tourism industry as well as create over 30,000 job opportunities for local people and attract more potential foreign partners to invest in Ho Chi Minh City in particular and Vietnam in general.

By Hai La (saigon-gpdaily.com.vn)