Site chosen for mega complex
Site chosen for mega complex
South Korean company Jimiro has teamed up with local company Dai Tan Phu to co-invest in a $500 million complex in the triangle of land site between Tran Hung Dao, Pham Ngu Lao, and Nguyen Thai Hoc streets in the heart of Ho Chi Minh City’s District 1.
This area is on the list of over 20 prime locations that the Ho Chi Minh City People’s Committee accepted tenders on from eligible financial investors.
At 13,000 square metres located near Ben Thanh market and 23/9 Park, this site is considered one of the best potential investments within the city centre. It will be the terminus for both metro and bus systems, and will include a pedestrianised street.
According to the city’s zoning plan, this complex could reach up to 260 metres in height, and will serve multiple functions, including hotels, financial and trading centres, and commercial office spaces.
An Tae Su, a representative from Jimiro, told local press that his company would work alongside SsangYong (Korea) and a domestic partner to create a new tourist landmark in Ho Chi Minh City.
An said that the future complex would be the combination of a 55-storey office building, a 30-storey hotel and a 10-storey high-end trading centre.
This area was brought to tender and was available to suitable investors since 2008. In 2015, a consortium of Thai Son Construction, Chi Thanh Finance, Anh Duong Finance, Vietnam Development and Investment Bank, and the two Korean companies of Hanwha and Hanshin took over the project. However, this group could not implement the construction at the site due to problems with financial mobilisation, and it was turned back to the local authorities to choose another potential investor for the project.
In 2007, Ho Chi Minh City mapped out 20 “golden land” sites in the city centre, and called for private and foreign investment for development.
So far only four of those sites, including the above-mentioned project, have been occupied by investors, while the rest remain vacant. The three other sites were invested in by Vingroup and HDBank. Meanwhile, although other sites on the list were registered for development by foreign companies, land compensation and clearance difficulties forced these investors to withdraw.
