Pavilion, Genting to develop $6 billion eco-urban area in Ho Chi Minh City
Pavilion, Genting to develop $6 billion eco-urban area in Ho Chi Minh City
On August 3, Van Thinh Phat Limited Liability Company (VTP) signed an agreement with two giant Malaysian property developers, Pavilion Group and Genting Malaysia Berhad (GENM), to develop a $6 billion ecological urban system called Saigon Peninsula Project in Ho Chi Minh City's District 7.
Covering an area of 118 hectares, Saigon Peninsula will include a multifunctional park, an international cruise port, an office building, resort villas, apartment blocks, hotels, and other functional areas, as well as technical infrastructure.
Pavilion Group will be in charge of implementing all major stages, including the construction of a shopping centre, along with five-star hotels, resort villas, as well as the office building.
GENM will develop the cruise port, which is expected to be the largest of its kind in Vietnam once it comes into operation.
Besides, two leading Korean mechanical and construction companies, namely Posco E&C and Hyundai E&C, are willing to join the project’s construction as engineering, procurement, and construction (EPC) contractors.
The investors expect that the project will create a new look for Vietnam’s tourism sector in general and the city in particular and generate 30,000 jobs. In addition, it will be a stepping stone for attracting other large-scale projects to Ho Chi Minh City.
Pavilion Group, under the leadership of executive chairman Desmond Lim, who is the founder and owner of Pavilion Kuala Lumpur shopping mall in Malaysia, is a visionary organiser in Malaysia’s real estate market with successful achievements in multi-sector development, project management, and long-term investments.
Regarding GENM, in 2009 through a joint venture with VinaCapital, the company obtained an investment certificate to build a $4 billion integrated gaming and resort complex in central Quang Nam province. This 1,555-hectare project is comprised of five-star hotels, resorts and villas, along with a gambling facility for foreigners, and a maximum of 2,500 houses for sale or rent.
However, in October 2012, GENM withdrew from the project because the government did not allow its citizens to enter gaming facilities.
Established in 1992, Van Thinh Phat Limited Liability Company (VTP) is specialised in trading and hospitality services as well as property development. The company implemented Windsor Plaza Hotel and Sherwood Residence Serviced Apartments, as well as real estate projects focusing on residential areas and hospitality resorts in Ho Chi Minh City and its neighbouring provinces.
