Giant projects to kick off in Thu Thiem
Since Thu Thiem development scheme was released, investors have flocked to this region. Many billion US$ estate projects have been proposed.
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| US investors are ready to invest US$4 billion in the Thu Thiem new urban area. |
In mid-May 2016, a group of American companies proposed a US$4 billion project in Thu Thiem. The investors consist of Imex Pan Pacific (IPP) Group, Cantor Fitzgerald, Weider Resorts and Steelman Partners.
According to Johnathan Hanh Nguyen, president of IPP Group, which, together with three US investors, wants to develop a big complex (TPP finance & conference center) in Thu Thiem with investment capital of US$4 billion, the investors’ preparatory works for the project, from capital arrangement to detailed drawings, have been completed. Construction will kick off as soon as the investors receive the investment license.
Johnathan Hanh Nguyen is a well-known businessman who has introduced US investors to HCM City authorities.
The TPP finance & conference center is expected to cover an area of 11 hectares with financial, entertainment and tourism centers including a 70-story tower, other smaller towers and office-shopping-entertainment areas.
Though both HCM City authorities and US investors are determined to develop the project, some problems have arisen as investors want to change details of the project, while the overall development planning for Thu Thiem area has already been approved by city authorities.
The investors want to build a complex with a 70-storey tower, other lower buildings and closed entertainment areas.
Meanwhile, in the overall development plan for Thu Thiem area, the project would include 11 buildings, each building on one block.
The investors said the US$4 billion investment is ready if the project is approved.
Lotte to build empire in Thu Thiem
While American investors are awaiting approval for their US$4 billion project, the construction of the US$2.2 billion Thu Thiem Eco Smart City project, which is invested in by a joint venture between Lotte Group’s subsidiaries and Japanese enterprises, is expected to start in July.
The developer of the project is the joint venture between four of Lotte’s affiliates namely Lotte Asset Development Co. Ltd., Lotte Shopping Co. Ltd., Hotel Lotte Co. Ltd., and Lotte Engineering & Construction Co. Ltd. and three Japanese enterprises namely Mitsubishi Corporation, Mitsubishi Estate Co. Ltd. and Toshiba Corporation.
Covering an area of 16.71 hectares, the complex features an international trading-financial-banking centre, hotels, serviced apartments, offices, multifunctional condos with a highlight being a 50-storey building.
Previously, Lotte agreed to place a deposit of around VND2 trillion ($89.6 million) for the land use fee for six lots of land in Thu Thiem New Urban Area to develop the eco smart city project.
Empire City and the landmark of local investors
Empire City Limited Liability Company has broken ground for what will become the nation’s tallest building in the core part of Thu Thiem New Urban Area.
The US$1.2 billion Empire City complex will consist of an 86-storey observatory tower, a five-star hotel, a shopping mall, and office and apartment buildings. It will cover nearly 15 hectares on Mai Chi Tho Street and along the Saigon River, and be complete in 2022.
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| The sketch of Empire City. |
The company is a joint venture between Tien Phuoc Real Estate Joint Stock Company, Tran Thai Real Estate Co. Ltd. and UK-based Denver Power Co. Ltd., a member of Gaw Capital Partners.
The investor has placed a deposit of US$35 million for the project.
Last June, the company got an investment certificate from the HCM City government to develop the multi-functional observatory tower project.
The building would be higher than the country’s current two tallest skyscrapers – Bitexco Financial Tower with 68 floors in downtown Ho Chi Minh City and Keangnam Landmark with 72 floors in Hanoi, and an 81-storey building now under construction in HCMC’s Binh Thanh District.
