According to Vietnam’s latest property news, local real estate conglomerate VTP Group and two Malaysian property developers, Pavilion Group and Genting Group, teamed up for the development of a US$6 billion property in Ho Chi Minh known as Saigon Peninsula. This marks one of the year’s most notable partnerships in the Vietnam property market.
Future Saigon Peninsula Project Model
The Saigon Peninsula Project
Saigon Peninsula, a property in Ho Chi Minh that will cover around 118 hectares in District 7, will comprise of office blocks, villas, apartments, hotels, and a park. According to local property news outlet Thanien News, although the starting date of the development of the Vietnam property is unknown, real estate investors are already hoping to turn Saigon Peninsula as a centre for unique architecture and green spaces.
The expectations on the upcoming development of the property in Ho Chi Minh are pretty big. It is expected to boost the country’s tourist industry, generate around 30,000 jobs, and even attract possible investors in the Vietnam property market.
Signing of Corporation Agreement by VTP Group, Pavilion Group and Genting Group
The Partnership between the Top Developers in Vietnam and Malaysia
On the 3rd of August, it was reported by Vietnam Net that Van Thinh Phat Group, also known as VTP Group, has signed an investment corporation agreement with Malaysian property developers Pavilion Group and Genting Group for this large-scale real estate property in Ho Chi Minh.
The Pavilion Group, one of the two collaborators, is a renowned to real estate developers in Malaysia, especially in large-scale and mixed-use shopping malls segment. For the Saigon property project, it will mainly be responsible for outlining the masterplan, as well as developing the key buildings in the complex. This includes a shopping centre, a five-star hotel, villa and apartment areas, and office buildings.
The Genting Group, on the other hand, is also a leading developer in the Malaysian property market, being one of the largest operators of casinos and resorts in Asia. They will be taking care of building a port to serve 200,000 Gross Tonnage cruise ships. Once operational, this will be considered as the biggest passenger port in Vietnam.
Two of the top engineering and construction firms in Korea, namely Posco E&C and Hyundai E&C, will join in the development of this property in Ho Chi Minh as sub-contractors.
Although not much is known of the Saigon Peninsula Project, more updates from this exciting real estate project by Malaysia and Vietnam’s top developers are anticipated to come soon. To be updated in Asia’s latest property news, follow us on Facebookor contact us to know more about our services.