A group of US and Vietnamese investors have sought Ho Chi Minh City’s permission to develop a US$4 billion complex of office and entertainment buildings, local media reported on Wednesday.
The project was proposed by investment company Cantor Fitzgerald, architectural company Steelman Partners, and Taiwan-based developer Weidner Resorts of the US’s Weidner Holdings, news website Dau Tu (Investment) said.
Vietnam’s trading company Imex Pan-Pacific Trading Group, known for operating a chain of duty-free shops and fast-food restaurants at airports around the country, is their partner.
According to the plan, the complex will cover around 11 hectares at the new urban area Thu Thiem on the east of the Saigon River. Construction will be completed in more than three years, the website reported.
The complex is expected to attract both foreign and local companies, making it the city’s new financial center.