CT Group starts work on US$34m property complex
02-AUG-2008 Intellasia | Saigon Times Daily page 1
Aug 2, 2008 - 7:00:00 AM
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HCM City-based CT Group, a distributor of high-end fashion and cosmetics brands and a property developer, yesterday commenced construction of a US$34 million retail and entertainment complex in the southern province of Binh Duong.
The 10-hectare CT Song Than Complex Zone in Binh Hoa Commune, Thuan An District will comprise a 4,000-square-metre indoor entertainment area, an 86,000-square-metre warehouse and a 60,000-square-metre shopping mall with gross floor space of about 150,000 square metres.
The privately held company, which opened a commercial building in HCM City just late last week, will put the facility in Binh Duong into operation after 11 months of construction.
For the newly opened CT Plaza Tan Son Nhat commercial building adjacent to HCM City's Tan Son Nhat International Airport, the company spent US$30 million on it. This building has become a new destination for local and foreign high -end shoppers thanks to the presence of Malaysia's luxury goods retailer Parkson.
The building has more than 31,000 square metres of commercial space, according to chair Tran Kim Chung.
The Parkson Plaza occupies five floors of the building, which is also home to the English language centre ILA and Megastar Cineplex. Especially, Parkson offers free goods transfers by electric shuttle vehicles to Tan Son Nhat airport's check-in area, and has an electronic flight schedule board where passengers can check information about their flights.
CT Group, which was established in 1992 and has 22 affiliates active in fields such as luxury brand retail, finance, education, entertainment and real estate, plans to open several plazas in the city next year.
They include CT Plaza Le Thanh Ton, CT Plaza Kinh Duong Vuong, CT Plaza Le Van Sy, CT Plaza Nguyen Dinh Chieu, and a department store in Hanoi. It is also involved in housing development ventures like Nguyen Hong new urban town in Hanoi.
The group is cooperating with partners from the US and Malaysia to develop an entertainment area covering 420 hectare in HCM City's Binh Chanh District. The US$187 million Vinh Loc Theme Park is modelled after Disneyland.
The investors have planned the project will include an 80-hectare lake, a 100-hectare entertainment park, a 30-hectare film studio, a department store, a complex of golf, tennis, swimming and yacht facilities plus a resort and an apartment area.
The project will turn the barely-clad land in Binh Chanh into a huge eco-tourism venue by 2015. The first phase of the project will include a lake with water sports, swimming pools, an artificial sea and a resort that will be finished by 2011.
CT Group has signed deals with Malaysia's Lion Group, Sunway and Parkson, Hong Kong's Swire, and the US firm MGM to get them involved in the project.
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