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| Saigon south enjoying being in the spotlight |
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30-JUN-2009 Intellasia | Vietnam Investment Review page 19 |
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30 Jun, 2009 - 7:00:00 AM |
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Saigon South is confirming itself as HCM City's new business and entertainment hub with the launching of the area's first ever luxury shopping centre.
Kim Cuong Limited Company (paragon), a joint venture between Khaisilk Corp and Thuy Loc Corporation, last week launched Saigon Paragon Shopping Centre at Phu My Hung new township's Nguyen Luong Bang Street.
Having the total investment of $35 million and standing out in the heart of the area thanks to Japanese-designed western classic architecture, the property provides more than 19,000 high-end retail space located from the first basement B1 to the fourth floor and 4,000 sqm of entertaining area including Megastar cinema system, digital world, and spas in the 5th floor. It also features 3,000 sqm fine dinning area, 6,000 sqm parking lot with the loading capacity of 400 cars, 15,000 sqm office space for lease ranging from the 6th to the 9th floors, and a 3,000 sqm conference mall in the highest 10th floor.
Hoang Khai, Paragon chairperson said at the launching ceremony that "more than 90 percent of retail space area has been occupied and will be 100 percent covered when construction work is perfectly finished in early August."
Phu My Hung new township has total area of 409 hectares with some 100,000 people in its original planning, said Khai, adding that with the area's fast-developing pace in recent years, its total population was estimated to reach 10 million people in the next 10 years.
The developers expected to get return over investment in the next 8¬10 years, adding that rent price of office space might be start at $20 per square metre.
Khaisilk is working on the residential apartments of Peninsula Palace and the high-end resort of Royal Residential in the same area of Phu My Hung. Both properties are slated to start construction in August to be finished in the next 14-18 months.
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