Saigon Thuong Tin Tan Thang Real Estate Investment Joint Stock Co (TTJSC) has recently launched Celadon City urban zone project with about 7,000 apartments in Son Ky ward, Tan Phu district, HCM City after over one year of starting construction, according to the local newspaper Thoi Bao Kinh Te Saigon (Saigon Economic Times).
This project is a joint venture between Malaysia-based Gamuda Land Co and Saigon Thuong Tin Real Estate Joint Stock Co (Sacomreal), which is built on a land area of 82 hectares with a total investment of $215 million, of which, Malaysian partner contributed 60 percent stake.
The project is expected to be under construction for seven years. Once finished, it is expected to provide to the market with about 7,000 apartments together with office for lease, school, sport centre and trade centre.
Aeon will invest about $100 million to build this downtown and expected to complete it by 2014. This is the first commercial centre project of this group in Vietnam market.
The investor also officially opened for sales apartments of this project at the prices of from 19 million dong/ square metre, applying the prepayment method of 30 percent of the total apartment value and the rest will be paid at the time of handing over the house in the first quarter of 2013.