HCM CITY (Biz Hub) — Van Thinh Phat Group Corporation, one of the leading real estate and hospitality companies in Viet Nam, on Wednesday signed an agreement with two giant Malaysian companies to develop a US$6 billion ecological urban system called Saigon Peninsula Project in HCM City's District 7.

The two partners are Pavilion Group, a world-class property developer, and Genting Group, Malaysia's leading corporation and one of Asia's best managed multinationals.

The signing ceremony was held at the Reverie Saigon Hotel in the Times Square building in downtown HCM City.

The Saigon Peninsula Group Corporation was licensed by the HCM City People's Committee to develop the Saigon Peninsula Project on 118ha of land in Phu Thuan Ward in District 7.

Saigon Peninsula will feature a multifunctional park, an international cruise terminal port, office towers, resort villas, apartment blocks, a hotel, and other functional areas and facilities.

The Saigon Peninsula Group Corporation will make the $6 billion project a cluster of unique, world-class architectural works and a green lung blending into an ideal ecological space at the confluence of the Sai Gon and Nha Be Rivers.

Pavilion Group, under the leadership of executive chairman Desmond Lim who is the founder and also the owner of the shopping mall Pavilion Kuala Lumpur in Malaysia, is a visionary organiser in Malaysia's real estate market with successful achievements in multi-sector development, project management and long-term investment.

Pavilion Group will lead in the master planning and landmark development consisting of a luxurious shopping mall combined with a five-star hotel, high-quality apartments, deluxe resort villas and class A office towers in the Saigon Peninsula Project.

Genting Group, under the leadership of Tan Sri Lim Kok Thay, will build a 200,000GRT international cruise terminal port, the largest passenger cruise port in Viet Nam.

Two other leading Korean E&C companies, Posco and Hyundai, are ready to participate in the project as EPC contractors.

These parties will contribute their experience, potential and finance to every important facet of the project and share the same objective of comprehensively developing the project.

Besides Saigon Peninsula, the investors have also set their sights on several multi-billion infrastructure projects in HCM City.

 This co-operation will contribute to boosting the country's tourism industry besides creating over 30,000 jobs and attracting more foreign investors to Viet Nam, especially the southern economic hub of HCM City. — VNS