Genting, Pavilion in US$6 bil Vietnam project

KUALA LUMPUR (Aug 4): Malaysia's Genting Group and Pavilion Group are partnering with Vietnam-based property developer Van Thinh Phat Group Corp to develop the US$6 billion (about RM24 billion) Saigon Peninsula mixed project in Ho Chi Minh City, Vietnam.

According to a news report by Saigon Giai Phong, the project covers nearly 118 ha at Phu Thuan Ward in Ho Chi Minh City's District 7. It was reported that Genting, Pavilion and Van Thinh Phat signed the cooperation agreement yesterday (Aug 3).

Saigon Giai Phong reported that the project included a multi-functional park, an international cruise terminal port, office towers, resort villas, apartment blocks and a hotel. It was reported that the Ho Chi Minh City People's Committee had approved the project.

"Pavilion Group will lead in the master planning and landmark development consisting of a luxurious shopping mall combined with a 5-star hotel, high standard apartment blocks, 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 the 200,000 GRT (gross register tonnage) international cruise terminal port which will be the largest passenger cruise port in Vietnam," Saigon Giai Phong reported.

It was reported that South Korea's Posco Engineering & Construction Co Ltd and Hyundai Engineering & Construction Co Ltd were ready to participate as engineering, procurement and construction contractors of the project. — theedgemarkets.com

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