A desolate area District 7 is set to receive a makeover as Ho Chi Minh City authorities recently greenlighted a US$6 billion ecological park project in the area.
The project, named Saigon Peninsula, will span nearly 118 hectares of Phu Thuan Ward in District 7, filling the barren area with a multipurpose park, an international cruise terminal, office towers, villas, apartment blocks and hotels, reports VnExpress.
Saigon Peninsula is set to provide as many as 30,000 jobs for locals and hopes to catch the attention of potential foreign investors.
Local private property developer Van Thinh Phat Group Corporation (VTP) will take the helm of the project as a principal investor. VTP has also brought in foreign partners including Malaysia-based Pavilion Group and Genting Group, according to the news source.
The former is in charge of a luxurious shopping mall combined with a five-star hotel, as well as a range of apartment blocks, deluxe resort villas and class A office towers. Genting Group will construct the international cruise terminal, primed to be the biggest passenger port in Vietnam.
[Renderings via Bat Dong San Sai Gon Group]
