HCMC granted investment certificate to Empire City project
June 30th, 2015, HCMC Municipal People’s Committee granted an investment certificate to Empire City Joint Venture Limited Company, giving a green light to the development of an observatory tower complex within Thu Thien New Urban Zone.
Thu Thiem New Urban Zone will become the new bustling downtown for the city, a regional and international iconic landmark within the overall planning of Saigon. This new center features sustainability, cutting-edge facilities, natural landscapes, enhanced living standards, and prime professional environment. The urban zone comprises of a new financial, commercial, service center, multifunctional residential areas, recreational venues, and cultural sites to ensure long-haul sustainable development for Saigon.
On June 30th, 2015, HCMC Municipal People’s Committee granted an investment certificate to Empire City Joint Venture Limited Company, which is a green light given to the building of Observatory Tower Complex Project (aka Empire City) within the core zone of Thu Thiem New Urban Zone.
Empire City is the joint venture of three investors, including two Vietnamese Tien Phuoc JSC, Tran Thai JSC and the British Denver Power Ltd, a subsidiary of Gaw Capital Partners. The venture is based upon the principle of equal equity ownership (50-50).
According to the approved planning task, the purpose of the project is to accomplish the whole technical infrastructure on a land area of 14.56 ha, along the Mai Chi Tho Boulevard and alongside the Saigon River, and also develop and operate a complex of hi-end commercial center, 5-stars hotel, international standards residential and serviced apartments, offices, underground parking… with a total gross floor area of 730,000 sqm, in which, there is an 86-storeys building - a focal landmark of Thu Thiem New Urban Area. The registered capital of the project is around VND26,000 billion which is equivalent to USD1.2 billion. The project will be developed from the fourth quarter of 2015 and expect to be completed in 2022 through 4 phases.
According to Mr. Vo Sy Nhan – General Director of the Project Company: “The Empire City LLC is trying the best effort to complete all the necessary investment procedures to promptly commence the groundbreaking in the fourth quarter of 2015. Concurrently, the Project Company will arrange capital resources from foreign financial institutions with the best interest rates and will utilize mostly Vietnamese workforce and also the experience from foreign partners to develop and operate this grand project. The Empire City project will definitely create a fantastic living – working – entertainment environment in Thu Thiem New Urban Area as well as in Ho Chi Minh City.”