ECC Group of the Netherlands and Singapore's GuocoLand Vietnam have announced a US$33-million joint venture to build a major shopping and entertainment destination in the southern province of Binh Duong.
The Dutch property conglomerate will hold an 80% stake in Promenada @ Canary and the Singapore real estate developer the remainder.
Tjeert Kwant, chief executive officer of ECC Group, said at a function held in HCMC yesterday to publicize the joint venture that the Promenada @ Canary project would have four stories with total retail and entertainment space of 82,000 square meters.
The venue will include a supermarket or hypermarket concept, an international food court, multiplex and entertainment facilities, fitness and other leisure concepts, fashion, sports, electronics and home furnishing stores, IT superstore, kids education zone, play area and toy superstore, and retail consumer services.
Promenada @ Canary is part of the fully-integrated development The Canary next to the Vietnam-Singapore Industrial Park 1 in Binh Duong, about 16 km from HCMC by National Highway 13, according to a statement from the joint venture.
The statement says phase one of the project is expected to be ready in the third quarter of 2011 and phase two in the fourth quarter of 2012. The venture claims Promenada @ Canary will become "Vietnam's first international standard destination mall".
"Promenada @ Canary given its size and concept will create a new standard for retailingin Vietnam and will introduce new lifestyle choices for the urban residents of HCMC and Binh Duong," said Kwant.
The project will target residents in Binh Duong, HCMC and neighboring provinces.
More than 3,000 people will be employed at the forthcoming shopping and entertainment venue.
The Canary, which got off the ground in late 2007, also comprises 1,200 units of apartment, a hotel, international educational institutions, supporting commercial facilities and a sports complex.
It will create a fully-integrated environment for residents to live, work and play, says the statement.
GuocoLand Vietnam country general manager Lawrence Peh said the construction of three apartment blocks of eight to 12 stories with 1,200 units was on track and that 235 units would be delivered to buyers late this year.
The Dutch property conglomerate will hold an 80% stake in Promenada @ Canary and the Singapore real estate developer the remainder.
Tjeert Kwant, chief executive officer of ECC Group, said at a function held in HCMC yesterday to publicize the joint venture that the Promenada @ Canary project would have four stories with total retail and entertainment space of 82,000 square meters.
The venue will include a supermarket or hypermarket concept, an international food court, multiplex and entertainment facilities, fitness and other leisure concepts, fashion, sports, electronics and home furnishing stores, IT superstore, kids education zone, play area and toy superstore, and retail consumer services.
Promenada @ Canary is part of the fully-integrated development The Canary next to the Vietnam-Singapore Industrial Park 1 in Binh Duong, about 16 km from HCMC by National Highway 13, according to a statement from the joint venture.
The statement says phase one of the project is expected to be ready in the third quarter of 2011 and phase two in the fourth quarter of 2012. The venture claims Promenada @ Canary will become "Vietnam's first international standard destination mall".
"Promenada @ Canary given its size and concept will create a new standard for retailingin Vietnam and will introduce new lifestyle choices for the urban residents of HCMC and Binh Duong," said Kwant.
The project will target residents in Binh Duong, HCMC and neighboring provinces.
More than 3,000 people will be employed at the forthcoming shopping and entertainment venue.
The Canary, which got off the ground in late 2007, also comprises 1,200 units of apartment, a hotel, international educational institutions, supporting commercial facilities and a sports complex.
It will create a fully-integrated environment for residents to live, work and play, says the statement.
GuocoLand Vietnam country general manager Lawrence Peh said the construction of three apartment blocks of eight to 12 stories with 1,200 units was on track and that 235 units would be delivered to buyers late this year.
Saigon Times
Comments