Friday, August 17, 2007

Vietnam: Ground breaking for Saigon's tallest tower

Work starts on city’s tallest tower
HCMC Vice Chairwoman Nguyen Thi Hong (R) congratulates general director of Saigontourist Holding Company Nguyen Huu Tho at the ground-breaking ceremony

By MONG BINH

(SGT-HCMC) Saigon M&C Real Estate Joint-Stock Co. yesterday broke ground for a big-ticket commercial, apartment and office building project at 34A Ton Duc Thang Street in downtown HCMC, which will become the tallest tower in town.

Cao Thi Minh Huong, who is in charge of public relations at the company, told the Daily that the Saigon M&C Tower was designed to have three basements and 40 storeys comprising of international-standard apartments and offices for lease.

Cinemas and restaurants are also the components of the building, which overlooks the Saigon River and is located on a 6,672-square-meter area surrounded by Ham Nghi, Ton Duc Thang and Ben Chuong Duong streets.

The project at one of the most sought-after locations in HCMC costs some US$200 million sourced from the company whose shareholders are Saigontourist Holding Co., M&C Joint-Stock Co., Eastern Asia Commercial Bank and this bank’s securities arm.

The tower is also seen as a connection point to link up the city’s current downtown with the forthcoming urban town in Thu Thiem and Phu My Hung New Urban Area in Saigon South.

An official at Saigontourist said the building is comprised of six floors for commercial plazas covering 23,000 square meters, office space of 49,000 square meters, and 133 high-quality apartments.

When in place in late 2010, the building will be a major landmark of the city, said Nguyen Huu Tho, general director of Saigontourist.

“Once the complex is put to use in 2010, Saigon M&C Tower will be one of the key attractions in the city, catering to international investors who are coming to HCMC as an ideal destination,” said Tho, who also serves as board chairman of the tower developer.