22:35 (GMT +7) - Tuesday 25/06/2019


Strategic partnership set up for The Metropole Thu Thiem

Released at: 08:20, 15/06/2018

Strategic partnership set up for The Metropole Thu Thiem

Photo: SonKim Land

7.6-ha project in HCMC to be co-developed by Quoc Loc Phat, SonKim Land and Vietcombank.

by Hong Nhung

The Quoc Loc Phat JSC, SonKim Land, and Vietcombank signed a strategic cooperation agreement last week over the development of The Metropole Thu Thiem Project, formally known as the Song Viet Complex Project, in the Thu Thiem New Urban Area in Ho Chi Minh City’s District 2.

The Metropole Thu Thiem Project consists of four plots of land with a combined area of 7.6 ha, catering to the high-end market and meeting the objectives of the Thu Thiem Masterplan. The project design is inspired by designs at Barangaroo and East Circular Quay in Sydney, integrated to suit the Vietnamese context and culture. The project promises to become a new destination for Saigonese, especially those who seek an urban lifestyle as attractive as that found in New York, London and Sydney.

The design will also meet all sustainability criteria and boast energy-efficient features, which are the top priority of Quoc Loc Phat and SonKim Land during construction.

The strategic cooperation will contribute to maximizing the strength of each party in implementing and developing the project.

Project owner Quoc Loc Phat has the financial strength as well as investment capital from foreign shareholders. Authorities have approved all legal procedures, land allocation, and project investment and the company has fulfilled its financial obligations for the project’s land plots.

Developer SonKim Land is among the leading high-end real estate developers in Vietnam, with a deep understanding of and experience in the market. With outstanding projects such as Gateway Thao Dien, The Nassim, and Serenity Sky Villas, it is confident about successfully developing this project in accordance with the standards for a “smart” and high-end urban area.

A leading commercial bank in Vietnam with large sources of fund and many years of experience, Vietcombank will act as the main lender for the project and provide bank guarantees to buyers and mortgages to those that need financing support.

The cooperation between the three parties ensures The Metropole Thu Thiem will truly become a high-end residential and commercial complex. The agreement marks the initial step by the parties in implementing project, with reputable design consultants and contractors as well as sales agencies to be selected and other companies sought for cooperation. The sales launch will be held after all necessary procedures are completed.

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