Three US investors plan $4 billion real estate project in Thu Thiem

May 07, 2016 | 18:52

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US companies Steelman Partners, Cantor Fitzgerald, and Weidner Resorts are looking to build a $4 billion multifunctional project in Thu Thiem new urban area, according to newswire cafef.vn.

The three investors proposed the project at a recent meeting with the Ho Chi Minh City People’s Committee. Earlier, at a meeting with Prime Minister Nguyen Xuan Phuc, William Weidner, chairman and CEO of Weidner Resorts, said that the group of investors wanted to build a modern trade centre with multiple functions, including entertainment, offices to let, and a shopping mall, adding that by joining the Trans-Pacific Partnership, Vietnam would attract investment from all over the world, and that Ho Chi Minh City had a lot of potential for development.

The project is going to have an area of 11 hectares and is to be built in about three years. It is going to be the biggest investment by US private companies in Vietnam.

Steelman Partners has been rather active in Vietnam. The company joined the designing team of Grand Ho Tram integrated resort in the southern province of Ba Ria-Vung Tau and Happyland Hotel in the southern province of Long An. Cantor Fitzgerald provides investment services and is present in 30 markets all over the world. Weidner Resorts is a developer and manager of a multitude of hotels and five-star integrated resorts in the US and Asia.

By By Ha Duy

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