» » Platinum Plaza to grace Saigon South’s skyline

The bustling property market in Saigon South is set to become busier owing to the construction of the Platinum Plaza.

Ho Chi Minh City People’s Committee Deputy Chairman Nguyen Huu Tin last week gave the go ahead to the WCT-Vietnam, a $200 million joint venture between Malaysia’s WTC Engineering Berhad Co and Minh Thien Company (MTC). More than $140 million will be earmarked for siteclearance.

“The Platinum Plaza will attract people to the place as it will house a commercial complex consisting of a four-star hotel, an office building, a trade and service centre, an amusement-sports centre and a parking lot,” Tin said.

WCT Vietnam executive director Loh Siew Choh said WCT Vietnam had chartered capital of $12 million, of which MTC held 33 per cent, or $3.96 million and WCT Engineering Berhad of Malaysia held 67 per cent, or $8.04 million.

The licencing application began in May 2007. After surveying the city, WCT Engineering Berhad found Saigon South to be the right destination for the Platinum Plaza on a 90,000sqm area in Binh Hung village, Binh Chanh district, Choh said.

WCT Vietnam estimates compensation procedures to be completed in six months. Construction will begin in mid-2009 and be completed within four years.

The project will be implemented in three phases. Phase one will see the construction of the four-storey commercial complex, located in the centre of the project, including a supermarket, a trade centre for rent, a retail area, coffee shops, restaurants and an amusement area.

Two 22-storey hotels will be built during the second phase, and two 22-storey tower blocks of offices will be constructed in the first phase. The tower blocks will be for the use of Malaysian investors who have plans to invest in the high-tech industry here.

Choh said a future metro project would house a terminal in front of the Platinum Plaza.

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