Vietnamese Banks Finance US$226Mln Tower Project in HCM City

Vietcombank and Dong A Bank has pledged to provide loans worth totaling US$133.5 million for construction of the US$226 million Saigon M&C Tower project in Ho Chi Minh City.

 

Of the figure, Vietcombank provides US$110 million.

 

The project covers nearly 6,672 square meters on the bank of Saigon river in the heart of Ho Chi Minh City. It consists of two 40-story towers, one for offices and one for apartments, and five-level basement. Eight stories at the foot of the towers will be used as a shopping center.

 

The project is built by Bouygues Batiment International which acts as the EPC (engineering, procurement and construction) contractor. Singapore's DP Architecture designs the project while Saigon M&C Real Estate Joint Stock Company is the investor.

 

Construction of the project was kicked off in August 2007 and is scheduled to be completed in mid-2011. Latest technologies will be applied during the construction as well as the management of the project. (People)