Foreign investors pull out of major property project

Van Nam

In a report issued on Tuesday, the city government confirmed the pullout by the two foreign firms and assigned the HCMC Department of Planning and Investment to report to the Prime Minister and the city’s Party Committee.

The city plans to hold a tender to select new investors for the land lot covering nearly 9,800 square meters at 164 Dong Khoi Street, District 1 at the corner of Nguyen Du and Dong Khoi streets and in front of the Notre Dame Cathedral.

Nearly 70 companies explored the possibility of developing the site in 2009. In July 2013, the consortium of Hongkong Land and Sumitomo & Development was chosen by the city to develop a complex consisting of office space, hotel and sections for financial services and exhibitions. The project was estimated to cost nearly VND7.2 trillion at that time.

The location used to be the premises of the HCMC Department of Culture, Sports and Tourism.

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