Property developer Phu My Hung Corporation has said it today begins construction of a US$200-million mall in southern HCMC, also known as Saigon South.
The Crescent Mall covering 112,000 square meters will be located near the Crescent Residence and the Crescent Plaza, also developed by Phu My Hung in the new modern town, said the company.
Designed by Design International of Canada and Korn Architects, the mall will initially have total floor space of 44,000 square meters for more than 210 stores as well as restaurants and cafes. It will be up and running in 2011.
There will be also a 3,000-square-meter entertainment area inside the mall, eight movie theaters and a 6,000-square-meter supermarket.
Phu My Hung will also take the occasion of the groundbreaking ceremony to sign a VND1.2-trillion loan contract with five local banks to finance the Crescent Mall project.
Bank for Foreign Trade of Vietnam (Vietcombank) will lead the arrangement of the loan. The other four lenders are VietinBank, Baoviet Bank, GiaDinhBank, Asia Commercial Bank.
