Vietnam local firms plan 420-ha theme park in city
Vietnam local firms, two local firms are planning to pour at least VND3tril, or US$187mil, into an eco-tourism, and cultural project covering 423 hectares in Ho Chi Minh City's Binh Chanh District that is modeled after a Disneyland theme park.
Ho Chi Minh City-based CT Group, a distributor of hi-end fashion and cosmetic products and a property developer, said on Saturday that it would cooperate with Saigon Agriculture Corp. to develop the project approved by the Government a decade ago.
Previously, the city had asked the Saigon Agriculture Corp. to look for partners to develop the Vinh Loc Lake Cultural and Ecological Zone project.
Dinh Thi Bich Thao, deputy general director of CT Group, said that the two companies last month signed a joint venture agreement to develop the entertainment project.
Besides, CT Group has also advanced a sum of VND15bil to finance site clearance for the project, Thao said.
She said both partners this year would set up a new company, in which CT Group would hold a 75% stake, to deploy the project at Vinh Loc A, Vinh Long B and Pham Van Hai communes in the district in early 2008.
Thao declined to elaborate on details of the project, saying the partners were still having their experts and architects make an overall design for the park.
However, she told the Daily her company and the partner had planned the project would include an 80-hectare lake, a 100-hectare entertainment park, a 30-hectare film studio, a department store, a complex of golf, tennis, swimming, and yacht facilities plus a resort and an apartment area.
The project would turn the barren land in Binh Chanh into a theme park by 2015 and the first phase of the project includes a lake with water sports, swimming pools, an artificial sea and a hi-end resort that will be finished in late 2010 or early 2011. Site clearance will begin this year with the resettlement of some 300 households. She said the project lies at the low-lying land near Long An Province.
CT Group has also signed with Malaysia's Lion Group, Sunway, Parkson and Hong Kong's Swire, and the U.S.-based MGM to join the project.
MGM is the second biggest entertainment firm in the U.S., while Sunway is running some cultural, eco-tourist, entertainment parks in Malaysia.
The cooperation with high-profile partners in the world will help develop the project into a highly-feasible one, she said.
"Our group hopes that the project will be developed into an international tourist park like the Disneyland theme park as a destination for tourists when travel to Ho Chi Minh City," Thao said.
CT Group has 20 subsidiaries which is developing department stores and new urban cities such as CT Plaza Tan Son Nhat near the city's airport, C.T Plaza Le Thanh Ton, a new urban area in Hanoi covering 400 hectares, and a department store in the capital city.