Property developer Phu My Hung on Wednesday began construction of a 44,000sq.m. shopping centre, the Crescent Mall.
It plans to build and operate the mall to international standard once the first phase is completed by next year’s end.
“Once put into operation, Crescent Mall, which will cost VND1.8 trillion (US$100 million), will be Viet Nam’s largest shopping mall with more than 200 shops, a supermarket, restaurants, cafes, cinema, and entertainment space,” PMH’s chairman Arthur Ting said.
Canadian firm Design International is the master planner for the property designed by Germany’s Kern Architect. US real estate services provider Savills Vietnam will be its manager and leasing agent.
Crescent is part of a larger project worth $200 million in the Phu My Hung New Urban Area which will also include several residential and office buildings.
At the ground-breaking ceremony, Vietcombank, VietinBank, Bao Viet Bank, Gia Dinh Bank and Asia Commercial Bank signed a deal with Phu My Hung to provide a syndicated 10-year loan of VND1.2 trillion, with Vietcombank being the consortium leader.