Japan’s Toshin Development has submitted a proposal to build a VND8.39 trillion (US$377 million) underground shopping zone in downtown Ho Chi Minh City, local media reported Thursday.
The four-story center will cover an area of 45,420 square meters underground from Ben Thanh to Saigon Opera House Stations of the Ben Thanh-Suoi Tien metro line, Toshin said during a meeting with the city’s authorities on Wednesday, according to news website VnExpress. The metro line is now under construction.
Around 21,600 square meters of the project will feature walking streets and a square. Toshin suggested the city contribute nearly 5 trillion ($224 million), using funding from official development assistance (ODA).
Meanwhile, the remaining area, which will consist of shopping malls and recreational facilities, will be funded by the company and other investors, it said.
Construction should start in late 2019 and end in early 2024, the Japanese firm said.
Le Van Khoa, deputy chairman of Ho Chi Minh City, ordered the city’s Planning and Investment Department to examine the plan’s feasibility before submitting it to the Planning and Investment Ministry.
Construction of the Ben Thanh-Suoi Tien metro line, the first in the city, began in August 2012 and is scheduled for completion in 2020.