Ho Chi Minh City has reportedly sought the central government's permission to partner with a consortium of Japanese investors to build a shopping mall beneath a metro station at a projected cost of more than VND6.86 trillion (US$303.2 million).
In its proposal, the city People's Committee said it wants to use official development loans from Japan to build walking streets, a square and other infrastructure works for the mall, Tuoi Tre newspaper reported Monday.
Toshin Development, a known developer of shopping centers in Japan, will join hands with other Japanese companies Nikken Sekkei Civil Engineering Ltd and Osaka Chikagai Co., Ltd. and the country’s fund for overseas infrastructure investment JOIN, to build the shopping precinct.
The whole project will cover around 45,000 square meters, of which the shopping zone will take up around 40 percent, according to news website Dau Tu.
It will be built under the first station in the city's first metro line from Ben Thanh Market to District 9's Suoi Tien theme park.
Work on the 20-kilometer route began in 2012 and is expected to be completed in 2020.