Five-star twin towers are being built on the site of a market dating back to the 19th century in Hai Phong, Vietnam’s third largest city.
Saigon Garment-Match Joint Stock Company on Saturday commenced construction on the entertainment, trade, hotel and office complex project, capitalized at VND6,060 billion ($262.4 million).
The towers, located on 5,000 square meters in Hong Bang district, will have 40 stories including two basements.
The complex is set to enter operation in 2025, after 36 months of construction.
Vice Chairman of Hai Phong Le Anh Quan said this is one of two key construction projects in the city this year, contributing to transforming Hai Phong into a modern, civilized urban center in Asia.
Chu Ngoc Minh, General Director of the Ho Chi Minh City-based Saigon Garment-Match JSC, said the towers are a symbol of Hai Phong’s development and mark his firm’s entry to the northern region.
Sat (Iron) Market, located at a junction near Tam Bac River in Quang Trung street, was built during the French colonial period. It used to be a trading center of Hai Phong and the Red River Delta.
The market was upgraded into a six-story service and trade complex in 1992, but it rapidly deteriorated, losing its appeal and role as a commercial city hub.