Dinh Ngoc Ninh, general director of SSG Group, said at the project’s groundbreaking ceremony that the group would set aside some VND2 trillion to build a modern SSG Tower at a 6,000-square-meter site at Van Thanh Market, one of the city’s prime areas that the group secured the right to use in a land auction conducted three years ago.
As designed, the project will have three blocks with total gross floor space of some 101,600 square meters, in which the six-story building will be used for commercial services with some 20,000 square meters of retail space, the 32-story tower will provide the market with some 47,000 square meters of office space and the 25-story building will offer 78 high-end apartments and penthouses for high-income people.
Besides other serviced facilities such as swimming pool and restaurant, the building is designed with a parking lot for as many as 700 cars.
Ninh said the company has been exposed to a lot of difficulties. Credit tightening and high interest rates have piled great pressure on property developers.
The group, however, has tried to stick to its plan for the SSG Tower project on the corner of Dien Bien Phu and D1 streets in Ward 22 in Binh Thanh District.
Ninh said the project will use advanced building materials to save energy, reduce carbon dioxide emissions, and cut waste treatment cost.
The project is scheduled for completion by December 2013.
Also in Binh Thanh District, the group in February established a joint venture with PetroVietnam General Services Joint Stock Corp to develop a multipurpose property project named Petrosetco SSG in Thanh Da Peninsula.
Some VND3 trillion (US$150 million) has been invested in the mix-used project with a 35-story building that will provide the market with some 100,000 square meters of space for office, commercial services and serviced apartments.
In another development, SSG has invested some VND2 trillion to develop a residential project named Thao Dien Pearl in Thao Dien Ward in HCMC’s District 2. With 450 luxury apartments, the project will be ready by late 2013.
Besides launching its Saigon Pearl condo project on Nguyen Huu Canh Street in HCMC’s Binh Thanh District, the group last year arranged some VND2 trillion to work on a mix-used property Airport Plaza on Bach Dang Street in Tan Binh District., with sections for hotel and office building.
Established in 2003, SSG Group has 22 member companies active in the real estate investment, education development, mining and renewal energy sectors.