Our City Urban Area receives $50 million investment

Hiep Phong (Qiafeng) Vietnam Co., Ltd., the developer of the Our City township Haiphong city’s Duong Kinh district, signed an investment contract yesterday with strategic partner Chinamall Holdings Pte Ltd on building Vietnam International Commercial Centre right in the township.

Accordingly, the centre, covering 36,000 square metres of space and worth approximately $50 million in investment capital, is expected to be put into operation in 2017. Global e-commerce giant Alibaba Corporation has agreed to pump money into the project.

The project’s strategic investor Chinamall was the developer of flagship Dubai Mall, which attracted more than 3,000 businesses. In 2010, Chinamall built Asia International Commercial Centre on a total area of 15,0000sq.m, which debuted on June 1, 2013.

By Thanh Son