Mandate search for Japanese O&M partner

Investment Development for Underground Space Inc. (IUS) signed today a mandate for a top level searching for finding a Japanse Operations & Management Company for the underground shopping mall and parking facility beneath the Le Van Tam Park in Ho Chi Minh City.

The chairman of VC Invest - mother companyof IUS - stated that the 106,000 sqm underground facility offering 3 floors of retail space with a total GFA of ~32,000 sqm and 5 floors of parking is a long requested outlet by the city authorities and would be a welcome infrastructure development with a needed green-park upgrade on Dien Bien Phu/ Hai ba Trung corssing.

• This is a shopping mall will offer plenty of retail outlets, department stores meeting the high- and middle-class shopping demand offering a broad variety of shopping outlets, big supermarket, restaurants, entertainment and modern cinema with 08 halls.

• The parking offers place for 1,250 cars, 2,024 motorbikes and 28 bus / truck spaces.

• Total project development cost is estimated to be around US$ 237 million.

In absence Mr. Terashima, Managing Director of IC Net Limited the contract was signed by Mr. Hitoshi Sakai Senior Consultant, stationed in Vietnam and Mr. Takashi Hoshino Deputy Director, IC Net Limited, Japan