E-Mart and CJ plan to invest heavily in West Lake
The South Korea’s two leading corporations in the field of retail and entertainment services namely E-Mart and CJ are currently carrying out their large sized investment projects located in StarLake urban area.
According to the official information from StarLake’s website, in last mid – September, E-Mart and THT Development Co., Ltd got a great cooperation by the signing ceremony of a Deposit Agreement pertaining to the transfer of commercial land lots B1CC1 and B1CC2 within StarLake Project.
The StarLake project covers on an area of 1.86 million square metres in Hanoi’s Tay Ho (West Lake) district. Vietnam’s THT Development Co., a wholly owned subsidiary of Daewoo E&C, has led the new city development project.
This is a milestone marking the appearance of the retail brand in Hanoi. In late 2015, E-Mart’s first three – hectare hypermarket was set up in Ho Chi Minh City with total investment up to $60 million.
Through the transfer of two commercial land lots within StarLake Project from THT Development Co., E-Mart is gradually realizing its ambition to increase its investment scale and development in Vietnamese market. The group also plans to open ten supermarkets or more in Vietnam soon.
Established in 1993, E-Mart blossomed as the leading retail enterprise in Asia with over 160 hypermarkets and Megamalls currently operating in Korea, China, Vietnam and Mongolia.
On 30 July 2018, the signing ceremony for deposit agreement between THT Development and CJ Group was also taken place. CJ Group has decided to invest in the valuable commercial land lots, B2CC1 and B2CC2 located in StarLake Project.
As being well known through CGV (film/broadcasting business), Tous les Jours, Bibigo, logistics service and feed manufacturing, CJ Group has been successfully carrying on their business in diverse fields in Vietnam and expanded greatly over the last 20 years.
Previously, CJ also carried out a series of mergers and acquisitions (M&A) in Vietnam, such as buying 3.8 per cent of VISSAN Joint Stock Company’s capital or 80 per cent of Megastar cinema and so on.
According to THT, CJ and E-mart were chosen as sub-investors in order to attracts people and tourists to its project through true values such as relaxation and entertainment.
On 22 August 2018, THT Development also signed a deposit agreement with S&D Co., Ltd. Based on their successful settlement in warehouse-logistics project at Bac Ninh Industrial Zone and enough financial capability, SE&C Co., Ltd. has had strong intention to expand their business field towards hospitality industry in Ha Noi by investing further in the valuable hotel/commercial land lot H5CC1.
The representative of THT Development Co., Ltd., Chun Dae Am, the general director, emphasized: “There is no doubt that hotel development is one of the most promising businesses in Vietnam and the demand of hotel facilities will continue growing for the next decade.
“This hotel investment in H5CC1 land lot of STARLAKE would bring success of both parties and also bring new prosperity to the region of Ha Noi,” said Chun Dae Am.
S&D Co., Ltd. is affiliated company of SE&C Co., Ltd. which has been performing their business since 2006 with the great expertise in development and construction of warehousing, logistics and hospitality.
Source: e.theleader.vn
