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Tuesday, June 18, 2024

SATRA seeks nod for commercial complex in downtown HCMC

The Saigon Times

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HCMC – Saigon Trading Corporation (SATRA) is seeking approval from central and local authorities for a project to develop a multi-purpose complex on the premises of the former Saigon Tax Trade Center.

State-owned SATRA has proposed the HCMC Department of Finance back its plan to utilize the Saigon Tax Trade Center site bordered by Nguyen Hue and Le Loi streets. The development of the site will be in line with the prime minister’s Decree 67, following requests from ministries and the HCMC People’s Committee.

Previously, the HCMC People’s Committee proposed that the PM approve the handover of the site to SATRA, instead of putting it up for auction, allowing this 100% state-owned enterprise to lease the land and develop a complex comprising commercial, service, office and hotel facilities.

According to city authorities, this investment will benefit the city’s socio-economic development, ensure security, and enhance the business efficiency of state-owned enterprises.

Following a meeting on resolving investment project difficulties in the city, HCMC Chairman Phan Van Mai told SATRA to coordinate with the Department of Planning and Investment to seek advice from the Ministry of Construction on matters related to the corporation’s business activities when implementing projects.

In 2016, the Saigon Tax Trade Center was dismantled to make room for a new building, Satra Tax Plaza, planned to have 40 stories. Construction was scheduled to start in the first quarter of 2017 for completion in 2020, but the project has never got off the ground. Despite this, SATRA pays a substantial amount of land rent each year.

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