A license award ceremony will be held at the City Hall. The joint venture named Aseana-BDC Co. will develop the Horizon Place complex. The foreign partner will hold a 65% stake in the venture.

A source from the city's Department of Planning and Investment told Daily on the phone yesterday that the city has licensed the two companies to carry out the project with pledged investment of US$42.5 million. But this sum is only for the first phase of the project and the total amount will hit US$200 million.

A source from the joint venture also confirmed with the Daily yesterday that the total investment for the project is about US$200 million. The complex will be located at the corner of Hoang Dieu and Nguyen Huu Hao streets in District 4, covering about 8,400 square meters. It is a 30-story structure, with the first seven floors to be developed into a retail mall, while above are three towers of 23 stories each, two for apartments and one for offices.

The amenities including swimming pools and a recreational area at the landscaped podium roof deck with ample car park spaces will also be available. The development is expected to be completed in 2012. Aseana Properties and Binh Duong Corporation expect that upon the completion, the Horizon Place will set a new standard of living for the community in District 4 and the city as well.

In the future, the Horizon Place can be linked with the proposed metro station route No. 4, which is adjacent to the development.

Architecturally, the building will have a fresh and modern look, and provide a sense of identity and pride to the district, according to the new company.

This investment certificate is the first one by Aseana Properties Group in Vietnam, according to the department.

With this investment project, the city has so far attracted US$7.04 billion of foreign direct investment pledged in 215 projects, up over 10 times year-on-year. The projects mainly focus on real estate, hi-tech, IT and the service sectors.