A new player is poised to make a name for itself in South-East Asia's shopping scene. Dutch property conglomerate, the ECC Group, has officially announced, during pressconferences in Ho Chi Minh City and Bangkok (March 10 & 12, 2009), the launch of two new landmark shopping and entertainment destinations in Ho Chi Minh City, Vietnam: "Promenada @ Canary" and in Chiang Mai, Thailand: "Promenada Chiang Mai".
Promenada Ho Chi Minh City in Vietnam.
ECC has formed a joint venture with Guocoland Vietnam, an investor and real estate developer from Singapore, in which the ECC Group holds 80% and Guocoland holds the remaining stake. When completed, Promenada @ Canary will employ more than 3,000 Vietnamese people. Construction is scheduled to start in the second half of 2009 and will provide thousands of jobs to local workers.
With 82,000 m² of retail and entertainment space, Promenada @ Canary will offer an innovative mix of international and local fashion brands, food and beverage concepts, as well as leisure and entertainment. The project's Phase I is expected to be completed in Q3 2011 and Phase II in Q4 2012 and upon completion will be Vietnam's first international standard destination mall. Promenada @ Canary represents a US $100-million (approx 71 mln.) investment.
In Thailand, ECC Group will develop Promenada Chiang Mai. This Shopping Center, with 75,000 m² of retail space, is expected to be completed in Q3 2011 and upon completion will usher in a new standard for destination malls in Northern Thailand. Innovative mix of international and local fashion brands is also a matter of importance.
This project represents an investment of US $88.5 million. Promenada Chiang Mai will offer employment to more than 3,000 Thai and will start in the second period of 2009. This building project will also provide thousands of jobs to local workers.
"More than just shopping"
Aiming to offer "more than just shopping", the Promenada malls will be vibrant lifestyle destinations for residents of HCMC and Chiang Mai. As a marketing-oriented company, ECC intends to organize frequent events like fashion and musical shows, to publish the Promenada quarterly lifestyle magazine and to launch its own membership card and loyalty program. At the same time Promenada will introduce its own public transportation facilities.
To help finance its projects in South-East Asia, ECC Invest, ECC Group's investment arm established in 2007, is launching the ECC Retail Investment Holding, with a total size of US $250 million equity.