Developer STS Cooperates with Shinsegae Property and Saigontel for Vietnam's 'Intella City' Project

The development of 'Intella City', a large-scale complex city project in Ben Luc, Tay Ninh Province, Vietnam, is expected to gain momentum as Shinsegae Property joins hands with real estate developer STS. STS (CEO Kim Hyun-seok, third from right) announced on the 12th that it has signed a three-party strategic cooperation memorandum of understanding (MOU) with Shinsegae Property and Saigontel for the development of Intella City. With the signing of this three-party strategic cooperation MOU, the Intella City project has secured a more competitive development framework through the participation of Korea's leading retail and commercial facility operator. Intella City is a large-scale mega complex city spanning a site of approximately 293 hectares (around 3 million m²) with a total gross floor area of 4.45 million m². It will be developed into a self-sustaining city featuring residential facilities such as apartments, luxury townhouses, and shophouses, as well as commercial, cultural, and leisure facilities including shopping malls, premium outlets, hotels, and KidZania. Ben Luc is a gateway region in Tay Ninh Province, located just about 4 kilometers in a straight line from Ho Chi Minh City. Regional transportation networks, including expressways and Ho Chi Minh City's outer ring roads, converge here. Nearby are key economic and industrial hubs of southern Vietnam, such as Tay Ninh and Dong Nai. The area is widely viewed as comparable to Pangyo New Town in Seongnam, Gyeonggi Province, in terms of demographic structure, growth potential, transportation convenience, and prospects for industrial and commercial development. Under this agreement, Saigontel will lead the entire project development process. As the local developer, it will conduct market research and handle permits, licensing, land acquisition, planning, and compensation procedures. It will also leverage local networks and take charge of post-completion operations, marketing, and tenant leasing. STS will manage direct investment and attract foreign capital. Specifically, it will raise capital through networks with Korean and global financial institutions and investment funds, while establishing detailed master plans and business strategies as a joint development manager. Shinsegae Property will develop and operate core commercial facilities under a consignment management model, creating an opportunity to introduce Korea's flagship complex shopping mall brand model, 'Starfield', to Vietnam. An official from STS stated, "With Shinsegae Property joining the project, Intella City will be upgraded into a highly sophisticated complex city with a balanced mix of residential, commercial, and cultural functions. Combined with Korea's top-tier commercial operational know-how, it will set a new benchmark for the commercial and retail market in Vietnam." By Reporter Yu Oh-sang