26 years on, HCMC seeks new investors for mega urban area

Created 10 August 2018
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The HCMC People’s Committee has instructed the city’s Department of Planning and Investment to identify investors for the Binh Quoi-Thanh Da Urban Area Project via auctions.

26 years on, HCMC seeks new investors for mega urban area

 

The long-delayed urban area project, in Binh Thanh District, is estimated to cost VND30 trillion ($1.32 billion).

The Department of Construction has been instructed to allow local residents to repair and upgrade houses, which they have been unable to do for many years because no such work is allowed on the project site.

At a meeting with the People’s Council last month city Chairman Nguyen Thanh Phong had assured there would be no further delays in the project.

The Binh Quoi-Thanh Da Urban Area project was approved by People’s Committee in 1992.

In 2004 the Saigon Construction Corporation was chosen as the developer.

But with the company unable to go ahead with the project, in 2015 the city handed it to a consortium comprising of Vietnam’s leading private firm Bitexco and Dubai’s Emaar Properties.

In 2017 Emaar Properties pulled out two years later blaming it on delays in land acquisition.

Last year the city sought government approval to name Bitexco as the sole developer investor, a move expected to end the 25-year delay.

 

Source: VNE

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