HCM City (VNS/VNA) - The Ho Chi Minh City government has given approval to a local property developer to buildtechnical infrastructure on three land lots covering 38.4 hectares forresettlement of residents in the Thu Thiem New Urban Area in District 2’s BinhKhanh Ward.

The HCM City-based Dai Quang Minh Real Estate Investment Corporation willuse its own capital to build technical infrastructure (roads, lighting system,and electricity and water supply equipment, among others) without asking thecity government to return the funding.

Speaking at a recent meeting with the management board of Thu Thiem New UrbanArea project, Nguyen Thanh Phong, chairman of the People’s Committee, urged theDistrict 2 authority to work with agencies to evaluate the designs of thetechnical infrastructure project and ensure road connections in theresettlement area.

The corporation will also use its own funds to build an administrative officein An Loi Dong Ward which will then hand it over to District 2 authority formanagement and operation without requiring the district authority to return thefunding.

In addition, the city People’s Committee has also approved the adjustment of aproject to develop a technical infrastructure network for the district’snorthern residential area and a north-south arterial road according to theBuild-Transfer (BT) model.

The project will add more items such as four more bridges, and will dredgecanals, and dig central lakes and new canals.

The city People’s Committee also asked the Department of Planning andInvestment to consider the proposal of the management board of Thu Thiem NewUrban Area project to organise a bidding to select investors to implement aproject to build an exhibition centre complex in the new urban area.

He has also asked the management board of the project to work with District 2authority and agencies to advise the city government on capital sources forcompensation and site clearance and investment in infrastructure constructionin the Thu Thiem New Urban Area.

Phong has given approval for the use of the city’s State Budget to build twobridges on the N2 and N4 roads, which would create links and raise the valuefor auction of a land plot where a five-star urban resort will be built.

The Thu Thiem new urban area project was approved by then-Prime Minister Vo VanKiet on June 4, 1996. 

Covering a total area of 657ha, the Thu Thiem new urban area is located on ThuThiem peninsula in HCM City’s District 2, which faces downtown District 1across the Sai Gon River.

Approved by the Government in 1996, the proposed financial district andmixed-use urban area of HCM City is set to become the largest inner-citydevelopment in Southeast Asia.

To develop such a project, it has taken more than 10 years to complete siteclearance of most of the Thu Thiem peninsula, with nearly 15,000 householdsalready resettled. 

More than 99 percent of land in the proposed area has been cleared.-VNS/VNA