Ho Chi Minh City People's Committee has just issued a Decision approving the investment policy and also approving the investor for the Binh Quoi - Thanh Da New Urban Area Project in Binh Quoi ward, Ho Chi Minh City.
According to the Decision, the strategic investor implementing the project is the Investor Consortium: Sun Group Joint Stock Company, Ha Long Sun Co., Ltd. and Sun City Co., Ltd.
The project is oriented to develop into a modern new urban area to serve socio-economic development of the locality.
Binh Quoi - Thanh Da urban area will include residential areas, commercial-service combined housing with mixed functions for sale, lease and lease-purchase; along with a system of public works, commercial services, health, education, culture - sports, tourism, hotels, offices.
The project also has a system of parks, urban green trees, theme parks, and marinas to effectively exploit the land fund, synchronize the landscape and renovate the existing residential area.
According to the plan, the project has a population scale of about 54,000 people, with a total land area suitable for the plan of about 423 hectares. Of which, the proposed investment area for construction is 405 hectares, and the remaining 17.71 hectares are for landscape restoration, without land acquisition.
It is expected that Binh Quoi - Thanh Da new urban area will provide about 25, 526 houses, including apartments, townhouses, villas, social housing and housing for resettlement.
The land fund for social housing development is allocated to account for 20% of the total residential land area, ensuring compliance with the provisions of housing law.
The total investment capital of the project is about 98,710 billion VND, equivalent to more than 3.74 billion USD. Of which, the investor's contributed capital is about 14,880 billion VND, the rest is mobilized from credit institutions.
The operating term of the project is 50 years from the date of land allocation, land lease or permission to change land use purpose.
According to the approved schedule, the project will be implemented within 10 years, including the stages of completing investment procedures, basic construction and putting the project into operation.
The Ho Chi Minh City People's Committee requests investors to fully implement the responsibility of investing in building a complete technical infrastructure and social infrastructure system within the project scope, ensuring synchronous connection with regional infrastructure. At the same time, investors must strictly implement obligations related to social housing development and resettlement according to regulations.
The city also emphasized that investors must strictly comply with the provisions of law on investment, land, construction, housing, real estate business and environmental protection; must not transfer projects against regulations; implement projects on schedule and in accordance with registered commitments. In case of violation, the project will be considered and handled according to the provisions of law.
Binh Quoi - Thanh Da peninsula is located about 6.5 km from the center of Ho Chi Minh City, surrounded by the Saigon River and Thanh Da canal, is a rare large-scale vacant land fund remaining near the center, favorable for eco-urban development.
However, the project was approved in 1992 but for many years fell into a "suspended project" situation due to large investment capital, site clearance problems and many changes of investors, causing delays in implementation for more than 30 years.
