» » Bitexco gets financial support to rebuild Ma Lang area

Binh Minh Import-Export Production and Trade Company (Bitexco) has received financial support from local banks to start site clearance and compensation for a major property project named Nguyen Cu Trinh Quadrilateral, better known as Ma Lang, in HCMC’s District 1.

A signing ceremony at the office of the HCMC People’s Committee on Friday witnessed the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) and the Vietnam Bank of Agriculture and Rural Development (Agribank) commit to lend VND2,650 billion within 79 months, of which Vietcombank will loan VND1,550 billion and the rest will be covered by Agribank.

The project owner, Bitexco, says it requires VND3,763 billion for site clearance and compensation for the project which covers 8.2 hectares and faces Nguyen Cu Trinh, Tran Dinh Xu, Nguyen Trai and Cong Quynh streets.

According to the developer, there are over 1,800 families and 16 religious organizations in the area, most of them casual laborers and vendors.

Vu Quang Hoi, Bitexco chairman, says though it is a big challenge, municipal authorities are determined to revamp the area and transform the entire city into a modern metropolis.

Nguyen Cu Trinh Quadrilateral will be a complex of office buildings, shopping centers, apartment buildings, a hospital, a school and an amusement section.

Bitexco says that when the project is approved it will hold an architectural contest, in which there are 16 local and foreign companies ready to enter, to search for a suitable design.

Social evils have made Ma Lang region a notorious area, where there used to be several deserted graves which have been exhumed and removed.

In days gone by, many people from different regions flocked to this area and gradually formed a community living in narrow zigzag lanes. Municipal authorities decided to reorganize the area and in 2006 approved Bitexco as project owner to rebuild Ma Lang.

Bitexco was formed in 1993 and is active in real estate, hydro electricity, mineral water and infrastructure development.

By By Dinh Dung - The Saigon Times

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