» » Ho Chi Minh City to focus on Thu Thiem Peninsula

VNRE In 2012, HCM City will focus on mobilizing investment for infrastructure development and for major projects on the Thu Thiem Peninsula, city authorities have said.

Speaking at a press meeting last Friday, the deputy head of the Thu Thiem Urban Area Authority, Trang Bao Son, said major international investors would be invited to invest in these projects.

Construction of four major roads on the peninsula will be one of the major infrastructure development projects to be undertaken next year.

The axis roads include an arc avenue, a road running around a lake in the center of the new urban area, a highway to run along Saigon River, and an elevated highway.

The Vietnam Infrastructure Development and Financial Investment Corp (Vidifi) has been assigned as the investor of the project.

Vidifi is expected to break ground for the axis road project, which requires investment of over VND10 trillion (US$476 million), in the third quarter of 2012.

The center of Thu Thiem Area will house major projects such as an international convention center, a central square and an international financial and commercial center.

The Vietnam Joint stock Commercial Bank for Industry and Trade or VietinBank, which has been assigned to be investor for the international financial and commercial center, has been completing a concept architectural plan for the project to be submitted to the HCM City People's Committee for approval.

"This project is of significant importance, not only for the development of Thu Thiem Urban Area, but also for HCM City's integration process," said Son.

The major projects in the center of the urban area also include an 86-storey observation tower to be located on an 8.6-ha area.

A joint venture between Tien Phuoc Co and Keppel Land is performing necessary formalities to get a license for the project.

The other projects such as the central square, the riverside park and the public works will begin after the 1/500 zoning plan is completed by the end of 2012.

Son said infrastructure development projects must be completed by the end of 2015, to create favorable conditions for the development of other projects.

Software park project

The Thu Thiem Urban Area Authority has also asked the city administration to reduce the land granted to the Vietnam – Japan Tri Thuc Park (Vija Brain Park) Project which was invested in by the Vija PowerSource.

The joint venture broke ground for construction of the US$610 million software park covering 10.3 ha in Thu Thiem Urban Area in December 2008.

However, due to financial problems caused by the global economic downturn, Vija Brain PowerSource asked the city administration to scale down the project, reducing its area to 3.3 ha.

Duong Cong Luan, head of the Thu Thiem Urban Area Authority's Planning and Investment Division, said the seven ha reduced from the Vija Brain Park project would be allocated to the international hospital project, as previously planned.

In early November, the city authority also revoked the license granted to the $1.2 billion Thu Thiem Software Park in District 2, as requested by the Thu Thiem Urban Area Authority, because the investors of the project had failed to proceed on schedule.

Source: VNS

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Anonymous said... May 8, 2012 at 10:11 AM

The article has reported wrongly the name of investors for Thu Thiem Observation Tower: The Vietnamese developer shall be "Tien Phuoc Co" not "Kien Phuoc Co" and the foreign partner shall be "Kepple Land" not "Capital Land". and the correct name for "Capital Land" is "CapitaLand".