The graphic image of Binh Quoi-Thanh Da Urban Area. Photo credit: VnExpress
Ho Chi Minh City's authority has assigned a joint-venture between Dubai-based Emaar Properties PJSC and local property developer Bitexco with building a new urban area in the city's east side, local media reported Wednesday.
The project is expected to cost at least VND30.7 trillion (US$1.34 billion), covering 427 hectares on the Thanh Da Peninsula, news website Saigon Times Online reported.
One of the leading real estate developers in Dubai, Emaar is known for headlining projects in the UAE city, including world tallest building Burj Khalifa and world's largest shopping mall Dubai Mall.
Bitexco owns the tallest building in Ho Chi Minh City's downtown.
With work slated to start next year, the project's first stage will be completed in 2020.
The Binh Quoi-Thanh Da Urban Area, as it is officially known, will be home to 45,000 residents when it is completed in 2030, news website VnExpress reported.
It will host a resort and a park, and will be connected with districts 1, 2, 3 and Thu Duc by new bridges, it said.
Located in Binh Thanh District, the peninsula is surrounded by the Saigon River and about eight kilometers from the city's center.
The city first approved the project in 1992. It only managed to finish site clearance in 2004. The original investor, Saigon Construction Corporation, was pulled from the project in 2010 after a long delay.