Ho Chi Minh City plans to give land to a property company in exchange for the construction of a square
and park complex on 29 hectares of its new urban area in Thu Thiem District.
The municipal People’s Committee presented the plan to the consultant on Monday, saying they have chosen Dai Quang Minh Real Estate Investment Company to fund a build-transfer project for a 20-ha square and 9-ha riverside park in Thu Thiem area in District 2.
Last May, Prime Minister Nguyen Tan Dung approved the construction of the project, which is now estimated to cost around VND1.85 trillion (US$87.34 million)--money the city generated by issuing the land-use rights.
Nguyen Huu Tin, vice chairman of the People’s Committee, said the project will exchange land for infrastructure.
Dai Quang Minh had previously invested over VND8,26 trillion in a total of nearly 12 kilometers of major roads, as well as bridges and other facilities in Thu Thiem. Work on the roads started in February and the company promised to finish them in three years.
The new complex will be used to host political ceremonies as well as cultural festivals. It will also serve as some much-needed public space that can accommodate up to 430,000 people.
The French consultant Defrain Souquet Architectes Associés (Deso) has suggested an underground parking lot for at least 2,500 cars.
Towers for sightseeing will also be built.
Tin said the city hopes to develop Thu Thiem into a regional urban center that meets international standards.
The area, he said, will also serve as a financial center and take over business currently being improperly managed downtown in District 1-- without elaborating on any specifics.