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Property

Vingroup to develop Thu Thiem sports and entertainment complex

Released at: 09:01, 09/11/2016

Vingroup to develop Thu Thiem sports and entertainment complex

Photo: HCMC/Design/Illustration

Group to invest more than $300 million in complex in HCMC's District 2.

by Hong Nhung

The Ho Chi Minh City People’s Committee has officially approved Vingroup as the developer of the sports and entertainment complex at the 2C functional area in the Thu Thiem New Urban Area.

Vingroup will build and develop the project over 50 years and complete construction within 36 months, under the latest decision issued by local authorities. The project will cover an area of 31.49 ha.

The complex will include a multi-purpose gymnasium and a sports and entertainment park, among others, and be a key project in the planning of the Thu Thiem New Urban Area.

The unit price of land rentals and the value submitted to the government will be specified in the project contract. The project value is estimated at more than $300 million, excluding site clearance and compensation costs, which will be arranged by the investor.

The People’s Committee requires the submission of the project’s detailed 1/500 construction planning within two months of the decision date.

Once operational, the sports and entertainment complex will increase investment attractiveness in other parts of the urban area, especially in the central “Core Area”. At the same time it also represents the objective of the urban area becoming green, clean and modern.

The “Core Area” of Thu Thiem includes the 2a, 2b, and 2c functional areas.

The 2a area, known as Eco Smart City, was delivered to a joint venture between South Korea’s Lotte and Japan’s Mitsubishi and Toshiba in May, with investment capital of $2.2 billion. The joint venture will develop a wide range of high-class trade centers, luxurious hotels, offices, and apartments, covering an area of 10 ha.

The 2b area, known as Empire City and on an area of 14.5 ha, is being developed by Empire City LLC with investment of $1.2 billion.

The Thu Thiem New Urban Area is located to the east of the Saigon River, opposite District 1, on a total area of 657 ha. It is to be a new modern central district, enlarging the existing center of Ho Chi Minh City. Local authorities continue to call for other investors to develop projects in the urban area.

In the latest news, the Ho Chi Minh City People’s Committee has asked the government for permission to plan for the construction of Thu Thiem No. 4 Bridge under the build-transfer (BT) mode and has selected three investors. Thu Thiem No. 4 is one of five bridges and a tunnel to connect the Thu Thiem New Urban Area with other regions of the city.

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