Development of infrastructure in Thu Thiem New Urban Area and a residential complex in District 2 of Ho Chi Minh City kicked off at a ground breaking ceremony on April 26.
The ground breaking ceremony was hosted by Dai Quang Minh Real Estate Company, which kicked off construction of the two above projects that will cost an estimated VND22 trillion (US$1.06 billion).
Attending the ceremony were former President Nguyen Minh Triet; Le Hoang Quan, chairman of the HCMC People’s Committee; and Nguyen Tran Nam, deputy Minister of Construction.
In the first phase, the Dai Quang Minh Company will join hands with Vietnam Infrastructure Development and Finance Investment Joint Stock Company to construct four main link roads in Thu Thiem New Urban Area under BT method (Build-Transfer) at a cost of VND10 trillion ($481 million).
By June, construction of the residential area in District 2 will begin over 37.15 hectares, and will include 1,131 houses, a commercial center, schools, cultural houses and parks. About 12.4 percent of the land will be used for public works and 46.2 percent for infrastructure such as roads.
The development of the residential area, expected to complete by 2016, will require an investment of upto VND10-12 trillion.
