Ho Chi Minh City People’s Committee has decided to build Thu Thiem Phu My City resettlement area with a total investment capital betweenUS$600 and 800 million.
An artist's impression of the Thu Thiem new urban area
Covering over 38-ha in District 2, the project hopes to be completed by the end of 2010. Tamouth Investment LLC of UAE and Phu My Investment and Development Co will contribute 70 and 30 percent of the charter capital.
Thu Thiem peninsula is situated in District 2 by the Sai Gon River and opposite the downtown areas of District 1, District 7, and the Binh Thanh District. It also borders District 9.
Under the plan, the area will be divided into five sections, including trade centers, residences, hotels, supermarkets, parks, apartments and office buildings.
The Thu Thiem will be developed into a new suburb of HCMC encompassing five wards in District 2 – An Khanh, Thu Thiem, An Loi Dong, Binh An and Binh Khanh.
It will be equipped with the latest infrastructure and state-of-the-art technologies and connected to the city’s center by the Thu Thiem Bridge, an East-West Highway, and a tunnel under the Sai Gon River, the latter two projects still under construction.