Bitexco Investors A Thousand Billion To Build A Hospital In Exchange For The Golden Land In District 1

The old Saigon General Hospital located at 125 Le Loi Street, Ben Nghe Ward, District 1, Ho Chi Minh City will be relocated to the Nguyen Cu Trinh quadrangle, which will develop a complex of office buildings, commercial center and five-star hotel 40-45 storey by Bitexco Group as the investor.

According to the office of the People’s Committee of Ho Chi Minh City, City People’s Committee has just approved the feasibility study report investment project construction new Saigon General Hospital in the form of public-private partnership (BT contract).

The general hospital was built with 300 beds complete, modern, high technology standards, equal to hospitals in advanced countries in the region; to invest in a comprehensive construction of material facilities, ensuring the conformity of the functional line of a second-class general hospital under the model of the Ministry of Health, with the orientation of developing into a first-class general hospital in the future;

To build infrastructure that is capable of receiving and bringing into play advanced medical equipment up to the standards of advanced countries, applying to modern and advanced medical methods, techniques and technologies in the field of medicine in the world.

Nguyen Cu Trinh quadrangle area

The hospital is located at Nguyen Trai – Cong Quynh intersection, in the area of Nguyen Cu Trinh quadrangle – District 1. Total investment capital is over 44.000 USD. The project implementation period is expected from 2017 to 2020.

According to the plan, the golden land, Saigon General Hospital at 125 Le Loi will be developed into a complex of commercial office buildings, a five-star hotel on 5.443 sqm land area, maximum height 45. The land is one of the prime locations in Ho Chi Minh City, opposite Ben Thanh Market, next to another building project of Bitexco under construction is Spirit of Saigon.

The project has been approved by the government for Binh Minh Production Import Export Company Limited (Bitexco) as an investor in BT form since 2007.

In return for the land, Bitexco had to spend 1 ha in the area of Ma Lang to build a new Saigon General Hospital. However, since the real estate market freeze up to now, the plans to build new hospitals have not progressed.

Recently, according to the temporary price of Ho Chi Minh City, land 125 Le Loi cost about 77 572 USD. Thus, to own this land, it is likely Bitexco to buy more than 14 361 USD/ Sqm. Meanwhile, the total investment of the new hospital is about 45 320 USD.

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