The authorities will land acquisition, compensation and clearance of Nguyen Cu Trinh quadrangle area, District 1 in the second quarter of 2017.
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On March 23, HCM City People’s Committee assigned Department of Natural Resources and Environment to coordinate with People’s Committee of District 1 to carry out land acquisition, compensation and ground clearance projects of Nguyen Cu Trinh quadrangle. The completion time of site clearance is in the second quarter of 2017.
Nguyen Cu Trinh quadrangle is bounded by Nguyen Cu Trinh – Tran Dinh Xu – Nguyen Trai – Cong Quynh, District 1 and is about 8.2 ha wide. In 2000, Ho Chi Minh City has the policy to renovate this area and has assigned Saigon Real Estate Corporation as an investor but the company failed to implement.
In 2007, HCM City decided to invest Bitexco Group to turn the area into a modern complex. Since then, nearly 10 years now, but the project has not been able to deploy construction investment because it cannot release compensation.
The rectification of Nguyen Cư Trinh quadrangle will affect 16 agencies, organizations and 1,836 households. The total amount of compensation and clearance for this project is estimated at VND4,000 billion.
After the relocation, the site will be a commercial, office and luxury apartment complex. The project includes three areas: the multi-functional urban area for high-end apartments, commercial center and hotel.
Previously, the HCM City People’s Committee had a working session with Bitexco Group and related departments on the implementation of the project of Nguyen Cu Trinh quadrangle. Ho Chi Minh City has assigned Department of Natural Resources and Environment to review legal, coordinate with District 1 to conduct the land recovery, compensation for site clearance.
At the same time, Ho Chi Minh City People’s Committee directed District 1 to cooperate with Bitexco Group and related units to expeditiously carry out compensation, site clearance and land reclamation surveys. reset
Ho Chi Minh City also asked Bitexco to focus on implementing the Nguyen Quu Trinh quadrangle, ensuring financial resources to quickly implement the project compensation and regularly report difficulties to Ho Chi Minh City and related agencies to consider and solve.
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