The Ho Chi Minh City People’s Committee has just approved the Prime Minister’s approval of the State Financial Investment Company (HFIC) to be the investor of the HCMC Financial Center project in two land lots 1- 7 and 1-11. They are located in Thu Thiem New Urban Area, District 2.
It is expected that the HCMC Financial Center project will build from 20 to 50 stories, with a total floor area of 220,000 sqm with an investment of about VND 4,898 billion, which will come into operation in 2021. If this becomes real, this center creates the premise for Thu Thiem new urban area to become the economic and financial center of the whole country.
It is known that HFIC is a business enterprise, 100% state owned by Ho Chi Minh City People’s Committee. HFIC also wants to rent two plots of land without auctions to carry out the project. If approved, HCMC Financial Center will attract investment from financial institutions, banks, investment funds, domestic and foreign economic groups, open offices, open capital flows from Foreign investors invest in Vietnam market to create the premise for Thu Thiem new urban area to become the economic and financial center of the country.
In addition, the Financial Center will be a key financial instrument of Ho Chi Minh City in mobilizing medium and long-term capital at home and abroad to invest in developing socioeconomic infrastructure.
Thu Thiem increasingly attracts real estate giants
With Lotte Group (Korea) signing a contract for the implementation of the Smart Smart (Eco Smart City) project in Thu Thiem (District 2) with a total investment of around VND 20,100 billion as part of the starting in the trillion race of real estate giants to the peninsula.
More than two decades of planning, Thu Thiem urban area (District 2) gradually formed with dozens of buildings, villas and inter-regional transport. The HCM City government expects it to be the most beautiful urban area in Southeast Asia, becoming the world’s largest financial and commercial center.
To invest in construction, HCM City took more than 10 years to clear about 15,000 households, nearly VND 30,000 billion for compensation, resettlement … And last time, a series of real estate giants have poured tens of thousands of billion into Thu Thiem as the inevitable wave of opportunity.
Dai Quang Minh Real Estate Joint Stock Company’s CEO Truong Hai Tran Ba Duong as Chairman has just reported to the People’s Committee of Ho Chi Minh City planning project to build the central square and river park in the area. The 20.72ha square is planned to be the largest public space in Vietnam, with a length of about 700m and a width of 80-200m.
After completion, the square connected to the existing Ho Chi Minh City center via a pedestrian bridge crossing the Saigon River to Me Linh Square District 1. Previously, Dai Quang Minh is known for the urban area of Sala has a scale of over 106 These include villas, commercial townhouses, and luxury apartments … contributing to change of the Thu Thiem peninsula.
Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) and foreign partner Hongkong Land jointly developed a project of the high-end apartment complex on the land fund received. The project is 3.5ha in size, located at the intersection of existing Thu Thiem Bridge and Vong Cung Boulevard (one of the four main roads planned by Thu Thiem New Urban Area). The North overlooks the Saigon River and the riverside park, the South Boulevard on Vong Cung Boulevard, the future cultural museum on the West and the Thu Thiem Bridge on the East.
Although not yet clearly defined, the $ 4 billion super project proposed by the US investor group in Ho Chi Minh City has caught public attention. Accordingly, this project was proposed by three American companies including Steelman Partners, Cantor Fitzgerald (financial, investment, financial services provider, present in more than 30 major markets in the world) , Weidner Resorts (owned by Weidner Holdings, develops and manages many hotels, five-star resorts in the US, Asia …) and Johnathan Hanh Nguyen’s IPP Group.
This complex will be located in functional area No.1 of the new urban area with a scale of about 11ha with a complex of 70 floors with more than 10 centers of thought.
According to the project file, this will be a complex located in the functional area No.1 of Thu Thiem New Urban Area, the scale of about 11 hectares with a complex of 70 floors, more than 10 items conference center, luxury hotel, entertainment area … The office tower is expected to be a financial and securities center, attracting domestic and foreign businesses to work. The project is expected to be implemented over a period of 3 years and 2 months, with a total investment of about $ 4 billion.
On July 25, the People’s Committee of Ho Chi Minh City and Lotte Group (South Korea) signed a contract to implement the Smart Smart (Eco Smart City) project in Thu Thiem New Urban Area.
The project, with a total investment capital of around VND 20,100 billion (nearly US $ 1 billion), will be built on land with a total area of 7.45 hectares.
Of which, the area of land developed for the project is about 5,012 ha (in 6 plots of land) for the construction of general commercial and mixed-use commercial buildings with a total floor area of about 505,000 sqm, including buildings with unique architecture which will be the highlight of Functional Area 2a.
In addition to the area of intelligent complex construction, investors have also completed investment in 4 sections of roads and technical infrastructure outside the complex in combination with the infrastructure of Thu Thiem New Urban Area Land about 2,439 hectares. At the signing ceremony, HCM City People’s Committee Chairman Nguyen Thanh Phong suggested investors try to kick off the project in the third quarter of 2017.
According to Le Hoang Chau, chairman of the HCM City Real Estate Association, Ho Chi Minh City has seen Phu My Hung as a symbol of Ho Chi Minh City’s development from a marshy area to a crowded center. Thu Thiem Urban will bring a new face and much more modern.
Doctor of Economics – Ph.D.Le Ba Chi Nhan said that there are many projects in District 2, which will bring about a development of regional planning as well as infrastructure and people. In the future, District 2 will attract more foreign capital, become a crowded center, and create conditions for foreign investors to continue investing in Vietnam.
Thu Thiem urban area is divided into 5 main areas: “central core” area, northern residential area, the residential area along Mai Chi Tho Boulevard, eastern residential area and the delta area in the South. Mai Chi Tho Avenue connects to Vo Van Kiet Boulevard through the Saigon River Tunnel (formerly known as East-West Highway), which is the center of Thu Thiem urban area in the East and West of the city. The total number of permanent residents is 145,369 people, the regular workforce is 217,470 people and the visitor is one million people, the office for lease is 1,719 people.
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