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VietNamNews

Vingroup gets go ahead for underground parking lot study

Update: January, 24/2015 - 10:02
Tao Dan underground parking lot in Idico's designing model.—Photo thesaigontimes.vn
HA NOI (VNS)  — The HCM City authorities allowed Vingroup to conduct a study of the underground parking lot project in Tao Dan Park in the city's District 1 early this week.

Vingroup plans to build the project on a build, operate and own (BOO) basis with its own investment in six months.

However, if Vingroup is not selected as the investor, fails to finish the study or submit a feasibility study, the group must pay all fees of the study themselves, while the city will consider Vingroup to be out of the project.

In November 2014, the State-owned construction company, Viet Nam Urban and Industrial Zone Development Investment Corporation (IDICO), withdrew from the project due over financial issues.

Under the study done by IDICO, the construction of the lot will cost VND1.43 trillion (US$67.1 million). The five-storey, 70,211sq.m parking area will contain 1,050 cars, 10 buses and 2,500 motorbikes. — VNS

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