An aerial view of the Bình Quới – Thanh Đa site. —Photo vietnamplus.vn

HCM CITY — Authorities have approved a nearly US$3.74 billion urban redevelopment in Bình Quới Ward, granting investment policy approval and naming a consortium led by Sun Group as investor for the long-delayed Bình Quới – Thanh Đa New Urban Area Project.

The HCM City People’s Committee issued a decision approving both the investment policy and the investor for the project, which carries a total estimated investment of about VNĐ98.71 trillion.

Of this, the investor will contribute roughly VNĐ14.88 trillion in equity, with the remainder to be mobilised from credit institutions in accordance with regulations.

The project’s operational term is 50 years from the date of land allocation, land lease or approval of a change in land use purpose.

Under the decision, the strategic investor is a consortium comprising Sun Group Corporation, Hạ Long Sun Limited Liability Company and Sun City Limited Liability Company.

The project aims to develop a modern urban area to support local socio-economic growth. Plans include residential zones and mixed-use complexes integrated with commercial and service facilities for sale, lease and lease-purchase, alongside synchronised technical and social infrastructure.

The development is designed to accommodate around 54,000 residents across a total planned area of approximately 423.61ha. Of this, 405.90ha are earmarked for investment and construction, while 17.71ha will be used for landscape improvements without land acquisition.

The project is expected to deliver about 25,526 housing units, including apartments, terraced houses, villas, social housing and resettlement housing. In line with housing regulations, 20 per cent of the total residential land area will be reserved for social housing.

According to the approved timeline, implementation will span 10 years, covering investment procedures, construction and the commencement of operations. — VNS