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HCM City seeks investors for prime real estate spot downtown

Update: February, 13/2017 - 12:00

HCM CITY – The People’s Committee of HCM City is calling for investment in a mixed-use property project to be located on prime real estate downtown.

The land plot of 1.31 hectares is enclosed by Nguyễn Huệ, Hồ Tùng Mậu, Huỳnh Thúc Kháng and Ngô Đức Kế streets in District 1.

The People’s Committee has asked the Department of Planning and Investment to invite and select investors in the first quarter.

Construction is expected to cost more than VNĐ2.8 trillion (US$127 million), while land clearance compensation will cost VNĐ4.68 trillion ($210 million).

The city will grant a land-lease licence for 50 years, including 72 months to complete construction.

Last August, the city’s People’s Council adopted a resolution on the restoration of eight land plots that had been withdrawn from cancelled projects or used for other purposes. The so-called golden land plot in District 1 was one of them.

Last June, the Vạn Thịnh Phát Group Corporation sought approval from the People’s Committee to invest in the plot. The company plans to build a complex with a height of no more than 40 stories.  — VNS

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