Bitexco assigned giant urban project

Bitexco is also developing the $2-billion The Manor Central Park in Hanoi

Bitexco’s appointment is expected to end the almost 20-year log-jam in development in the area.

According to local authorities, residents in the project site have faced lengthy difficulties as their houses were not permitted to be repaired or sold because the site was  earmarked for development into a new urban area.

The site covers  more than 426 hectares and Ho Chi Minh City People’s Committee announced its plan to develop the area into a cultural sport and tourism centre as far back as in 1992.

By December 2000, the city had approved the detailed plan for the area. In 2004, the committee decided to hand over the land to Saigon Construction Corporation to develop the project. However, in 2007 the city  decided to take the project away from this investor due to their lack of financial capacity.

Two years ago, Deputy Prime Minister Hoang Trung Hai permitted the committee to designate a developer for the gigantic project and the municipal authorities have decided on Bitexco as its developer.

According to Ho Chi Minh City Zoning and Architecture Department, the area would be dominated by green landscaping and an ecological tourism resort combined with housing. Out of the total of 426 hectares, around 100 hectares will be reserved for parks and public facilities with the remaining 48 hectares would be devoted to transport infrastructure.

The total development cost for the project, including the compensation claims of local residents, is estimated at $3 billion.

At the meeting held last week, chairman of the Ho Chi Minh City People’s Committee Le Hoang Quan requested the local Department of Finance to focus on a compensation assessment for approximately 3,000 households in the area that would be affected.

The local Department of Zoning and Architecture was assigned to work with the developer on completing the approved plan. This department would also be responsible for setting up a special team to guide the investor on implementing the  1/2000 scale plan. The department proposed to add a technology centre to the plan and increase the potential population  size of 30,000 people, which was approved in 2007, to 41,000-50,000 people when the project is finished.

Bitexco has track records in developing and completing landmark property projects in Ho Chi Minh City, including The Manor condominium complexes and the 68-storey Bitexco Financial Tower. It is developing the One Ho Chi Minh City, a twin tower complex that will be home to the first Ritz-Carlton hotel in Vietnam when it opens in 2016. Its porfolio in Hanoi includes the Garden Shopping Mall, The Manor residential complex and soon-to-be-completed JW Marriott Hotel.