UAE giant set to be booted from project

The project is designed to absorb the city’s surging population

A Thu Thiem Management Authority source last week told Vietnam Investment Review that the Ho Chi Minh City’s People’s Committee had asked the authority to replace Tamouth because it had not met the authority’s requirements for starting the project.

“Tamouth has taken too slow steps and we are doing procedures for other investors for this project,” the source said. He added the authority had asked Tamouth representatives to come to Vietnam last week to solve the problem. However, no response was received. The company has not moved to construct licence, land clearance and compensation proposals, a detailed plan and setting up a legal entity.

The city’s people committee had asked the investor to start construction this month.
The resettlement project, which is located on a 38.4 hectare site, scheduled to be finished in 2010, will cover District 2’s Binh Khanh commune and provide 6,500 apartments and is one of the most important projects to resettle people for the giant Thu Thiem New Urban Area.

Thu Thiem will be developed into a new suburb encompassing An Khanh, Thu Thiem, An Loi Dong, Binh An and Binh Khanh wards. It will be equipped with the latest infrastructure and state-of-the-art technology and connected to the city’s centre by the Thu Thiem bridge, East-West Highway and a tunnel under the Saigon River.

Apart from this project, three other investors will be chosen to build three blocks with 1,886 apartments in An Phu ward. The Century 21 International Development Company has been chosen to build 4,000 apartments for resettled people on 30ha in Binh Khanh ward.

Thu Thiem peninsula is situated by the Saigon River opposite the downtown areas of Districts 1 and 7 and the Binh Thanh district. Under the plan, the area will be divided into trade centre, residence, hotel, supermarket, park, apartment and office building sectors.