Vinhomes proposes handover of riverside road to Ho Chi Minh City

September 18, 2023 | 17:37
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Vinhomes, the leading real estate developer backed by Vingroup and primary investor of the Vinhomes Central Park residential project in Binh Thanh district, has formally proposed the handover of routes D1-D19 situated along the Saigon River, upon the project's finalisation.
Vinhomes proposes handover of riverside road to Ho Chi Minh City

In a recent formal communication sent to Ho Chi Minh City People’s Committee and other associated entities on September 16, Vinhomes expressed its intent to initiate proceedings to transfer management of the aforementioned routes.

These routes, D1-D19, have until now functioned as internal roads within the Vinhomes Central Park estate, running parallel to the Saigon River through the heart of the city.

Adjacent to this segment is another riverside route, which belongs to a separate project known as Saigon Pearl. Notably, a wall currently divides these two prestigious projects, hindering the seamless integration of the riverside path.

Vinhomes clarified that this decision to transfer the roads to the city administration aligns with their duties as the project's investor.

It also adheres to a decision made by the city's authorities eight years prior, approving the roll-out of the Vinhomes Central Park project, formerly known as the Tan Cang Saigon (Saigon New Port) complex.

Back in 2015 when the project was launched, the city had entrusted Vinhomes with responsibilities, which included the construction of roads, green parks, floral gardens, completion documentation, and maintenance until such responsibilities could be transferred to the relevant governmental department.

Earlier, the city's administration had mandated departmental reviews, supplying pertinent documentation and legal frameworks for the area in question, aiming for an integrated transportation system along the Saigon River.

Based on the land-use legalities of both the Vinhomes and Saigon Pearl residential zones and related regulations, the developer, upon finalising the transportation infrastructure, must hand over the riverside road to local authorities, according to Ho Chi Minh City Department of Natural Resources and Environment.

Bond mobilisation needed for Ho Chi Minh City infrastructure Bond mobilisation needed for Ho Chi Minh City infrastructure

To realise its ambition of becoming Southeast Asia and Asia’s leading hub in multiple sectors, Ho Chi Minh City must bolster its infrastructure. With the city’s budget only covering 30-40 per cent of infrastructure costs, amidst an economic slump, there is an urgent need to devise strategies to entice international financing, potentially through bonds. A future financial centre could also be instrumental in this endeavour.

By Tri Lam

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