The 426-ha Binh Quoi – Thanh Da peninsula will be developed into an ecological urban area with modern eco-tourism services, commercial functions, and residential areas at a cost of US$3 billion and will accommodate 30,000 residents. — VNS File photo

HCM CITY  (Biz Hub)— Bitexco, a diversified group, has been chosen to develop the Binh Quoi – Thanh Da peninsula in HCM City's Binh Thanh District into a new urban area.

Speaking at a meeting on Wednesday, Le Hoang Quan, chairman of the city People's Committee, said the Party Committee and Government have approved Bitexco's bid.

Binh Quoi – Thanh Da will be built into an ecological urban area with modern eco-tourism services, commercial functions, and residential areas.

In the 426-ha park, public works will take up around 100ha, transport and infrastructure facilities, 48ha, and commercial facilities, 253ha.

To cost US$3 billion to develop, the area will be zoned to accommodate 30,000 permanent residents.

But at the meeting, the Department of Architecture Planning called for increasing the number to 41,000-50,000.

It also said an area should be earmarked for building a knowledge and technology centre.

Quan ordered the Department of Finance to focus on acquiring and clearing land and compensating the 3,000 households who would be affected by the project.

A 1/2000 scale zoning plan was approved in 2007 and he instructed the Department of Architecture Planning to work with Bitexco to make changes that may be required.

He agreed with a proposal by Binh Thanh authorities to resettle local residents in apartment buildings and houses with gardens.

People owning small plots of land that are taken over will be moved into apartments and those with larger pieces will get houses. The peninsula has many farmers with large land plots. — VNS