Roads lead to the Thu Thiem Tunnel in HCM City. The city begins a series of infrastructure projects in the northern section of Thu Thiem Peninsula. —VNA/VNS Photo Quang Nhut.

HCM CITY (Biz Hub) — The HCM City Infrastructure Investment Joint Stock Company (CII) and the city's People's Committee broke ground for a project to develop infrastructure in a residential area located in the northern section of Thu Thiem Peninsula in HCM City's District 2 on Saturday.

Work on the project includes construction of the 1 km North-South Road running from Thu Thiem Bridge No 1 to Mai Chi Tho Street.

It also includes building inner roads of nearly 9 km on 89.4ha in the area, and construction of other infrastructure such as sullage pits, water supply networks, lighting and communications systems, and greenery.

Construction of D1 and Ca Tre bridges, which will have a lifespan of over 100 years each, is also part of the project.

Construction of the BT (Build and Transfer) project will cost more than VND3,345 billion (US$153.5 million) and will last 18 months.

Le Quoc Binh, general director of CII, said the investments would turn the northern section of Thu Thiem Peninsula into a new urban area with modern transport facilities.

He said the new construction works would help develop Thu Thiem into a modern financial, trade and service centre of HCM City, in accordance with the city's master plan for development.

In return for these investments, CII will be granted plots of land in the Thu Thiem Urban Area, Binh was quoted by the Tuoi Tre (Youth) newspaper as saying. —VNS