Leaders of HCM City is calling upon investment in underground parking lots. – Photo landtoday

HCM CITY (Biz Hub)  — Nguyen Huu Tin, deputy chairman of the HCM City People's Committee, has instructed the Department of Transport and other relevant agencies to work together to draft preferential policies for attracting investment in underground parking lots in the downtown area.

His reaction came soon after two investors wanted to pull out of the projects citing low returns on huge investments.

The Viet Nam Urban and Industrial Zone Development Investment Corporation asked to withdraw from a proposed project to build a lot under Tao Dan Park in District 1 at an estimated cost of VND1.4 trillion (US$67 million).

The Indochina Group, the other would-be investor seeking to pull out, is to build under the Hoa Lu stadium at a cost of VND1.6 trillion.

Tin also called on related authorities to review parking space in downtown public places and high-rise buildings to calculate how much space is available – to tweak the designs of the proposed underground lots and determine their parking rates.

Meanwhile, work on the lot under District 1's Le Van Tam Park will finally start at the end of April following a four-year delay while procedures are being wrapped up for the one under Trong Dong Theatre.

Based on a 2008 master plan, the city is set to build eight underground lots in District 1. — VNS