The underground parking project will be located in Hoa Lu stadium in District 1, Ho Chi Minh City. — Photo indochina-group.com

HCMC (Biz Hub) — The HCM City authorities have allowed Vingroup to study the underground parking project in Hoa Lu stadium in the city's District 1.

According to news online baodautu.vn, Vingroup plans to build the project on a build, own and operate (BOO) basis with its own investment within six months.

In January, the Indochina Group pulled out of the project due to low returns on huge investment. Under the study done by the Indochina Group, the cost of the five-storey parking area is estimated at VND1.6 trillion (US$74.4 million) to handle 1,550 cars and 500 motorbikes.

Late last month, Vingroup also got approval to conduct a study of a similar underground parking project in Tao Dan Park.

Based on the city's master plan in 2008, the city is set to build eight underground parking areas in District 1. — VNS