A view of HCM City. — Photo thoibaonganhang.vn

The People’s Committee of HCM City is calling for investment in a mixed-use property project to be located on prime real estate downtown.

The land plot of 1.31 hectares is enclosed by Nguyen Hue, Ho Tung Mau, Huynh Thuc Khang and Ngo Duc Ke streets in District 1.

The People’s Committee has asked the Department of Planning and Investment to invite and select investors in the first quarter.

Construction is expected to cost more than VND2.8 trillion (US$127 million), while land clearance compensation will cost VND4.68 trillion ($210 million).

The city will grant a land-lease license for 50 years, including 72 months to complete construction.

Last August, the city’s People’s Council adopted a resolution on the restoration of eight land plots that had been withdrawn from cancelled projects or used for other purposes. The so-called golden land plot in District 1 was one of them.

Last June, the Van Thinh Phat Group Corporation sought approval from the People’s Committee to invest in the plot. The company plans to build a complex with a height of no more than 40 stories. — VNS