An aerial view of Hiep Hoa Island, where the urban area project worth over VNĐ72.2 trillion will be implemented. — VNA/VNS Photo Công Phong

Five investors will jointly carry out an urban area project worth over VNĐ72.2 trillion (US$2.9 billion) in Hiệp Hoà Island of Biên Hoà City, the southern province of Đồng Nai.

The Đồng Nai People’s Committee on Monday issued a decision approving the Lan Anh - Phú Quốc Co Ltd, the Sun Group Corporation, the Hạ Long Sun Co Ltd, the Sun Group Property JSC, and the Phú Quốc Beautiful Beach Investment Co Ltd as investors of this project.

The Hiệp Hòa urban area project, covering over 290ha, is located at a prime location at the gateway to Biên Hoà City.

Of the total investment, nearly VNĐ11 trillion is contributed by the investors while the rest is set to be mobilised from other sources.

The project will be implemented in six phases in 12 years, from the time it was approved in principle in 2023 to 2035. Under the Investment Law, it will operate for 50 years.

In March 2023, the provincial administration made in-principle approval of the project, which aims to develop a complex with low construction density which is modern and harmonious with the surrounding natural landscape.

The project also targets sustainable tourism development, the combination of diverse housing types and, especially, the harmonious arrangement of activities taking place around the clock in the urban area to form a vibrant commercial street and meet business and accommodation demand. — VNS