Vingroup to invest in HCM City sports complex

Tuesday, Jan 24, 2017 15:30

Aerial view of the Thu Thiem urban area under construction in HCM City. Vingroup JSC had been chosen by the city to be the official investor for a complex in the area. — Photo

HCM City’s People’s Committee had given Vingroup Joint Stock Company (Vingroup JSC) the go-ahead to invest in a sports and entertainment complex in District 2’s new Thu Thiem urban area.

The complex would be located on 31.39 hectares, and the People’s Committee has approved a district planning scale of 1/ 2,000, the city’s department of planning and architecture (DPA) said on Monday.

The project would require an estimated total capital of VND6.77 trillion (US$305.1 million), excluding compensation for site clearance.

So far, 99 per cent of the land in Thu Thiem urban area had been cleared, with 382 hectares set aside for residential purpose and another 334 hectares for commercial purpose. Once Thu Thiem had been developed, it would be able to house 150,000 residents and attract 220,000 workers.

Vingroup JSC had acquired approval to build the complex as part of the second functional area in Thu Thiem and An Loi Dong wards, Disctrict 2. The total construction is expected to take 36 months; the project utility period would be 50 years.

Vingroup JSC’s sports complex would have infrastructure so it could be used as a multifunctional sporting halt and an amusement park. It is considered to be one of the key high-value projects in the planning of Thu Thiem urban area.

Recently, many domestic and foreign investors had expressed interest in putting money into housing, commercial and office projects in Thu Thiem. — VNS

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