The project, worth at least VND30.7 trillion (US$1.34 billion), would cover 427ha on the Thanh Da Peninsula on the city's east side. — File Photo

HCM CITY (Biz Hub) — The Dubai-based Emaar Properties PJSC and local property developer Bitexco have been assigned the task of developing a new urban area in HCM City.

The project, worth at least VND30.7 trillion (US$1.34 billion), would cover 427ha on the Thanh Da Peninsula on the city's east side.

The construction would begin next year and the project's first stage would be completed in 2020. The urban area would be home to 45,000 residents when completed by 2030.

Emaar, one of the leading real estate developers in Dubai, is known for high-profile projects in the UAE city, including Burj Khalifa, the world tallest building, and Dubai Mall, the world's largest shopping mall.

Bitexco owns the tallest building in HCM City's downtown. — VNS