HCM City is encountering severe shortages of parking space especially in downtown area. — Photo Vnexpress.net

HCM CITY  (Biz Hub) — The local leading real estate developer Vingroup has proposed a project to build an underground car park near Hoa Lu Stadium in the city's District 1.

The planned car park is located on an area bordering the Nguyen Thi Minh Khai Street to the southeast; the existing residential area to the north; and the Dinh Tien Hoang Street to the southwest. The entrance of the car park is located on Nguyen Thi Minh Khai Street and the eixt on Dinh Tien Hoang Street.

The car park, which is comprised of five floor and five basements, will have total areas of 72,000 sq.m for commercial purposes and 47,822 sq.m of parking space. It can provide parking lots for 2,548 automobiles and 2,873 motorbikes.

If the project is approved by the HCM City People's Committee, the investor will conduct a study on the existing structures and greenery in the areas to map out a plan for relocation.

Investment for the project amounts to VND3, 308 billion (nearly US$147 million).

Construction work of the car park is scheduled to last for one year, said a spokeman for Vingroup.

According to HCM City Department of Transport, as of 15 July of this year, the city had over 7.2 million means of transportation, including 700,000 automobiles.

Under the master plan for development of car parks, the city will have eight underground car parks located under Lam Son Square; Chi Lang Park; Bach Tung Diep Park; Le Van Tam Park; Hoa Lu Stadium; Tao Dan Stdium; Nguyen Hue Street and Trong Dong Theatre.

In 2010, Khong Gian Ngam JSC broke ground for the underground car park under Le Van Tam Park but construction of the project was later stopped because the investor withdrew from the project.

Construction of these underground car parks remains on the paper.

Meanwhile, HCM City is encountering severe shortages of parking space, especially in downtown areas, leading to rampant illegal parking on roads and sidewalks. — VNS.