Vietnamese investors nurture ‘super urban area’ dream
Novaland and its partner – Bac Nam 79 – have won the right to develop the Da Phuoc – Da Nang urban area after Daewon, the old investor, withdrew the investment, ending one decade of hibernation.
The land reclamation project, expected to cover an area of 180 hectares, was initially announced as having investment capital of $250 million. The investment capital of the project has not been announced by the new investor, but it will be renamed The Sunrise Bay.
The construction of the urban area, comprising avhotel, shopping mall, conference center, school, golf course and houses, would be completed in 2019.
This is the first project Novaland has developed in the central region’s real estate market, which marks a milestone in its strategy on developing non-HCMC markets.
Named Saigon Peninsula, located in Phu Nhuan Ward of district 7 in HCMC, the project would comprise a multi-functional park, international marina, houses and other items. Saigon Peninsula Group has received the nod from HCMC authorities to become the investor of the super project, capitalized at $6 billion.
Many big real estate developers have taken bold steps to develop large urban area projects, which in the past were implemented only by foreign investors.
The investors wish to turn the project into one with unique architectural features and a ‘green lung’ at the T-junction of the Sai Gon and Nha Be Rivers.
Once it becomes operational, this would be the largest passenger ship port in Vietnam which serves domestic travelers and foreign travelers to HCMC.
The project is hoped to bring a new look to Vietnam’s tourism and help create 30,000 jobs.
A new urban area is taking shape in Thu Thiem area. Sala is located on junction of the two Thu Thiem’s most important roads – Mai Chi Tho and Bac Nam (North-South). The project will be the focus of the functional areas No 5 and No 6 in Thu Thiem, capitalized at $2.2 billion.
Most of the investment capital poured into the urban area, infrastructure and other items will be from Dai Quang Minh Company.
In April 2014, the first items of the area – a residential quarter and the technical system - were built.
Another project that has caught the special attention from the public is Vinhomes Central Park with investment capital of $1.4 billion. Covering an area of 43.91 hectares on Nguyen Huu Canh Road of Binh Thanh district, the urban area will be developed with huge investment capital of $1.4 billion.
Vinhomes Central Park promises to provide 10,000 more villas, apartments and officetels to HCMC.
