26 years on, HCMC seeks new investors for mega urban area

The long-delayed urban area project, in Binh Thanh District, is estimated to cost VND30 trillion ($1.32 billion).

The municipal People's Committee has also instructed the Department of Construction to allow local residents to repair and upgrade houses, which they have been unable to do for many years because no such work is allowed on the project site.

At a meeting with the People’s Council last month city Chairman Nguyen Thanh Phong had assured there would be no further delays in the project.

The Binh Quoi-Thanh Da Urban Area project was approved by the People’s Committee in 1992.

In 2004 the Saigon Construction Corporation was chosen as the developer.

But with the company unable to go ahead with the project, in 2015 the city handed it to a consortium comprised of Vietnam’s leading private firm Bitexco and Dubai’s Emaar Properties.

In 2017 Emaar Properties pulled out two years later blaming it on delays in land acquisition.

Last year the city sought government approval to name Bitexco as the sole developer investor, a move expected to end the 26-year delay.