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Tony Milton MRICS

BSc (Hons) Est Man

New Urban Areas - HCMC
Monday, 16 March 2009






           Phú Mỹ Hưng / Saigon South: Phú Mỹ Hưng (PMH) is a $242 million 50 year joint venture between Taiwan's Central Trading & Development Corporation and Tan Thuan Industry Development Company. It was licensed in 1993 to build a 17.8 kilometre road in Bình Chánh district, Ho Chi Minh City. The investment licence also allowed the joint venture to build and trade infrastructure along the road on an area of 600 hectares. PMH is just a part of the nearly 3,000 hectare Saigon South new urban area that covers part of Ward 7 in District 8, Tân Phong & Tân Phú Wards in District 7, and An Phú Tây, Phong Phú, Bình Hưng & Hưng Long Communes in Binh Chanh District. This huge project has so far attracted over 17 number foreign invested projects with a total registered capi­tal of over $850 million and more than 79 number local investors with @$685 million. In 2006, the People's Committee approved the areas expansion from 2,612 hectares to 2,975 hectares accounting for 30.8 per cent of the total Saigon South urban area. This addition / southern section has many advantages due to recent infrastructure improvements such as the Tân Thuận 2, Nguyễn Tri Phương & Nhị Thiên Đường bridges, and the future 1,171m Nguyễn Văn Cừ Bridge. The southern part of the Saigon South zone towards Nhà Bè will increasingly be further developed to create an environmentally friendly area with wide, open green areas. Commercial and financial services, and cultural, educational and entertainment centres will also be built. Under the city's adjustment to the original plan, Saigon South will accommodate 500,000 people in residential complexes, averaging 150-200 people per hectare. Other facilities to be built include parks, hospitals, entertainment parks and public utility networks.



After increasing development, Phú Mỹ Hưng town is slowly starting to emerge as a genuine satellite, self contained urban area and prices for residential accommodation have risen so strongly that they are now prohibitively high to most : in Hưng Gia and Hưng Phước areas of PMH the price of a 111 square ­meter lot is from US$130,000 to US$170,000 while prices in Nam Viên, Nam Đô and Nam Thông ar­eas range from US$1,150 to US$1,200 per square meter. In Cảnh Đồi area, shop house land sells for US$1,500 per square meter and villa land for US$1,200. However, prices of some well ­developed projects adjacent to Phú Mỹ Hưng are 40% lower. In the Phu My residential area project developed by Vạn Phát Hưng Co. (which confusingly is not part of PMH town), land with completed infrastructure sells for VND8-9.5 mil­lion per square meter / $496-590 for 126-square­ meter shop house lots and VND6-­8.5 million per square meter / $372-530 for 220 ­square-meter villa lots. The Him Lam - Kênh Tẻ project in Tan Hung in the district is in a good location as it borders District 4 but only around 3km from District 1 in the city center. Land prices for 200­ square-meter villa plots range from VND 11 million to VND 14 million per square meter / $680-870 whilst prices in the An Phú Hưng and Tân Quy Đông projects range from VND10 million to VND 12.5 million per square meter / $620-776. Land prices in the riverside Tân Phong residential area are VND8.5-­8.6 million per square meter / $528-534. Nhà Bè is an outlying district but is adjacent to Phú Mỹ Hưng town and some projects like Phước Kiểng are selling land at VND5.3 million to VND6.2 million per square / $329-385 meter for lots of 100 square meters, and VND4.5-5.5 million / $280-340 for lots of 200 square meters, or Tân An Huy which is selling land VND6.5 million square meter / $403 for lots of 120-140 square meters.




           Phu My Hung (Extension): In late 2007 Phu My Hung Corporation announced a proposal to develop an international uni­versity township on 583 hectares in Hung Long Ward in the outlying district of Binh Chanh south of the city, close to its Phu My Hung New Township. The university township would be an important part of the 2,600 hectare new urban area south of the city which also includes an area of 200 hectares in Tan Kien Ward for developing a center of com­mercial and financial services district.




           Thủ Thiêm Peninsula: Thủ Thiêm, located in District 2 directly across the Saigon River from the existing city centre is being master planned as the "new city centre." However, given the significant head start, the ability (and willingness) of Saigon South's investors to invest in the critical areas of power and transportation infrastructure, it is unlikely that Thủ Thiêm will compete directly with Saigon South within the next 5 to 10 years. In the medium to long-term however, the project is arguably the most important for the city’s future economic development (a bit like Shanghai’s PuDong (Phố Đông) in this respect), as it will link the existing long French-established District 1 with the 770 hectares of banana-palm covered swamps on immediately other side of the river and allow the city to expand eastwards into Đồng Nai’s Long Thanh and Nhon Trach districts. The new town comprises An Khánh, Thủ Thiêm & An Lợi Đông Wards and part of Bình An & Bình Khánh Wards in the city’s District 2. Construction of two bridges and one tunnel are currently underway linking the football-shaped peninsula with District 1, Bình Thạnh and Phú Mỹ Hưng and should be completed within 2 to 3 years.



In mid-2007, HCMC authorities approved the mammoth site clearance plan worth $1.13 billion to open up land for developing the Thu Thiem New Urban Area east of the city. The site clearance work cov­ers 690 hectares in 5 Wards: Thu Thiem, An Khanh, An Loi Dong, Binh Khanh & Binh An. The Thu Thiem Investment & Construction Authority is the owner of the new urban town project. The city wants the first facilities of urban infrastructure to be built by early 2008 to help turn Thu Thiem into a commer­cial and services center, an urban waterfront centre and one of the leading gateways to Southeast Asia. Plots of land along the city's new East-West Highway are worth an estimated $400 mil­lion which should account for 80% of the chartered capi­tal of the shareholding com­pany in charge of developing the new town.



 In late 2007 the Thu Thiem ICA announced an interna­tional contest to design 3 key pub­lic works comprising the Central Plaza, the Crescent Park and the Pedestrian Bridge. The Central Plaza mea­sures 750 meters by 200 meters and will be home to community activities and able to ac­commodate 100,000 people. Me Linh Square in midtown District 1 should be connected with Central Plaza by a pedestrian bridge. The Crescent Park stretches 2 kilometers along the river and is required to con­nect with the convention center, the museum plaza and the pedestrian bridge.





           Thủ Thiêm Resettlement Area:


More than 10,400 families are being forced to move to make way for the new Thu Thiem urban area. Displaced residents are expected to be resettled in houses to be built elsewhere in District 2, including : -


a)                 Resettlement Zone 1 or the Thu Thiem Phu My City, with an area of 38.4 hectares in Binh Khanh Ward housing 6,500 apartments and being developed by the Abu Dhabi based developer Tamouh. The United Arab Emirates company will join hands with Singapore's Surbana Corp and Phu My Joint Stock Company to complete the project. Total investment is capitalised between USD$600 million and USD$800 million and once completed will be handed over to HCM City at cost price, without making any profit.



b)                 Resettlement Zone 2 containing 3 apart­ment buildings with a total of 1,886 units on 17.3 hectares in An Phu Ward.



c)                 Resettlement Zone 3 covering an area of 30 hectares in Binh Khanh Ward. Century 21 International Development Company will invest in the project to build 4,000 apart­ments that will be sold to the city alter construction.



The approximately 12,000 apartments will be sold to the 10,400 displaced residents at a re­duced price and can be paid for on an instalment plan. HCMC will have to pay about USD$1.12 billion in site clearance compensation to all the displaced residents affected by the new construction in Thu Thiem. In late-2004, the HCMC government decided to allocate 6.37 hectares of land in Thanh My Loi Ward for resettlement housing for those affected by the development of the Thu Thiem Peninsula. The project will cost more than USD$20 million and be funded by the city’s Investment Fund for Urban Development. The project will comprise a series of 5-25 floor apartment buildings with 1,100 units. Two-thirds of the area will be for housing and the rest for greenery and public facilities. Thanh My Loi will be the second resettlement area in District 2 (after Nam Rach Chiec), and will house 22,200 people. In mid-2008 the Thu Thiem Investment JSC was allocated over 30 hectares of land in Thanh My Loi Ward 2 to build another residential area.




          Nam Rach Chiec Resettlement Area: In mid-2008 a consortium comprising the Singapore based Keppel Land and domestic realty firm Tien Phuoc was named developer of the re­settlement area in District 2 for households affected by key projects in the city, including the Thu Thiem New Urban Area project. The consortium will de­velop 1,886 apartments and a park covering 17.3 hectares and encompassing 2 wards An Phu and Binh Khanh. Keppel Land and its Vietnamese partner will use their own funds and then transfer the project to the city government for using as resettle­ment houses in exchange for the city allocating a land plot of 30 hectares to develop into a residen­tial area. The land plot is part of the Nam Rach Chiec Residential Area which totally covers 90 hectares in An Phu Ward. The consortium must also provide funds to build infrastruc­ture facilities for the remaining 60 hectares of the Nam Rach Chiec area as well as building 200 sample houses for the resettlement area in Nam Rach Chiec.




           Thanh Đa – Bình Quới Peninsula: This near ox-bow lake covers @300 hectares and is infact a virtual island as it is physically separated from the rest of Binh Thanh District by a river channel. There are two small, inadequate bridges over the river, both of which feed into the single a road that runs in a loop around the circular shaped island. Although there are proposals to build another bridge on the eastern side of the island, that will allow traffic traveling along the Hanoi Highway an alternative route into the city centre, these seem unlikely to materialise in the short to medium term. The primary access road is Xô Viết Nghệ Tĩnh, part of which has recently been upgraded to dual carriageway standard with a central reservation. However, the road deteriorates once over the bridge and actually on the island. None-the-less, District 1 and the Central Business District (CBD) is an easy 10-15 minutes drive as the peninsula is only 4.5 km away. There are long established @$1.3-2.3 billion plans to develop the Thanh Đa peninsula into a new urban town with an emphasis on culture, sports, tourism & entertainment with 3 main sections : a resi­dential area with houses & orchards by the river; a com­mercial & tourism quarter with high-rise buildings; and a green quarter with golf courses & parks. The peninsula is presently @70% agricultural land with only about 3,000 houses. In mid 2007, the local government approved a revised zoning plan for Binh Quoi envisaging a 426 hectare area accommodat­ing an estimated population of around 30,000 and 105 hectares of greenery, catering to some 500,000 tourists and guest workers a day.




           Tây Bắc – Củ Chi / North West New Urban Area: This project covers 6,000 hectares in Hóc Môn District’s Tân Thới Nhì Commune - Tân Phú Trung, Tân Thông Hội, Tân An Hội & Phước Hiệp Communes, and Củ Chi Town and is about 18 km long and from 3-5 km wide. Local authorities are hopeful that the it will become a modern ecological town; a city-level center in the north-west; a focal industrial zone; and a transit spot goods transportation as the north-western gateway. The master-plan envisages 1,300 hectares of greenery & 700 hectares of ponds to con­trol the water-levels of local canals & streams. Now, there are 30,000 people in the area but it is estimated that the population will increase 10-fold after the area is developed.




          Sing – Viet City Residential & Sports Complex: This residential and sports complex in Bình Chánh District will cover about 300 hectares will consist of two sections along Xáng Canal in Lê Minh Xuân Commune. The developer is a $120 million Joint Venture between Binh Chanh Investment & Con­struction Company (BCCC) and four Singaporean companies : St Martin's Properties Pte, Science & Engineering Investment Pte, Techno Fibre (Singapore), and HRH Integrated Engi­neering Services Pte, who intend to borrow $70 million from banks. Compensation for site clearance is estimated at $10.5 million or $3.5 / sqm. The local partner was to  make its capital contribution in form of land use rights valued at $15 million but in late 2006 the local partner decided to withdraw from the joint venture project leaving it in limbo. The plan is to develop a residential and sports resort including a golf course and sport club, discotheque, motorcycle / bicycle and horse race courses; facili­ties like shopping centres and restaurants; and accommodation such as tenements and apart­ments. When completed, Sing-Viet City will be the country's sec­ond-largest residential complex after Phu My Hung. The project was licensed in June 1999 and has been progressing at a snail's pace.




           Hiệp Binh Phuoc Port Town: In early 2007, the authorities approved Van Phuc’s plans to develop the town in Thu Duc District comprising a 27 hole golf course covering 96 hectares; 330,000 ­sq.m of residential accommodation area with 9,000 villas and apart­ments for 45,000 residents;  a hotel and public utilities and a commercial area. The project is part of a larger 3,600 hectare development in Hiep Phuoc Commune in Nha Be District which will turn the largely agricultural area in the city’s suburbs into a port & industrial town.



In mid-2008, the Tan Thuan Industrial Promotion Company (IPT) commenced talks with Dubai World of the United Arab Emirates to develop the residential and port project covering 2,000 hectares, of which 1,000 hectares will be for port development and the rest for urban development.




           Portsville: In mid-2007, Keppel Land announced plans to develop a residential township next to District 9’s Saigon Hi Tech Park just in Dong Nai Province some 28km northeast of HCMC and only 20km from the future Long Thanh International Airport. The project will cover 509 hectares and Keppel is investing via its subsidiary Portsville Pte Ltd in a JV with Dong Nai General Agriculture Service United Cooperative (DONA Co-Op) and Vietcombank Fund Management (VCBF). The total investment capital for the initial 193 hectare stage is estimated at USD$357 million with the Vietnamese partners contributing the land and Keppel covering the construction costs. Portsville will hold a 45% stake of the registered capital of USD$72 million; DONA Co-op 35%; and VCBF the remainder. The waterfront residential township will comprise 14,000 homes and target middle and upper-middle income buyers. The waterfront homes together with supporting commercial and public amenities will have a gross floor area of about 260 hectares.




          SDI Rach Chiec New Urban Area: In early 2006, the Sai Gon Development & Investment Joint Stock Corporation (SDI) broke ground on a 15 hectare international sports complex in District 2’s Rach Chiec Hamlet in An Phu Ward, as part of the 1st Phase of the 137 hectare Sai Gon Golf & Country Club (SGCC) development. The complex will include 5 blocks with 945 apartments, 97 villas and 200 terraced houses with infrastructure development costs of about USD$6.5 million, and is one part of the larger Rach Chiec International Sports Complex which will eventually cover more than 400 hectares.




           Bac Rach Chiec – KNHC: In 2004 the Sai Gon Real Estate Company (SRECO) and the Korea National Housing Corporation (KNHC) announced plans to cooperate on a project to build 60,000 houses for low-income households in HCMC at a cost of about USD$1 billion. KNHC is a leading firm in South Korea's civil construction sector with 12% of the housing market. In return the city provisionally agreed to provide about 1,000 hectares of land, of which some 200 hectares was located in the Bac Rach Chiec area of District 9. Half of the units are due to be built in the outlying Hoc Mon District which is targeted as becoming a new urban centre in the future. Each apartment will cover 50 square metres and cost about USD$10,000-USD$15,000 ie USD$300/sqm. SRECO will provide the land while KNHC will cover the construction costs. After work is finished, Saigon Resco will buy all the houses and pay 30% of the project value in advance and the remaining 70% in installments over 3-5 years. Saigon Resco will also be responsible sales. The project was in-line with the city's policy on housing development for low-income people, so they pledged to create favourable conditions and support revolving around the procedures for obtaining land, Corporate Income Tax and Value Added Tax. In addition the city agreed to use its budget to prepare basic infrastructure and proactively support financial and banking services. At the end of 2006 land was selling for USD$340-USD370/sqm.




          Booyoung New Urban Area: Korea’s Booyoung Company has chosen a small Binh Duong province village to be the site of a new urban area alongside the Saigon River. Tan An village, in Thu Dau Mot town, will host a 450 hectare development with a housing area, a trade centre, an amusement park and other services.




            Đông Tăng Long Urban Area: This @$80 million project by the Urban & Housing Development Investment Corporation (Ministry of Construction) in District 9 will cover over 160 hect­ares.




           Cát Lái Resettlement Area: Situated in the east­ern side of HCMC's District 2, this large project is being developing as a resettlement area for Thu Thiem New Urban Town, as well as for slum clearance programmes and to ease the population pressure in the inner city. The HCMC Investment & Service Company (Invesco) has been appointed to develop the site at an estimated cost of about $440 million. The project comprises 2 phases and covers 166.8 hectares in Cat Lai Ward and will be developed in 10 years. In the first 5 years, costing $107 million, Invesco will complete the site clearance and infrastructure sections; and in the second phase, the com­pany will put money into hi­ rise apartments, and public construction of schools, medical stations, sports centres and a sanatorium.




           An Túc Urban Area: The Ministry of Planning and Investment has approved a licence to a $33 million JV to An Điền Investment & Construction JS Company & British Virgin Island based Shih Da Global Holding Limited with a lifespan of 50 years and a legal capital of $10 million, 60% owned by Shih Da with $23 million borrowed from banks. The project aims to develop nearly 27 hectares of land in Tan Tuc town, Bình Chánh district, Ho Chi Minh City into an infra­structure-rich living complex, with houses ear­marked for sale and leasing and relating services to be offered. The joint venture boasts registered legal capital of $7.5 million, with 40 per cent contributed by the local partner in project preparatory costs, land clearance charges and cash.




           Song Than New Urban Area: In 2007, Song Than Industrial Zone Development JS Company begun work on this 66 hectares project in Di An near HCMC’s Thu Duc District. The new develop­ment will have an administrative centre, more than 1,700 houses, a sports centre and schools and the infrastructure is estimated to cost $16.4 million.




          Nha Be MetroCity: South Korea's GS Engineering and Construction (GS E&C) is planning to develop a 349 hectare $189 million ‘MetroCity’ residential area in Nha Be District’s Phuoc Kien and Nhon Duc Communes for 68,000 people. The new urban township would include financial centers, commercial complexes combining hotels, office buildings and shopping centers, and residential areas, and cover 297 hectares. The remaining land along the river banks will be buffer zones and the proposed construction density is 30%. The group is also planning a 36 hole golf course, estimated at $42.6 million and is finalising documents to pour $318 million into the Tan Son Nhat-Binh Loi highway.




           Binh Chieu New Urban Area: Thu Duc House Development JSC & Hoa Binh Construction & Real Estate Corp are investing USD$20.5 million constructing 2No 15 story buildings in the Binh Chieu residential zone in Thu Duc. The pair have also signed an agreement to develop an additional 15 hectares, also in Thu Duc, with Korea’s ACE Construction. The USDS$40 million project will construct 315 villas, 148 houses and 220 apartments.




           Savi-Satra New Urban Area: The Savimex-Satra JV are developing a new urban area covering 7 hectares in Saigon South.




          HUD Thu Dau Mot New Urban Area: The Housing and Urban Development Corporation (HUD) has got approval to develop a 400 hectare ecologically friendly urban town northwest of Thu Dau Mot town in Binh Duong Province. The project, costing around $136 million will be implemented in 2 stages and be home to 32,000 people.




         Saigon Port Redevelopment: The HCMC government has revised an urban development plan for District 4, which restricts new housing development around the Saigon Port so that the area can be upgraded into a riverside commercial, service and tourism site. Nguyen Tat Thanh Street will be widened to 30 meters toward the current Saigon Port and the existing houses along this road will undergo a face-lift to better “harmonize a new landscape.” A number of other roads in the area will also be upgraded.




           Phu Loi: In 2007, the Phu Loi residential area project in Ward 7 in HCMC's District 8 was been revised to facilitate the construction of more houses for families that were relocated to make room for the project. The width of houses in the Phu Loi project was reduced to create more lots of land. A 9,000 square meter commercial section was also removed from the project to increase the area of a park and the first few floors of apartment buildings used as shopping venues instead. The latest revision envisages 12,800 people rather than the originally planned 7,500 in 1,450 apartments and 1,758 villas and street-front houses.




           Nhon Trach New Urban Area: In 2007, the government of Dong Nai announced a master plan for developing Nhon Trach District into a new city as previously approved by the Prime Minister. It is envisaged be­coming an industrial, commer­cial, service, tourism, educa­tional, scientific and techno­logical center in the Southern Key Economic Zone. Nhon Trach covers more than 41,000 hectares and is around 25 km east of HCMC and 20 km south-east of Bien Hoa City in Dong Nai. The district has undergone fast urbanization over the past decade. In 1996 it was still clad with forests and home to a small number of farming fami­lies and residents had to take a boat or ferry when they wanted to go to HCMC via Nha Be District but Highway 25b has long since been built into a link to National Highway 51 and many inter-provincial roads have and are being constructed to ensure continuation of the fast urbanization process. The HCMC-Long Thanh-Dau Giay expressway project is also about to be implemented although authorities are still trying to secure financing for the Nhon Trach Bridge project. Under the development plan urban residential areas will make up more than 5,900 hectares and have a total population of 1.5 million and rural areas will cover 3,270 hectares and be inhabited by 160,000 people. Indus­trial zones will occupy some 3,600 hectares in the east of the dis­trict. In the eastern and south­eastern parts of the district, mangrove forests along Dong Tranh and Thi Vai rivers will be preserved. They border HCMC's coastal district of Can Gio known for its Biosphere Reserve and Ba Ria-Vung Tau Province's new urban town of Phu My. Nhon Trach's south­west will be reserved for rural residential areas, Long Tau River ports and port related industries. Along the Dong Nai River in the northwest, the district will develop urban towns, services and universities. In the short term, Dai Phuoc and Hiep Phuoc com­munes will be developed into a township.



An affiliate of Hanoi Con­struction Corporation has got ap­proval for building a residential area nearby Nhon Trach at a cost of $14 million in mid 2007.




          Saigon Mekong e-City: In mid 2007, Tan Tao Industrial Park Joint Stock Company (ITACO) announced plans to develop Viet Nam's first e-city. The 1,080 hectare Saigon-Mekong e-city will be located 20km from HCM City along the Vam Co Dong River will offer waterfront villas with recreational access to the river. Most city functions will be controlled automatically by special equipment and provided with a high-tech 24hour security system. The $141 million project is part of a master plan to make Long An a modern city by 2015, complete with industrial parks, cultural and economic facilities and multifunctional hi-tech clusters.




          District 5 Housing Management & Develop­ment New Urban Area: The HCMC company was licensed to build a new residential quarter in Dong Nai's Nhon Trach City at a total cost of $83 million in mid 2007.




          Eco-Lakes: In July 2007 a joint venture between Malaysia's biggest developer SP Setia and leading local state-owned firm Becamex IDC Corporation announced plans to build the Eco-Lakes urban project at a cost of USD$600 million. The project, which will span 226 hectares of the 3,600 hectare My Phuoc Industrial Park, is set to boost the urbanisation process of Binh Duong up to 2010 and onto 2020 and revolutionise the rapidly changing province, whose economy was heavily dependent on agriculture a decade ago. The Eco-Lakes project will absorb the accommodation demands of investors and workers flooding to the area's industrial parks from Thu Dau Mot town and Ho Chi Minh City. The CEO of SP Setia, the biggest developer listed on Malaysia's bourse with a capitalisation of USD$1.8 billion, said the project would offer prospective residents a vibrant town centre with quality entertainment, commercial and recreational facilities. Becamex will contribute 45% of the investment. Capital with a further 5% going to Treasure Link Far East Ltd. Located 40km from HCM City the project will be home to 200,000 people and also include healthcare centres, an international school and even an artificial beach.




          Contue Jinwan New Urban Area: Contue Jinwan Enterprise Group (New Zealand) Ltd is seeking to develop a 200-300 hectare plot for a new urban area at either Long Phuoc Islet (District 9), Phuoc Loc Ward (Nha Be District) and in North West Urban Area (Cu Chi District).




          Hiep Phuoc Port Town Complex: The 3,600 hectare Hiep Phuoc complex in the outlying dis­trict of Nha Be will become a hub of the port industry in the city and will be home to container and multi-purpose ports which can receive ships of up to 50,000 DWT. The port com­plex will also include residen­tial projects with a population of 80,000-100,000 with some 50% of them current residents.




           Long Binh New Urban Area: In mid 2007 the People’s Committee approved the detailed zoning plan for new urban area covering 91.79 hectares in District 9.




           Phu Thanh-Long Tan Town in Nhon Trach City: In late 2007, the Nhon Trach Investment Company (NIC) gained an investment certificate from Dong Nai province to develop a modern 759 hectare residential area worth USD$120 million north of newly established Nhon Trach City. Investments by secondary investors are expected to amount to USD$1 billion. Phu Thanh-Long Tan town will look like the town developed by Phu My Hung Corp in HCMC's District 7. NIC's project is part of the province's broader house develop­ment plan for Nhon Trach until 2010 in which 7.23 million square meters of housing will be built, including 40% contributed by new projects.




          Long Tan & Phu Hoi Urban Area: In late 2007 Dong Nai licenced Taekwang Vina Industrial was licensed to develop an urban residential area covering 56 hectares encompassing Long Tan and Phu Hoi communes in Nhon Trach, with pledged capital of USD$290 million.




           Ong Con Islet: In late 2007 Dong Nai Province have licenced Vina Dai Phuoc to develop a USD$400 million urban and tourism town in Nhon Trach City. This company is a joint venture between the local company DIC, Vinacapital Pacific Limited and Alhight Assets Limited, both of British Virgin Islands, with an aim to develop the 200 hectare town on Ong Con Islet.




           Thanh Hung Urban Area: In late 2007 Dong Nai licenced the 47.3 hectare project to Thanh Hung Housing Development & Trading Co Ltd at a cost of some USD$68 million.




          Tam Phuoc New Urban Area: In late 2007, the Tam Phuoc Industrial Park Development and Ser­vice Enterprise under the State-owned Tin Nghia Corporation announced plans to build the 18 hectare Tam Phuoc residential area and a 4 hectare service center near the IP in Dong Nai.




          Can Gio Saigon Sunbay Complex: At the end of 2007 the Can Gio Tourist City Corporation (CTC) officially started construction of the 600 hectare deluxe residential and tourist city in the outlying Can Gio District. Saigon Sunbay has a total invest capital of USD$526 million and the new urban and eco-­tourism town located in Long Hoa Commune in Can Gio Dis­trict will feature luxury villas, hotels and resorts for modern living and recreation. The new town will be built on the 221 hectare April 30 Tourist Area currently oper­ated by Saigontourist with an additional 600 hectares span­ning out to the sea. Of the 600 hectare section built out to the sea, 200 hect­ares will be developed into an artificial beach with a resort, while the remaining 400 hect­ares will be transformed into tourist service facilities and luxury villas. The Saigon Sunbay project is scheduled for completion by 2016 and will be split into 2 phases. The project will maintain the ecologi­cal balance of the marshlands by developing ecological parks with natural landscapes for public and commercial use and traditional and modern residential areas.




          Tan An Hoi New Urban Area: At the end of 2007 the HCMC Infra­structure Investment Joint ­Stock Company (CII) began work on a project to develop a res­dential area covering 100 hectares in Tan An Hoi Com­mune in HCMC's Cu Chi Dis­trict that once in place can accommodate 12,000 people. The Tan An Hoi residential project capitalized at more than USD$255.6 million, comprises villas, apartments, a school, a sport center and a trade center. This is one of the first resident area projects to get off ground at the Tay Bac New Urban Area in the suburban district. The project will serve ex­perts and workers in the area, nearly 30 kilometers from the city downtown. CII's own capital makes up some 22% of the total cost, while the balance will be mo­bilized from banks and other investors. The HCMC government sees the Tay Bac area as the downtown of the Northwest­ern region in the city.




           Berjaya City: At the end of 2007 Berjaya Land Berhad of Malaysia announced plans to develop 600 hectares costing billions of dollars in a new city project in the Dong Nai province's Nhon Trach district 25km from HCMC. Nhon Trach is envisaged becoming a commercial, service, tourism and educa­tional and administration center in the southern focal economic zone.




           Long Binh Tan New Urban Area: In early 2008 the Mien Dong JSC announced plans to pour a total capital of USD$30 million into building the new urban centre of Long Binh Tan. Covering an area of 86 hectares in Dong Nai, the project will be comprised of office buildings, tenements, villas and will welcome approximately 30,000 inhabitants.




          Vietnam Financial Centre: In early 2008 Berjaya Leisure (Cayman) Ltd., a subsidiary of the Ma­laysian group Berjaya Land Bhd (B-Land) obtained a license for a mammoth project to build the Vietnam Finan­cial Center on Ba Thang Hai Street in District 10. The 6.8 hectare center, which has total investment capital of USD$930 million, will comprise 6 high rise buildings. Two buildings will be for 5 star hotels, 2 buildings for offices for rent and 2 buildings for financial services. The tallest building will be 48 stories and the lowest building 28 stories and the project will also in­clude underground facilities for communication among the 6 build­ings, a shopping center and a park­ing lot for 3,000 cars. In addition to the VFC project, Berjaya has reached several joint venture agree­ments including one with Dong Nai’s provincial authority to un­dertake a feasibility study for the development of 600 hectares with expected capital of USD$2.6 billion in Nhon Trach City. In Ha Noi, B-Land en­tered into a JV with Ha N6i Electronics Corporation for a project to develop, 405 hectares in Long Bien District's Sai Dong A into a commercial, industrial and residential complex with an estimated capital of USD$2.5 billion. B-Land has also collabo­rated with Tin Nghia Co. Ltd. and Viet Nam Infrastructure Hexagon Ltd., on a pro­posed bridge project for a 17 kilometre highway linking Nhon Trach District in Dung Nai Province with HCM City. Tan said, when com­pleted, the bridge would re­duce the distance between Dong Nai and HCM City by a third. To further its investments in Viet Nam, the group has ventured into the leisure in­dustry with Berjaya Land acquiring two  star hotels in Ha Noi – the Sheraton Ha Noi Hotel and Towers for USD$68.2 million and the International Ha Noi Westlake Hotel for USD$75 million.




           Phong Phu Complex: In early 2008 the Binh Chanh Construction and Investment Company (BCCI) started work on the resi­dential project in Sai Gon South that requires a total in­vestment of USD$68 million, part of which will be used for resettlement. The Phong Phu 4 Residential Project covers 63 hectares in Phong Phu Ward in Binh Chanh District and is planned to comprise 3 sections: section A covering 197 hectares will provide space for 760 houses, each with gardens, a kindergarten and 3 green parks; section B of 327 hectares will have nearly 890 houses with gardens, a kindergarten, schools, a shopping mall and green space; and the 313 hectare section C with a 640 apartment building, 664 houses, a kindergarten with healthcare centre and a green park. BCCI are also about to start work on 2No. 12 storey buildings of 166 apartments each in Binh Tan District, and add another 480 apartments to the Tan Tao Residential Project in Binh Chanh District, and develop several office projects, including the An Lac Plaza and BCCI Office Building in HCM City.




           Nam Rach Chiec: In late 2005, the HCMC People's Committee approved a plan to develop infrastructure in the Nam Rach Chiec Residential Area in District 2 as a first step to developing the 90 hectares for housing 30,000 people including relocating about 5,500 households affected by the Thu Thiem New Urban Area development. The government plans to auction off part of Nam Rach Chiec with completed infrastructure to developers and use the proceeds to carry out other real estate projects in the area. Up for auction will be 10.6 hectares for apartment blocks; 12.4 hectares for villas; and 2.4 hectares for a shopping mall. The total investment for the new residential town of Nam Rach Chiec south of An Phu Ward is estimated at USD$160.25 million, and the area will also have kindergartens, schools, medical clinics and commercial centers with some 20-30% of the land being auctioned to domestic and foreign investors to raise initial capital for the project. Some 46% of the area will be reserved for houses, 12% for public facilities and the rest for greenery and roads.




          Gia Hoa Urban Area: In early 2007, the physical infrastructure for the 28 hectare USD$75 million Gia Hoa residential area in District 9’s Phuoc Long B Ward 12km from the CBD was completed in advance of the construction of 700 villas and a series of 15-18 floor towers comprising 10,000 apartments; a shopping center; a sports facility; a tennis court; swimming pools and restaurants. The area is bordered by the Rach Chiec Canal to the south, Do Xuan Hop road to the west, Duong Dinh Hoi road to the north and another planned residential area to the east. At the end of 2006 land was selling for USD$235-460/sqm.




          Mapletree High Technology & Commercial Complex: In early 2008, Singapore's leading real estate develop­er Mapletree Investment announced plans to invest USD$400 million to develop the 108 hectares complex in Binh Duong’s 4,200 hectare Industrial­ Service-Urban Complex in Tan Uyen and Ben Cat districts some 32km from HCM City. Some 75 hectares will be set aside for hi-tech products and high value-added products and 33 hectares for developing office buildings.




          China Merchants Hoc Mon New Urban Area: China Merchants Group and An Phu Corporation are considering the Hoc Mon Resi­dential and Industrial Zone covering 650 hectares in the outlying district of Hoc Mon, otherwise known as An Phu Hung Township. In mid 2007 HOK International Ltd inked an agree­ment with An Phu Corpora­tion to act as a de­sign consultant for the large en­vironmently friendly residential and industrial township in Hoc Mon District about 20 kilometers from downtown, who will work out the master plan for the mammoth project which is aims to thin out the population in downtown areas of the city and spur future development for the outlying district. Residen­tial and financial areas are included among the components and the expected population will be 65,000 when completed. The township covers 650 hectares in Tan Hiep and Tan Thoi Nhi villages and will cost an estimated USD$3-5 billion to develop.




           Hung Dien New Urban Area: In mid-2008, Tan Hung Investment JSC announced plans for developing a USD$1 billion new urban area covering 19 hectares encompassing District 8 and Binh Chanh District. The new urban area will include 2No. 81 story towers, 3No. 15 story apartment buildings and several other hi-rise structures. It is directly under Saigon South new urban zone, just minutes away from District 1 and next to the National Highway 1a.




           Saigon Mekong City: In early 2008, the Tan Tao Group announced plans to develop the new town in Thanh Loi and Binh Hoa Nam villages in Long An Province at a cost of USD2.6 billion, which will be home to 300,000 people, mainly foreign experts and investors and high income people.




           Dam Sen Complex: In mid-2008, the management board for construction projects in District 11 announced plans for in­vestment into a 5.9 hectare land plot near Dam Sen Park. BCCI (Binh Chanh Construction Investment Shareholding Company), was subsequently named as the investor for the project which will comprise a trade center and high-rise apartment buildings on an area of 5.8 hectares close to Dam Sen Park in District 11. BCCI will also have to pay compensation to ensure the resettlement of 442 local households and 2 businesses together with 300 other households affected by the construction of a beltway road near Dam Sen. The inves­tor must also transfer one hectare of the land plot to the district authorities to build a school and a kinder­garten.




           Long Hung New Town: In mid-2008, a 50/50 JV was established between  the Dong Nai based DonaCoop and its local and foreign partners with Keppel Land’s Portsville and VinaCapital to develop a modern township in Long Thanh District in Dong Nai by the Dong Nai river and adjacent to HCMC’s District 9. The project will be developed in phases over 15 years with nearly US$2 billion needed for the first phase to build the An Hoa Bridge, the 6,410m Road No. 2, the 5,480m Long Hung­ Phuoc Tan Road and resettlement accommodation. The devel­opment covers more than 1,170 hectares of land and water and will require a total investment capital of USD$10 billion.




           Woongjin Urban Area: In mid-2008, South Korea's educational group Woongjin signed a contract to rent 15 hectares in the Thoi Hoa IZ (Phu My 4 IP), in Binh Duong to develop a USD$350 million complex. The complex will include trade centres, serviced apartments, offices and international schools.




           Lang Le Farm New Urban Area: In mid-2008, plans were announced to develop a 97 hectare site in Binh Chanh District’s Lang Le Farm in Le Minh Xuan Commune. This area is to be developed into an urban residential area ac­commodating 15,000 to 18,000 resi­dents.




           Long Thanh My New Urban Area: In mid-2008, Company 7-5 a unit of Military Zone 7 High Command, begun work on a residential development project covering 32.4 hectares in HCMC's District 9 for some 6,400 people. The project capitalized at about USD$100 mil­lion comprises of villas, apartments, houses, commercial area and public utilities in Long Thanh My Ward. The project will be carried out in two phases. The first phase will include road, elec­tricity and water systems, parks, school, commercial center and villas. The second phase will develop houses and 12 story apartment buildings.




           Taeil’s Thu Thiem Complex: In mid-2008, Taeil S&D, a subsidiary of South Ko­rea's Shindo Industrial Development, has expressed intention to invest in 3 areas in the new urban center of Thu Thiem in HCM City with total capital of US$900 million. The company will develop 6,500 apartments in Binh Khanh Ward of District 2 and sell to HCM City authorities for resettlement of residents in Thu Thiem. Other developments are 8 office, com­mercial and apartment buildings.




           Phu My Industrial Centre: In late 2008 the Ministry of Construction formerly proposed that the new urban area of Phu My in Tan Thanh District in Ba Ria-Vung Tau Province, become an in­dustrial center by 2025. The area covers about 33,500 hectares and will become home to 150,000-200,000 people.




            Phu My New Urban Area


At the end of 2008 the Prime Min­ister approved a modi­fied master plan to transform the Phu My new urban area into a key industrial port city in Ba Ria-Vung Tau, and into an impor­tant gateway to commerce between the Southern Key Economic Region, ASEAN re­gion and the world. The city that will sprawl over 33,000 hectares, including the whole of Tan Thanh district in the west of Ba Ria- Vung Tau. The city will be zoned to several different segments including areas for urban de­velopment, resorts and eco­logical tourism sites, agri­cultural development. park systems and open spaces. The architectural land­scape of many areas includ­ing the city centre; the mountainous areas of Thi Vai. Toc Tien and Nui Dinh; and other open spaces will also be altered under the new plan. The new model will link the city with the Thi Vii port system, the express­way linking Bien Hoa City to Vung Tau City, and urban areas in HCM City. The new city's infrastruc­ture system will be designed and built to be functional, aesthetic, safe and clean. The new plan will also pay due attention to protecting the area's natural ecosystem and landscape. The city's population is estimated at between 150,000 and 200,000 by 2015, and between 200,000 and 300,000 by 2025.




          Sova SUNCO Hi-Rise: In late 2007 Malaysia-based firm Sova Holdings Sdn Bhd was licenced with landowner Thai Duong Company (SUNCO) to develop the Nhon Trach City Center (NTCC) project with work due to start in early 2009. The two partners will invest some USD$47 million to turn an 8 hect­are area into a modern property with offices, accommodation and enter­tainment services to serve locals as well as expatriates. As designed, NTCC will has 4 blocks of 13-story apartment build­ings, villas, townhouses, sport center, commercial services and 2No. 15­ story office buildings for lease and a 4 star hotel with 200 rooms. The complex project, which is lo­cated in the would-be administrative center of Nhon Trach and some 60km from HCMC will also have a Grade B apartment building for mid-income home buyers, and were still undecided about a man­agement company for the hotel, which is seen as the first 4 star one in the region. Sunco is a state own company active in import-export and trad­ing services, industrial and civil construction, travel services and goods production for export and domestic consumption.




            9A2 Complex


            In early 2009, the Viet Lien LUKS have received an investment certificate to develop a 9A2 complex in Binh Chanh covering over 19 hectares in Binh Hung commune. The project will accommodate around 4,000 residents.




             Binh Duong New City Centre


             In early 2009 the Investment and Industrial Development Corporation - Becamex IDC Corp – started construction on the USD$143m 6he Becamex City Centre in Thu Dau Mot on Binh Duong Boulevard in Phu Hoa Ward 30km from HCMC with office buildings, high-rise apartment build­ings, town houses and a hotel providing accommodation for some 3,800 people and creating the work place for some 18,000 people. The first phase would develop the 20 story Becamex Tower, the 15 floor Horizon apartment building with 54 units, Sunrise condo complex comprising 8No blocks with some 318 units and a section for town houses. The second phase would develop town houses and a commercial center named New Star office building and a 38 story hotel named the Gal­axy.



Last Updated ( Friday, 27 March 2009 )
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