The HCM City People’s Committee has given Vingroup Joint Stock Company (Vingroup JSC) the go-ahead to invest in a sports and entertainment complex in District 2’s new Thu Thiem urban area.
Aerial view of the Thu Thiem urban area under construction in HCM City (Surce: tuoitrenews.vn)
HCM City (VNA) - The HCM CityPeople’s Committee has given Vingroup Joint Stock Company (Vingroup JSC) thego-ahead to invest in a sports and entertainment complex in District 2’s new ThuThiem urban area.
The complex would be located on 31.39 hectares,and the People’s Committee has approved a district planning scale of 1/2,000,the city’s Department of Planning and Architecture (DPA) said on January 23.
The project would require an estimated totalcapital of 6.77 trillion VND (305.1 million USD), excluding compensation forsite clearance.
So far, 99 percent of the land in Thu Thiemurban area has been cleared, with 382 hectares set aside for residentialpurpose and another 334 hectares for commercial purpose. Once Thu Thiem i developed, it will be able to house 150,000 residents and attract 220,000workers.
Vingroup JSC has acquired approval to build thecomplex as part of the second functional area in Thu Thiem and An Loi Dongwards, District 2. The total construction is expected to take 36 months; theproject utility period would be 50 years.
Vingroup JSC’s sports complex would haveinfrastructure so it could be used as a multifunctional sporting halt and anamusement park. It is considered to be one of the key high-value projects inthe planning of Thu Thiem urban area.
Recently, many domestic and foreign investorshave expressed interest in putting money into housing, commercial and officeprojects in Thu Thiem.-VNA
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Aerial view of the Thu Thiem urban area under construction in HCM City (Surce: tuoitrenews.vn) 
