HCM City expects $10b to flow into Thu Thiem

HCM City hopes US$10 billion worth construction projects will get under way by next year in District 2’s Thu Thiem new urban area, including an iconic observation tower.

Le Hoang Quan, chairman of the city People’s Committee, said the Thu Thiem New Urban Area Authority has been instructed to invite investment in these projects.

The authority is looking for investors for a $5 billion, 30ha complex housing, an international conference and exhibition centre and international financial centre, and a 30ha sports and recreational centre.

The 20ha observatory and commercial building, expected to be the face of HCM City in future, is also expected to be built in 2009.

The Saigontourist Holding Company has got the nod to build a six-star hotel with 2,300-2,500 rooms.

The authority has got the green light from the city to hire consultants for the projects.

VNN

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