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Over $1.3 billion to be spent building urban area in Vũng Tàu City
The area will incorporate accommodation, commercial and tourism services, along with green spaces.
Illustration of the urban area that will be built on 3/2 Street in Vũng Tàu City. — Photo nld.com.vn
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The People's Committee of Bà Rịa–Vũng Tàu Province has approved a plan to develop an urban area on 3/2 Street in Vũng Tàu City, which will span across Wards 10 and 11.
The area will be designed to integrate accommodation, commerce and tourism with the natural environment, featuring terraced houses, villas, apartments, social housing and coastal commercial and service facilities.
High-class tourist resorts and entertainment services will also be built to serve the diverse needs of visitors to the region.
The project will accommodate a population of approximately 13,000 people, with a service capacity of around 11,000 people including tourists and staff.
A land-use rights auction will be held to select the investors.
The construction of the area will cost over VNĐ34.9 trillion (US$1.37 billion), not including the value of land-use rights, which is being calculated according to current land law regulations.
According to the approved plan, the project will be built on a land area of nearly 961,000 square metres, excluding about 5,500 square metres where land clearance has not been completed.
Of the total area, over 408,000 square metres will be used for residential land and infrastructure, about 356,000 square metres for tourism services and nearly 196,000 square metres for greenery and transportation.
The construction is divided into two phases, and is required to be completed within 96 months, or eight years, from the date of land allocation. It is expected to operate for 50 years from this date.
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