| Billions of USD begin flowing into Thu Thiem |
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(Listed Jul 1, 2008) |
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 Thu Thiem Software Park project worth US $1.2 billion will kick off in mid July 2008 in Thu Thiem, the new residential area of HCM City. The $610 million Viet Intellectual Park project is about to begin.
According to the HCM City authorities, many other projects totalling billions of USD are under negotiation in a call for investment in this area from now till 2010. Nearly 20 investors have registered to invest in a 50ha television tower and sport-entertainment zone in Thu Thiem. Many investors are interested in the financial zone project, where banks, insurance and securities trading firms will be gathered together in Thu Thiem.
Saigontourist is considering a six-star hotel project with 2,500-3,000 rooms on 5.9ha of land in the eastern part of Thu Thiem, which would be scheduled to start in 2008. HCM City is also calling for investment in other big projects such as the northern residential area, which fronts the Thu Thiem Software Park, an office building along the East-West avenue, a residential area at the foot of Thu Thiem bridge and many other projects.
In a working visit to HCM City in late May, The Chairman of Thailand’s CP Group, Dhanin Chearavanont expressed a wish to invest heavily in Thu Thiem.
Indochina Land Holdings is also preparing to build apartment buildings in Thu Thiem. If the above projects are implemented, Thu Thiem will receive a total investment of around $5 billion within three years. However, to turn Thu Thiem from underdeveloped rural area into a developed area, HCM City authorities still have many tasks to do.
The biggest concern is site clearance. After six years, only around 56.45% of the area has been cleared, even though the HCM City administration’s plan is to complete site clearance this year. Slow site clearance has discouraged many investors.
(Source: TP)
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