Ten alliances are putting their names down in a public tender for the development of Binh Quoi - Thanh Da ecological urban area project in Ho Chi Minh City.
The contestants include Roytrade Co. Ltd, Vietnam FED International Investment JSC, Gia Bao Architecture Planning JSC, BPD JSC and Petro Southeast Asia Trading Company Limited.
Singaporean company CapitaLand, which has been developing a number of residential properties in the city such as The Vista and d'Edge, has formed an alliance with Golden Star Investment Corporation to join the bidding.
Another foreign investor, Gaudha Putih from Thailand, will team up with AGR.3000 Vietnam and Thai Thanh Van Development Investment JSC while Thuan Tuan Service And Trading Investment JSC partners with Golden Wealth Global Pty. Ltd to compete for the development of the long-delayed project.
One of the prominent bidders is Sunshine Group, an emerging real estate developer which has announced a raft of luxury residential projects in Hanoi over the last two years and recently moved to Ho Chi Minh City with plans to develop three major projects including Sunshine City Saigon.
Tan Hoang Minh Group has also expressed keen interest in the bidding. The company is developing a number of luxury housing projects in Hanoi such as D'. Palais Louis, D'. Le Roi Soleil and D'. Capitale.
The 426-hectare Binh Quoi-Thanh Da urban area project was approved by Ho Chi Minh City People’s Committee in 1992 and was expected to accommodate 41,000-50,000 people. The project is located just five kilometres from the city center.
The initial development cost was estimated at $1.35 billion, of which about $979 million would be earmarked for land clearance and $310 million for infrastructure construction.
In 2004, Saigon Construction Corporation took over the project but was unable to execute.
Four years ago, a joint venture between Bitexco and Emaar Properties from Dubai was awarded the project. However, the foreign company withdrew from the project in June 2017 after waiting nearly two years fruitlessly to acquire land.
The area earmarked for the development of the urban area has been lying idle for also 26 years while thousands of locals are still living in delapidated houses and not allowed to build new ones.