“golden land” in HCM City

HCM City (VNA) – Most of the 793 hectares of highly valuable land,
commonly known as “golden land” in HCM City , remains un built due to a
shortage of investors with sufficient financial capacity.

Interest in the land, located in districts 1, 9 and Binh Thanh, continues to be
intense, city officials have said.

District 1, which includes the prime downtown area, contains 4.9ha of the total
golden land area, as well as some of the city’s most expensive sites.

Of the eight projects to be located on the prized land, only two are in the
pipeline.

A hotel-exhibition centre project near the main Post Office on Dong Khoi Street
in district 1 has attracted 60 investors, officials have said.

The city is considering applications for the project and will open a bidding
competition in the near future.

In another project in district 1, a bid from an investor has been received to
build a trade centre, 55-storey office tower and luxury hotel bordered by Tran
Hung Dao, Nguyen Thai Hoc and Pham Ngu Lao streets.

In May, however, the investor, Thai Son Associates asked to withdraw from the
project. The city has yet to make a final decision on the matter.

Another project, a trade centre and office tower to be located on the former
Van Thanh Market area in Binh Thanh district, was scheduled to begin in April.


But the investor Nguyen Minh Tuan of SSG Van Thanh Joint-Stock Company, said the
company was still negotiating a compensation rate to be paid for the removal of a
telecommunications station at the site.

“The site clearance and conpensation board of Binh Thanh district is helping us
with negotiations,” he added.

Last year, the city chose SSG Van Thanh’s bid of 1.1 trillion VND (63 million
USD) to build the project.

Another project, an eco-tourism area and entertainment centre, to be located on
Binh Quoi-Thanh Da peninsula in Binh Thanh district’s Ward 28, has received bids
from 17 investors.

However, residents on the peninsula said the delays has disturbed their lives.
Tong Van Do of Ward 28 said neighbours had asked the city to stop the project if
it was not urgent.

Deplay have occurred because of a shortage of qualified investors and constant
adjustments to the size and land area of the project.

In district 1, the city has not received qualified investors for a project to be
located on the site of the Dan Sinh Market bordered by Le Loi , Nam Ky Khoi
Nghia and Huynh Thuc Khang streets.

Goldlen land bordering Nguyen Hue, Ngo Duc Ke, Ho Tung Mau and Huynh Thuc Khang
streets in district 1 is also slated for future use.-Enditem