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UAE firm pledges to start up Thu Thiem resettlement project soon   2009-03-26 - VietNamNet/SGT

The United Arab Emirate’s real estate developing company Tamouh on Tuesday reiterated it would start work on a resettlement project in Thu Thiem Peninsula in HCMC’s District 2 within the next two months, with an aim to build 1,500 apartments there.

Joe Ong, CEO of the company, told HCMC chairman Le Hoang Quan during a courtesy call on Tuesday that a residential complex of 1,500 apartments would get off ground in April or May.

Ong said that Abu Dhabi, who is the UAE’s ruler and Crown Prince, would pay an informal visit to Vietnam in April or May, and “we believe that the Crown Prince would be pleased to visit Tamouh’s construction site in the city.”

The project will be located inside a resettlement zone of 38.4 hectares that had earlier been awarded to this UAE company and a local partner under a joint venture to develop the Thu Thiem - Phu My City.

The Thu Thiem - Phu My City was previously envisioned to become a large-scale complex in Thu Thiem Peninsula with five sections of trade centers, supermarkets, hotels, parks, office buildings, and apartments, the Vietnam News Agency reported.

At that time, the total investment capital was estimated at between US$600 and US$800 million, in which Tamouh Investment LLC and its local partner of Phu My Investment & Development Company were to contribute 70% and 30% of the capital, respectively.

However, in June last year, the city government decided to cancel the project as the foreign partner failed to start up the project in due time.

Coming back to Vietnam this time, Ong also seeks to survey more investment opportunities, especially in the fields of social housing and real estate. At the meeting, Ong told the city chairman his corporation wanted to build a modern hospital in HCMC’s District 7.

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