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HCM City prefers multinationals for Thu Thiem development   2010-06-16 - VietNamNet/SGT

Hundreds of investors, local and foreign alike, are lining up to invest in Thu Thiem new city in HCMC’s District 2, but the municipal government will likely choose only multinationals for important projects there, said an official.

Thu Thiem peninsula. (Photo: SGT)
Thu Thiem peninsula. (Photo: SGT)
Trang Bao Son, deputy head of Investment and Construction Authority for Thu Thiem Urban Area (Thu Thiem ICA), told the Daily on Monday that some 200 enterprises had shown their keen interest to invest in Thu Thiem although the clearance of land for development has yet to be completed.

With the global economy recovering, Son said, more potential domestic and international investors said they wanted to develop projects in the urban area, including those from the U.S., Korea, Japan, Singapore and Malaysia.

Few investors have been awarded licenses to develop projects on this peninsula, he told the Daily on the sidelines of a conference on global warming held in the city on Monday.

To date, the city government has given official approval to only three investors to carry out some projects in the new urban area, he said. In the coming time, he added, the city will prioritize multinationals, especially those competent in finance and management, to develop important projects in the urban area.

He said the progress of the urban area development in Thu Thiem was slower than expected. However, Son said, authorities in District 2 have completed around 90% of land clearance, which covers over 650 hectares.

The city will soon start work on key infrastructure projects there to facilitate development, according to Son.

To create favorable conditions for the investors, Thu Thiem ICA expects to start construction of main facilities such as key roads, power supply, wastewater treatment, water supply and other important facilities late this year, Son said.

He said total investment capital for the basic infrastructure was estimated at some US$2 billion, and these facilities should be completed within three years.

The city government has allowed the U.S.-based firm Sasaki Associates to carry out a supplemental study for exploring the underground space in Thu Thiem for some purposes, including underground parking lots, and metro systems.

Thu Thiem New Urban Area, opposite to the commercial District 1 across the Saigon River, is envisioned becoming a modern city by 2020 with some high-profile constructions including an international convention and conference center, a 300-meter-high observatory tower, an entertainment and sport complex, a huge central square and an international financial center.

The new urban area will have a population of some 150,000 people in the future. Son said the city government had just initiated a plan to save some 150 hectares of land along the river on Thu Thiem Peninsula for growing mangrove trees.

The mangrove trees will help create a natural ecological area beside the modern buildings of the whole new urban area, and will also help increase the attractiveness of the new urban area, he said.

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