Vietnam-Singapore venture to build observatory in Thu Thiem

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Hanoi Times English - 32 month(s) ago 65 readings

The Hanoitimes - HCMC’s government has given the green light to a Vietnam-Singapore joint venture to develop an 86-story observatory tower in Thu Thiem New Urban Area, 18 stories taller than the current skyscraper in the city.

The Hanoitimes - HCMC’s government has given the green light to a Vietnam-Singapore joint venture to develop an 86-story observatory tower in Thu Thiem New Urban Area, 18 stories taller than the current skyscraper in the city.

The city’s tallest building at the moment is the 68-story Bitexco Financial Tower in the downtown area.

The observatory tower to be built by Vietnam ’s Tien Phuoc Co. Ltd. and Singapore ’s Keppel Land will be two levels lower than originally planned, said Nguyen Anh Tuan, head of the Investment and Construction Authority for Thu Thiem Urban Area (Thu Thiem ICA).

Thu Thiem ICA has submitted to the city government a scheme for increasing the total space of construction in Thu Thiem from 5.5 million to seven million square meters. If the scheme gets approval this March, it will create a foundation to lure investors into the new town o­n Thu Thiem Peninsula , Tuan told the Daily o­n the sidelines of a meeting with the French consulting firm Defrain Souquet Associes (Deso) in HCMC.

There are now three projects approved for development in Thu Thiem by Tien Phuoc-Keppel Land , GS Engineering & Construction and VIJA PowerSource Corp. Earlier, the city government decided to scrap the Thu Thiem Software Park project of TA Associates Vietnam due to three years of delays.

Thu Thiem ICA is working with the investor to liquidate the contract and revoke the investment certificate. Another investor will be found to replace it.

Together with the foreign investors, a local firm named Dai Quang Minh Investment Joint Stock Co. is making a detailed plan of scale 1/500 to invest in infrastructure in the southern low-rise residential area. The project is expected for commencement late this year.

In addition, the city’s authority has given approval in principle for Saigontourist to build a hotel and resort complex with 500 rooms and other facilities in a site surrounded by Ca Tre Canal. Saigontourist is seeking to adjust up the number of hotel rooms to 2,300-2,500, something which the consulting service provider Sasaki Associates said will impact the overall planning of Thu Thiem New Urban Area.

Several local investors are seeking no-bid contracts for investment projects in the area but Thu Thiem ICA is weighing between inviting competitive tenders and awarding no-bid contracts, Tuan said. The granting of no-bid contracts will help save time but investors may suspect transparency, he said.

As planned, Thu Thiem New Urban Area will take shape by 2015. Still, the troubled property market has discouraged investors.

At the meeting o­n Thursday, Deso introduced the planning of the central square and riverside park in Thu Thiem and took comments from related agencies.

The project is designed with six specific areas for political, cultural and daily activities. The total budget for the project is estimated at US$80 million.



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