The Ho Chi Minh City government is calling for domestic and foreign investors for some 6,500 resettlement apartments for residents displaced by the Thu Thiem New Urban Area project.

The HCMC People's Committee said the apartments will be built on some 38.4 hectares in Binh Khanh Ward in District 2 and will cost about VND6 trillion (US$356.2 million).

The committee has decided to divide the project into smaller ones. The initial phase will include the construction of about 2,000 apartments and basic infrastructure..

Investors will finance the construction in exchange for cash or land in or near the Thu Thiem New Urban Area.

The 657-hectare Thu Thiem New Urban Area project, approved by the HCMC government in 2006, is expected to cost $10 billion. Upon completion in 2025, it will be a major residential area in HCMC with an estimated 120,000 inhabitants.

Source: Thanhnien News