The Ministry of Planning and Investment has recommended that the Prime Minister approves a VND74,406 billion ($3.1 billion) mega urban area project in the Mekong Delta province of Long An.
In its proposal, the ministry has also suggested that the PM approves a bidding process to select investors for the 930-hectare Tan My new urban area in Tan My commune, Duc Hoa district.
As planned, project will have 13,093 land lots for commercial housing of 8,338 semi-detached houses and 4,775 villas; 7,409 social housing units; 7,820 apartments; and other constructions.
The project’s investment includes VND60,196 billion ($2.5 billion) for construction and VND14,120 billion ($584 million) for resettlement of affected residents.
It is expected that construction of the 50-year project will be completed within seven years from the date of receiving an investment license.
Also in Tan My commune, Long An authorities recently approved Green City Development JSC, a subsidiary of major real estate developer Vinhomes, as investor for the Hau Nghia-Duc Hoa new urban area. With an investment of VND28,257 billion ($1.2 billion), it is the first realty project in the Mekong Delta province that crosses the $1 billion investment milestone.