Sun Group-led consortium to develop long-stalled $3.8 bln urban area project in HCMC

Ho Chi Minh City authorities have approved a consortium led by Vietnam's leading real estate developer Sun Group as the strategic investor for the long-delayed Binh Quoi-Thanh Da new urban area project, clearing a major hurdle for a project that has been stalled for more than three decades.

The consortium comprises Sun Group and three of its subsidiaries: Ha Long Sun Ltd., Sun City Company Ltd., and Sun City Co., Ltd.

Total investment is estimated at VND98.71 trillion ($3.8 billion), with the investor contributing about VND14.88 trillion ($572.4 million) in equity and the remainder financed through loans.

The project will have an operating term of 50 years from the date of land allocation, lease or approval of land-use conversion.

It will feature public buildings, commercial and service centers, healthcare and education facilities, cultural and sports complexes, tourism and hospitality developments, office space, urban parks, themed parks, green areas, and a marina.

According to the approved master plan, the Binh Quoi-Thanh Da new urban area will cover nearly 424 hectares on the Thanh Da peninsula, of which about 406 hectares will be developed. The remaining 18 hectares will be reserved for landscape renovation without land clearance. The project is designed to accommodate a population of around 54,000.

The development is expected to supply about 25,526 housing units, including apartments, townhouses, villas, social housing, and resettlement housing. In line with regulations, 20% of the total residential land area will be allocated for social housing.

The Binh Quoi-Thanh Da project has a long and complex history. First proposed in 1992, it has undergone multiple revisions and changes in investors. In 2004, the city temporarily allocated the land to Saigon Construction Corporation, but later revoked the licence in 2010 after years of delays.

In 2015, Ho Chi Minh City appointed a joint venture between Bitexco Group and Dubai-based Emaar Properties as the investor, with total capital exceeding VND30 trillion ($1.15 million). That plan also collapsed after Emaar withdrew, leaving the project suspended once again.

With the latest approval, the project has officially moved forward after 34 years of delays, raising expectations that one of HCMC’s most prominent long-stalled developments may finally be realized.