Warburg Pincus unit, Masterise eye $739 mln expressway to Vietnam’s mega airport
A subsidiary of U.S. private equity firm Warburg Pincus and Vietnamese developer Masterise Group have separately proposed building an over VND19.52 trillion ($739 million) expressway connecting a major tourism area to the under-construction Long Thanh International Airport in the southern region.
Ho Tram Project Co. Ltd., backed by Warburg Pincus, submitted plans for a four-lane expressway linking its Grand Ho Tram Strip, a group of integrated resorts and residential developments in Ho Chi Minh City, to the airport in Dong Nai province, set to become Vietnam’s largest once completed.
Part of The Grand Ho Tram Strip in Ba Ria-Vung Tau province, southern Vietnam. Photo courtesy of the company.
The firm outlined a two-phase financing plan, with land clearance and frontage roads funded by the state at about VND6.08 trillion ($230 million), while the 42 km expressway would be constructed under a build–transfer (BT) model at the cost of VND13.44 trillion ($508.84 million).
Compensation would be made via land swaps in its Nam Chau Duc Industrial Park and Ho Tram 2 resort township.
Separately, Masterise suggested a public-private partnership (also under a BT contract) and receiving payment in form of 147 hectares of land in the Truong Tho urban area in HCMC’s Thu Duc city.
The developer, known for high-end projects such as Masteri Thao Dien, Grand Marina Saigon and The Global City, has previously sought approval for large-scale infrastructure works including the Phu My 2 and Can Gio bridges.
Ho Chi Minh City authorities are reviewing both proposals and consulting relevant agencies before submitting plans to the People’s Committee.
The Ho Tram tourism area was formerly part of Ba Ria-Vung Tau. This province, Binh Duong, and HCMC were recently merged to form the new HCMC.
At a March meeting with Prime Minister Pham Minh Chinh, Ho Tram Project’s general director Walt Power reaffirmed the company’s interest in the expressway project.
With over $1 billion invested in Vietnam to date, the firm said the development could qualify for additional incentives under existing regulations.
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