The HCMC government has turned down proposed changes to the zoning plan for a section in Thu Thiem New Urban Area even though the changes would pave the way for a US$4-billion project to go up there.

HCMC chairman Nguyen Thanh Phong made clear the city government’s disapproval of the proposed changes in a conclusion issued last week following a meeting with the Investment and Construction Authority of Thu Thiem New Urban Area (Thu Thiem ICA).

Three U.S. investors – Steelman Partners, Cantor Fitzgerald and Weidner Resorts, and Vietnam’s Imex Pan Pacific Co Ltd proposed developing a project in Functional Section No. 1 in the heart of the new urban area. They are active in the finance, banking, hotel and resort sectors.

The HCMC government said the project did not match the scale-1/2000 zoning plan for Functional Section No. 1 and stressed the city would not adjust the approved zoning plan. 

The U.S. investors sought permission to develop a financial complex worth US$4 billion on 11 hectares in Thu Thiem New Urban Area. It comprises an office building which is expected to become a financial-securities center in Southeast Asia.

At the end of May, these investors said they had arranged capital and completed the design for the project, and were waiting for an investment license but wanted to adjust a couple of zoning details. They want to construct a 70-storey building which is against the permitted 50 floors in Functional Section No. 1.  

Thu Thiem New Urban Area is located in the east of the Saigon River and covers a total area of 657 hectares. It is envisioned becoming a modern center in the city.

The urban area will be developed into a center of finance, commerce, high-end services, culture, leisure and entertainment in HCMC.

Thu Thiem New Urban Area has five main sections including those for an administrative center and residential projects. It also consists of eight functional sections. Section No. 1 is for financial, banking and exhibition services; Section No. 2 for commercial, residential, sporting and entertaining facilities; Sections No. 3 and No. 4 for residences; Section No. 5 for public works; Section No. 6 for software outsourcing and hospitals; Section No. 7 for high-rise buildings and hotels; and Section No. 8 for biodiversity development.

SGT