Vietnamese tycoons' ambitions for a 'megacity'

Many major domestic real estate developers are making bold investment decisions in large-scale urban development projects that were previously dominated by foreign companies.

The Sunrise Bay urban area, 180 hectares.

Da Nang reclaimed land urban area

Novaland, along with its partner Bac Nam 79 Company, has just won the right to develop the Da Phuoc reclaimed land urban area project in Da Nang after the previous investor, Daewon, divested its stake, ending nearly a decade of stagnation. This is a reclaimed land urban area project covering over 180 hectares, announced nearly a decade ago with a total investment of $250 million USD, but it has been stalled. The new investor has not yet announced the investment capital for this urban area upon restarting the project, but the project name is expected to be changed to The Sunrise Bay Urban Area.

The project includes various facilities and functional areas such as: hotels, commercial and convention centers, schools, golf practice areas, and residential buildings. The developer prioritizes low-rise properties: villas, townhouses, and resort-style developments, rather than focusing on high-rise housing. Construction is expected to take place between now and 2019.

This is Novaland's first project in the Central Vietnam real estate market, and also the beginning of the company's strategy to expand its real estate development to other provinces and cities outside of Ho Chi Minh City. The Sunrise Bay project will offer a diverse range of product segments and types to reach a wide range of consumers.

Red Lighthouse Park and $6 Billion Urban Housing Project

The urban area includes a $6 billion marina.

Also known as Saigon Peninsula, located in Phu Thuan Ward, District 7, Ho Chi Minh City, the project will include a multi-functional park, an international yacht marina, and various multi-functional facilities combined with residential areas on a scale of 118 hectares. The project has been approved by Ho Chi Minh City for Saigon Peninsula Group Joint Stock Company as the investor. A memorandum of understanding on investment cooperation was signed between Van Thinh Phat Group Joint Stock Company and foreign investors including Pavilion Group and Genting Group.

With a projected total investment of $6 billion, the Saigon Peninsula project aims to transform itself into a hub of unique, world-class architecture and a "green lung" seamlessly integrated into an ideal ecological riverside environment, thanks to its prime location at the confluence of the Saigon and Nha Be rivers. Upon completion, it will be the largest passenger port in Vietnam, serving both domestic and international tourists visiting Ho Chi Minh City.

This collaboration is expected to bring a new look to Vietnam's tourism industry, as well as create additional income and more than 30,000 new jobs for the people. It also serves as a stepping stone to attract reputable international investors with extensive experience in urban development to invest in Ho Chi Minh City.

Sala urban area worth $2.2 billion.

The first urban area is taking shape in Thu Thiem.

The Sala mixed-use urban complex is located at the intersection of two of Thu Thiem's ​​most important thoroughfares: Mai Chi Tho Boulevard and the North-South Highway, belonging to the high-end segment. The project is the focal point of functional zones 5 and 6 within the Thu Thiem New Urban Area. These two functional zones have a total announced investment of up to US$2.2 billion, with the majority of the capital focused on the urban area itself, along with its amenities and infrastructure, developed by Dai Quang Minh Company.

In April 2014, the low-rise residential area and the technical infrastructure of this urban area officially began construction. Between 2015 and 2018, in addition to the completion of four main arterial roads and the Thu Thiem 2 bridge, the city also received a supply of 730,000 m2 of construction floor space, including apartments, villas, commercial townhouses, mansions, and utility facilities. The investor stated that, according to the plan, the entire Sala Urban Area, with a total area of ​​approximately 106 hectares, will be completed by the end of 2018.

Vinhomes Central Park complex worth $1.4 billion.

The largest mixed-use complex with residential and consumer properties is gradually emerging in Binh Thanh District.

This complex, also known as Vinhomes Tan Cang, covers an area of ​​43.91 hectares with a total investment of VND 30,000 billion (USD 1.4 billion) and is located on Nguyen Huu Canh Street, Binh Thanh District. A striking highlight of the project is the HCM Landmark 81 building, currently under design and expected to reach a height of 461 meters.

Vinhomes Central Park promises to add up to 10,000 housing units to Ho Chi Minh City, including villas, apartments, and officetels. Amenities include a multi-level school, an international general hospital, a sports complex, and swimming pools. The Vincom Center shopping mall alone, spanning 40,000 m2, features numerous shopping and entertainment areas, an indoor ice rink, a cinema, a food court, and a supermarket. Construction began in mid-2014, with the entire urban area expected to be completed in 2017.

River City complex with 8,000 apartments

The project, developed by a Vietnamese investor, has received investment from a Japanese investment fund.

Located in Phu Thuan Ward, District 7, Ho Chi Minh City, River City covers a total area of ​​11.25 hectares, comprising 12 apartment blocks with approximately 8,000 apartments, office-tel units, and shophouses. The project is developed by Phat Dat Real Estate Development Joint Stock Company, An Gia Investment, and Creed Group Investment Fund (Japan) with a total investment of approximately US$500 million. As of May 2016, it was the largest riverside urban development in South Saigon.

The developer has incorporated 99 amenities into the apartment complex, including four amenities making their debut in Vietnam: an artificial island beach, a water and light plaza, a skywalk with flower gardens, and a two-tiered waterfall swimming pool... All amenities are modeled after famous structures around the world, with a total investment cost reaching tens of millions of USD.

According to VNE