Vietnam-Taiwan joint venture to build $115mn interchange in exchange for land
Vietnam-Taiwan joint venture to build $115mn interchange in exchange for land
Ho Chi Minh City authorities have given the go-ahead for real estate developer Phu My Hung Development Corporation to build the Nguyen Van Linh - Nguyen Huu Tho interchange in District 7 in exchange for land in another district, according to the municipal Department of Transport.
The project will be developed under the Build-Transfer (BT) mechanism and Phu My Hung will be assigned 240 hectares of cleared land in neighboring Nha Be District’s Phuoc Kien Commune after handing over the completed project to the city’s administration, the department said.
The municipal People's Committee also asked the department to draw up a detailed plan so that the VND2.62 trillion (US$115.3 million) project could be implemented in two stages.
According to a proposal prepared by the transport department, the first phase will see the construction of a tunnel on Nguyen Van Linh Boulevard, combined with signal lights and other facilities.
In particular, there will be a central circular ‘island’ 60m in diameter and two tunnels along many branches on Nguyen Van Linh, to be constructed at a cost of VND840 billion ($37 million).
Two overpasses and two other tunnels worth VND1.78 trillion ($78.3 million) will be developed in the second phase.
Meanwhile, the Ho Chi Minh City government has required Tan Thuan Industrial Promotion Co. to discuss with its Taiwanese partner in Phu My Hung how to develop the project intended to ease traffic congestion in the southern part of the city.
The construction of the Nguyen Van Linh - Nguyen Huu Tho interchange will be combined with the expansion of Nguyen Huu Tho Street, the administration said.
Phu My Hung is a joint venture between Taiwan’s Central Trading and Development Corporation and state-owned Tan Thuan Industrial Promotion Co., which is under the management of the Ho Chi Minh City government.
Founded in May 1993, Phu My Hung was responsible for the master plan of the 3,300 hectare Saigon South urban area.
Two months later, Phu My Hung organized an international urban design contest, in which Skidmore, Owings & Merrill (U.S.) was chosen as the master planner, together with technical support and consultancy from Koetter, Kim & Associates (U.S.) and Kenzo Tange Associates (Japan).
More than one year later, the new urban area project was submitted to the American Institute of Architects and the World Bank as “a sustainable development,” and it was approved by Vietnam’s then-Prime Minister Vo Van Kiet in December 1994.
