FLC Group is preparing to launch a USD3.5 billion township in suburban Ho Chi Minh City with as much as 75 percent of the project being set aside for green spaces. The firm has already met with Binh Chanh District officials and, according to Tuoi Tre, will work closely with the local government to ensure the development can go ahead.
“After the meeting, the developer will come up with a design and submit a dossier to Binh Chanh District authorities and related departments for further assessment so that a detailed report can be sent to the municipal administration,” a local official told Tuoi Tre.
The massive estate is expected to cover 1,200 hectares in Binh Chanh District and would contain an ecological urban area; an urban area for creativity, science, and technology; a resort and entertainment area; a service area; an area for resettlement and social housing; and a residential area.
The HCMC township would also be home to a lake and a golf course in addition to several large parks. From a real estate perspective, the project’s centerpiece would be the 99-story tower that would be one of Vietnam’s tallest buildings.
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Binh Chanh District is located to the southwest of Ho Chi Minh City and has found itself competing with other suburbs for investment. These areas are seeing an increase in housing demand as more people look for spaces to live outside the city center.
Last year, Savills Vietnam noted that the Ho Chi Minh City suburbs would play a key role in the city’s residential market moving forward. In particular, the eastern suburb of Thu Duc City was singled out due to the fact it is home to the largest amount of future condominium and house and villa supply.
FLC Group launching this new USD3.5 billion HCMC township featuring a significant focus on green areas should help elevate Binh Chanh District and serve as a catalyst for future investment.