About 1,850 apartments on an area of more than 17ha will be handed over to people affected by the project from now until the end of the year, according to property developer Nam Rach Chiec, which was asked by the HCM City People's Committee to build the relocation apartments. The first 500 apartments are in two 18-storied buildings within Block N with an area of 50 to 60 sq.m. The complex will also have conveniences such as children's day-care centres and community spaces.
This is the first relocation project in which the city authorities have co-operated with foreign invested companies based in the city.
The property developer invested its own capital in the project and was given other plot of land elsewhere to develop its own project in lieu of payment The city had presented the ‘aparments for land' model to the central Government earlier and was the first locality in the country to carry it out on a pilot basis, said Le Hoang Quan, chairman of the municipal People's Committte, at the hand-over ceremony.
"The relocation project reflects great efforts made by the city's authorities to relocate displaced people," he said. The Thu Thiem Peninsula, which is just across the Sai Gon River from the city's downtown area, is slated to become the new financial centre of the city.
VNS