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Dubai Developer Signs on to $1.34bln Thanh Da New Urban Area

The urban wasteland planned for Binh Thanh District's Thanh Da peninsula has a new developer.

According to Thanh Nien, Bitexco Group, the original developer behind Thanh Da's forthcoming new urban area, is joining forces with Dubai-based developer Emaar Properties JSC

While those outside of the property development world may not know it, Emaar is a big name in the industry. Its most famous projects include two noteworthy superlatives: the world's tallest skyscraper, Burj Khalifa, as well as the Dubai Mall, which is the world's largest shopping mall.

For the new urban area, located in Thanh Da's Binh Quoi, Emaar and the Bitexco Group will cover 427 hectares with a high-end development that's expected to house up to 45,000 residents by the time it's complete in 2030. A resort and park will also be part of the project, which comes in at VND30.7 trillion (US$1.34 billion) and will require its developers to implement infrastructure projects which connect the peninsula to Districts 1, 2 and 3 as well as Thu Duc District.

Construction in the Thanh Da area is slated to begin next year, with the completion of its first stage scheduled for 2020. 

[Rendering via REIC]


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