The 88-story tower in Thu Thiem is about to have its difficulties resolved and is preparing to become the tallest building in Ho Chi Minh City.

Among the five projects that Ho Chi Minh City plans to address difficulties for, the highlight is the 88-story Observation Tower complex in Thu Thiem. This project is expected to become the tallest building in the city, surpassing Landmark 81.

On December 3, the People's Committee of Ho Chi Minh City held a meeting with the Task Force to review and resolve the difficulties and obstacles for five real estate projects in the area, as proposed by the Department of Planning and Investment, the Department of Construction, and the People's Committee of Thu Duc City. The goal is to resolve pending projects that are currently halted, expedite progress, and bring them into use to avoid wastage and increase revenue for the local budget.

Specifically, the five projects to be addressed include:

• The Smart Complex at Function Area 2A in the Thu Thiem New Urban Area, invested by Lotte Properties HCMC Co., Ltd.
• The 14.8-hectare land in An Phu Ward, Thu Duc City will be paid under a BT contract for the Long Thanh - Dau Giay Expressway Parallel Road project, with Nguyen Phuong Company as the investor. The Observation Tower Complex in the Functional Area of the Thu Thiem New Urban Area, invested by the joint venture Empire City Co., Ltd.
• The high-rise residential complex in Phu My Ward, District 7, invested by Hung Loc Phat Real Estate Investment Joint Stock Company.
• Lastly, the I-Home Commercial and Apartment Complex at 359 Pham Van Chieu Street, Ward 14, Go Vap District.

According to calculations, resolving difficulties for these five projects will contribute to increasing the revenue for Ho Chi Minh City’s budget, estimated at over 18,000 billion VND. At the same time, investors will be supported in completing legal procedures and fulfilling financial obligations to continue construction and finish the projects, thereby contributing to urban development according to the plan.

In addition, 498 customers who purchased apartments in the I-Home Commercial and Apartment Complex project will be granted Land Use Right Certificates to protect their legal rights and interests.

According to the agreed plan, the Department of Planning and Investment of Ho Chi Minh City will be the main agency, continuing to review and summarize the issues and difficulties of the projects in the area, categorizing them for effective resolution.

The Department of Planning and Investment of Ho Chi Minh City will also supervise and evaluate the implementation of the Task Force’s conclusions and report the results to the Task Force for periodic meetings 1-2 times per month. These meetings will focus on resolving obstacles arising during project implementation, while continuing to address issues related to investment policies, planning, financial obligations, and the issuance of Land Use Right Certificates.

This will also lay the foundation for departments, agencies, and People's Committees of districts and towns to proactively resolve difficulties in similar projects.

The Thu Thiem Observation Tower Complex project, with its iconic 88-story tower, is an important part of the Thu Thiem New Urban Area. In early 2022, Mr. Vo Sy Nhan, CEO of the Empire City Joint Venture Company, sent a document to the People's Committee of Ho Chi Minh City, informing that the company had completed the payment for land use rights in Zone 2b since 2017, completed infrastructure construction, and built three complex apartment clusters. The total investment disbursed for the project amounted to about 13,000 billion VND.

However, due to the project's need to await conclusions related to the Thu Thiem New Urban Area from the Government Inspectorate, the company has been unable to complete the legal procedures for investment and land to proceed with Phase 2. The company has committed to continuing the remaining work of the project as soon as the issues are resolved, including building the international financial center office tower and the 88-story Empire 88 Tower as soon as possible.

In late June 2015, the People's Committee of Ho Chi Minh City granted an Investment Certificate for the 88-story Observation Tower complex in the Thu Thiem New Urban Area to the Empire City Joint Venture Company, a joint venture between Tien Phuoc Corporation, Tran Thai Real Estate Co., Ltd., with international partners Keppel Land (Singapore) and Gaw Capital Partners (Hong Kong). The project has a total investment of 1.2 billion USD.

According to the plan, this project covers an area of 14.5 hectares along the Saigon River in the central core of the Thu Thiem New Urban Area. It will be a multifunctional complex with a luxury shopping center, 5-star hotels, offices, apartments, and underground parking, meeting international standards. The total construction floor area is 730,000 m², with the 88-story tower being the focal point of the area.

In early 2017, the People's Committee of Ho Chi Minh City issued a Decision adjusting the zoning plan for the 88-story Observation Tower complex in the Thu Thiem New Urban Area. After the adjustment, the total construction floor area increased from 730,000 m² to 763,438 m², the net land use coefficient increased from 6.54 to 6.84 times, the number of underground floors increased from two to three, and the number of apartments increased from 2,831 to 3,787.

The Task Force for addressing difficulties and obstacles in Ho Chi Minh City's investment projects, led by Chairman Phan Van Mai, has held 10 meetings since its establishment in May 2023. A total of 33 projects have been reviewed and resolved, including 41 projects that did not meet residential land use rights and need to be processed to meet the conditions for commercial housing projects.

Source: According to Ha Linh/VTCNews

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