Summary of new projects in Thu Thiem new urban area, District 2

The Thu Thiem urban area is showing strong momentum as several major projects have begun advancing rapidly. Development is accelerating, particularly in the Empire area, where construction is progressing around the clock with plans to erect an 88-storey tower in the near future.
In reality, progress in Thu Thiem had been slow for an extended period due to various legal and land clearance challenges, which were unrelated to the investors’ financial capacity.
Below is a review of the key projects and their respective investors and investment capital:

1 : Empire City

Investment capital: $1.2 billion. Construction is advancing at an accelerated pace around the clock, with numerous towers already reaching significant heights. Developer: Keppel Land, based in Singapore. Total assets as of 2013: $11.7 billion.

khu đô thị Phức hợp Empire City — Empire City Complex urban area

2 : Eco Smart City

The Ho Chi Minh City People’s Committee is urging the Prime Minister to approve Lotte’s project execution. Initial investment capital exceeded $2 billion. Following a revised scale (with the church preserved), the investment was adjusted to approximately $900 million. Lotte’s total assets: $106 billion. The fifth-largest diversified corporation in Korea.

Khu phức hợp Lotte Eco Smart City — Lotte Eco Smart City complex

3: Vinhomes

An entertainment and sports complex. Design is currently pending. Investment capital: approximately 7 trillion VND. Developer: Vingroup, with total assets exceeding 300 trillion VND.

4: The River in Thu Thiem

Investors: CII and Hongkong Land. Investment capital: $400 million. Design consultant: DP Architects Singapore. Hongkong Land has total assets of $31 billion and developed the Marina Bay Financial Centre in Singapore.
Following project M&A rounds, the project was developed by Refico and CII and rebranded as The River Thu Thiem.

The River Thủ Thiêm — The River Thu Thiem

5. Sunshine Venice Thu Thiem

Investment capital of $150 million USD. Developed by Sunshine Group. Twin towers with 36 floors each. Unit design by Italian architects. As of June 2019, Sunshine Group’s total assets reached 17,728 billion VND.

The Sunshine Venice Thu Thiem — Sunshine Venice Thu Thiem

6. XI Thu Thiem

Developed by GS E&C, a South Korean corporation. Designed by PTW Architects from Sydney, which has designed over 50 office buildings across Sydney, Dubai, New Zealand, and China. GS E&C operates 31 international companies and branches across more than 224 project locations in 28 countries. The company is the 7th largest multi-industry conglomerate in South Korea.

7. Marina Bay Thu Thiem with Thu Thiem Lake Views

Developer: CII. Total investment capital of 10,000 billion VND. Total assets as of March 2019: 6,000 billion VND.

8. Riverfront Residence – Developed by CII

May 2019: The Ho Chi Minh City People’s Committee issued an investment invitation for the development of a financial, banking, commercial, and service district on plots 1-7 and 1-11, with a total investment capital of 5,000 billion VND.
Source: PVC