City assures anxious investor new site for scrapped parking lot
06-OCT-2008 Intellasia | Thanhniennews
Oct 6, 2008 - 7:00:00 AM
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The developer of an underground parking lot in downtown HCM City that was scrapped last July for safety reasons will get an alternative site, the city administration has said.
Nguyen Thanh Tai, vice chair of the city People's Committee, said Tuesday the Department of Transport would be responsible for choosing the new site for Dong Duong Company's project.
"The city will also provide incentive policies to the company to help offset the financial losses it has incurred," he said.
The plan to build the lot beneath Lam Son Square in District 1 was called off because the site was surrounded by important structures it could have jeopardised.
The city government had said then the site was too close to the Opera House and a proposed metro line.
Tai said it is normal to make changes to a project.
Nguyen Van Loc, Dong Duong's general director, said his company had invested much effort in the project and the city administration's decision was abrupt and showed a lack of respect for the investor.
Nguyen Thi Bao Quynh, deputy general director of Dong Duong, said the company has suffered losses of around 30 billion dong (US$1.8 million).
In August, the Ministry of Construction asked HCM City to reconsider its decision to scrap the project.
If the Lam Son Square project is cancelled, the People's Committee should discuss compensation with the investor and find an alternative location for the parking lot soon, it added.
The 12-floor underground parking lot was estimated to cost 183 billion dong (US$11 million).
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