HCM City-based Trungnam Group yesterday unveiled its ambitious plan to develop a billion-dollar eco-urban area in the central coast city of Da Nang, the same day the group was awarded a license for the sprawling property complex.
The 3,400-hectare Thuy Tu Eco-Urban Area, encompassing three wards in two districts of Lien Chieu and Hoa Yang, will be phased in its development over a period of seven-years at a total cost of US$1.65 billion.
Key facilities in the complex will include commercial areas, service sections, hotels, international standards clinics and universities, residential areas of villas and apartments, and sport and entertainment areas, the group said.
In the first phase of development from 2009 to 2011, the group will spend nearly US$154 million to build infrastructure for four eco-urban areas, a central urban area, a sport area, an entertainment area and a park.
The second phase, from 2011 to 2015, will see intensive development costing nearly US$1.5 billion, when all key facilities will spring up, including trade centres, hotels, and villas and apartments.
Thuy Tu eco-urban area had earlier been a project awarded to the Financial and Business Solution Joint Stock Co under Gami Group, with registered capital of US$2.4 billion. However, Da Nang
City's authorities have revoked the foot-dragging project five years after it had been licensed, and decided to hand over the project to Trungnam Group.
The project is 10 kilometres west-northwest of the city centre. According to city leaders, the project located along the Trans-Asia route carries high expectations for the city's westbound expansion.
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