Is this American-led development too tall for Vietnam?
Is this American-led development too tall for Vietnam?
One of the biggest American-led property investments in Vietnam may not square with zoning plans
An office building proposed by a group of American investors may be too tall for a new business district in Ho Chi Minh City.
This is one of several findings by the Thu Thiem Urban Area Management Board in a review of designs for a USD4-billion project in the city’s Thu Thiem New Urban Area, a 657-hectare urban redevelopment scheme that will include a diverse array of developments, including sections for residences and biodiversity development.
At 70 floors, the proposed tower has been found inconsistent with the scale-1/2000 zoning plan for Functional Section No. 1. One of eight “functional areas” in the district, Functional Section No. 1 limits buildings to a maximum of 50 floors.
The board is also concerned that the office block will be the only financial component in the 11-hectare project, which has allotted ten land plots for resort and restaurant developments. This marks a disconnect with plans for the section to be a high-density district for financial, banking and exhibition services.
The Ho Chi Minh City People’s Committee is likely to stand firm on previously approved zoning plans for the area, which means the Prime Minister will likely make the final decision, the VietnamNet Bridge reports.
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One of the biggest American-led investment projects in Vietnam, the project is backed by a group of investors that include Las Vegas-based architectural firm Steelman Partners, New York City-based financial services firm Cantor Fitzgerald, and local property developer Imex Pan Pacific Group. Weidner Holdings, the company led by former Las Vegas Sands president and chief operating officer William Weidner, is also on board.
The project has attracted so much attention over recent months that Las Vegas Sands chief executive Sheldon Adelson deployed a team to investigate, Forbes reports.
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Source: Property Report