HCMC Department of Transport has proposed the People’s Committee of Ho Chi Minh City approve the investment project to build underground car-park in the stadium area of Hoa Lu (District 1) under construction contracts owned and operated (BOO) by Vingroup Corporation – Joint Stock Company proposed and investor.
Accordingly, the project consists of 5 basements. Basements B1, B2, B3 use commercial operation, basement B4, B5 for semiautomatic car-park (2 storeys for each car). Total parking lot of the project is 2,548 cars and 2,873 motorbikes.
The project is located in the Hoa Lu stadium, Da Kao Ward, District 1. The southeast is next to Nguyen Thi Minh Khai street (planned area 35m), the Northeast and Northwest is located near the residential area, southwest side is next to Dinh Tien Hoang (30m). The total area of land used for the project is nearly 24,000m2.
The total investment of the project is over 3,400 billion VND. In particular, the investment capital is 20 percent, the rest is commercial loans. Turnover from commercial leases and car park with estimated recovery time of 46 years.
Estimated time of construction project in 3 years (2016-2018), duration of temporary works is calculated by the land lease term of 50 years.
Previously, the People’s Committee of Ho Chi Minh City assigned Hoa Lu Stadium underground car-park for Dong Duong Group limited company as the investor with the capital of about 1,600 billion VND. By the end of 2014, the company had withdrawn from the project due to capital difficulties.