The planning of Binh Quoi – Thanh Da Urban Area mapped out by Bitexco (File photo)
It had left thousands of households in the area uncertain of their future for the last 26 years after authorities made plans and solicited investment and investors signed up but later pulled out.
The city also instructed the department to allow residents to repair their houses after the long ban on construction works has caused many of them to deteriorate.
The 427-hectare Binh Quoi-Thanh Da ecological urban area project was approved by the People’s Committee in 1992. The Sai Gon Construction Corporation was awarded the work in 2004, but the firm was unable to execute it.
A joint venture comprising Bitexco and Emaar Properties PJSC, a Dubai property developer, was awarded the project in 2015 at a cost of over VND30 trillion (US$1.32 billion).
However, the Dubai company pulled out after a long and fruitless wait for the land to be transferred.
Bitexco remains the investor of the project, which is located just five kilometres from the city centre.
There are currently some 2,000 houses with 13,000 people living on the Binh Quoi - Thanh Da Peninsula.
Nguyen Van Hanh, who lives on Binh Quoi street, ward 28, Binh Thanh district, said that local residents have waited too long.
With all construction work banned since it is a designated public works site, houses have deteriorated and roads are in bad shape.
Hanh said living conditions in the area are even worse than in the countryside. Locals want reasonable land compensation rates or resettlement in that area, he said.
If that is not possible, they want the project scrapped so that they can decide what to do with their land, he added.