HCMC – The central province of Quang Ngai has given in-principle approval to the An Phu new urban area project on Pearl Island with total capital of around VND9.7 trillion.
The project will cover nearly 162 hectares across Tinh An Commune and the wards of Truong Quang Trong and Nghia Chanh in Quang Ngai City.
It will operate under a 50-year term and be carried out over an eight-year period starting from the selection of the investor, according to the Vietnam News Agency.
To develop the urban project along the Tra Khuc River, Quang Ngai Province will hold a bidding process to select an investor for the VND9.7 trillion venture. The investment includes over VND9 trillion for project implementation and VND669 billion for site clearance and resettlement.
The selected investor must contribute at least 15% of the capital, with the remainder expected to be financed through bank loans.
The project will include 297 five-story townhouses built to the exterior finish, a 15-story apartment complex with 1,948 shell units, and 1,530 fully completed five-story social housing units.
It will also offer 1,276 townhouse lots and 585 villa lots. In addition, the urban area will feature designated land for commercial use, education, healthcare, culture, sports, green spaces, and technical infrastructure.
The Pearl Island urban area is considered a “mega project” due to its large investment scale and vision of becoming a modern eco-urban zone with synchronized infrastructure and integrated landscaping.
Positioned along the Tra Khuc River, the project is expected to enhance urban development, improve transportation connectivity, transform the city’s landscape, and boost local budget revenues.
