Thu Thiem is a peninsula located across the Saigon River from District 1 and possessing a huge land bank of 657 hectares, Thu Thiem is to be redeveloped as a new centre of HCMC and is destined to become not only the new Central Business District, but also the city’s cultural hub of arts, entertainment, and leisure. Planning for the Thu Thiem New Urban Area began as early as 1996. However, to date only a tunnel and a bridge have been completed to connect Thu Thiem to the rest of the city. Four other bridges and a metro link are still either under-construction or under planning.

US architecture firm Sasaki Associates was commissioned in 2003 to produce a plan for the transformation of Thu Thiem into an international financial and commercial centre. When development is complete, Thu Thiem will have a resident population of 150,000 and a daily working population of 220,000. Links to other parts of HCMC will include a tunnel (now completed), four road bridges (one already completed), a pedestrian bridge, a metro link and HCMC’s existing waterway network. The first bridge linking Thu Thiem to Binh Thanh District opened to traffic in 2008, but it was not until the opening of the Thu Thiem tunnel in 2011 that Thu Thiem truly became accessible from existing parts of the HCMC downtown area. Work on internal roads within the Thu Thiem area began in 2014. When complete, these will include a lakeside road, a riverside road and a 12 km long flyover. Work is scheduled to finish within the next 36 months.

Well connected with wide boulevards, future metro stations, and five bridges, including a footbridge to District 1, once complete, the bustling centre will include multiple schools, hospitals, and parks alongside a new performing arts centre, art museum, sports arena, and marina centre.

As Thu Thiem continues to grow with new and widened roads, it is sure to become a dynamic place to live, work, play, and learn. Recognized as the ‘garden’ of the city, boasting nearly 50% composition of parkland and water and surrounded on three sides by the mighty Saigon River, Thu Thiem Urban area provides beautiful home with a wide variety of choices to Vietnamese and expats.

The Major resident projects in Thu Thiem

1/ Sala Dai Quang Minh

In July 2015, local developer Dai Quang Minh launched the first residential project in Thu Thiem at prices ranging from US$2,000 to US$2.800 per sqm., marking a new milestone in the development of Thu Thiem.

2/ Empire City

The most visible new structure in Thu Thiem will be the part of the 14.5 hectare Empire City Project which was recently approved. The project will be developed by a joint venture between Tien Phuoc JSC., Tran Thai Co. Ltd., Denver Power Ltd (UK) and GAW Capital Partners. It will be located directly opposite the existing HCMC downtown area and will feature an 88 storey structure names Empire City 88 Tower, one of the tallest in South East Asia, in addition to a high-end shopping mall, a 5-star hotel, offices, serviced apartments and underground parking. As HCMC continues to expand, the development of Thu Thiem will offer significant opportunities in construction and real estate and as a location for business growth. However, the pace of development to date has not met expectations, mainly due to infrastructure and high land prices. This report examines the opportunities that Thu Thiem will offer as well as the challenges that it must overcome in order to establish itself as the new centre of HCMC.

- Linden Residences (520 apartments)

- Tilia Residences (472 apartments)

- Cove Residences (136 apartments)

- Narra Residences (500 apartments)

- Others (to be continued)

Apartment for rent in Empire City is from 650 USD/month to 8,000 USD/month
 

3/ The River Thu Thiem

- The River Thu Thiem (525 apartments)

- Thu Thiem Zeit River (817 apartments)

- The Sky Thu Thiem (417 apartments)

Apartment for rent in The River Thu Thiem is from 600 USD/month to 6,000 USD/month

5/ The Metrople Thu Thiem

Possessing a golden position right at the center of Thu Thiem with a modern infrastructure system, The Metropole Thu Thiem is ideally connected to both the city center and the surrounding area. It is surrounded by top amenities such as the new Opera House, a Conference Center and a 6-star hotel. One side faces the Saigon River, one side faces the largest canal in Thu Thiem, and the other side faces the Central Lake. The Metropole Thu Thiem will become a top choice for a new generation of residents - young people who are not only financially successful, but also know new trends in many areas. These people are not afraid to take on challenges and will be the core residents of not only Thu Thiem, but also of Ho Chi Minh City in the future. The first phase of the project, The Galleria Residences, was inspired by world-famous art museums and has been kicked off, promising to become a masterpiece of living space for generations of aesthetically minded and successful residents. In the second phase of the project, The Crest Residences, including one exclusive residential tower in complex of offices and shopping retails, will create absolute serenity for the Metropole community - a feature of elite living spaces that a new generation of residents is seeking.

- The Galleria Residence (456 apartments)

- The Crest Residence (240 apartments)

- The Opera Residence (646 apartments)

Apartment for rent in The Metropole Thu Thiem is from 600 USD/month to 5,000 USD/month depending on the size, the view and furniture status.

6/ Thu Thiem Lakeview

- Lakeview 1

- Lakeview 2

- Lakeview 3

- Lakeview 4

- Lakeview 5

Thu Thiem has the potential to generate far-reaching improvements to life in Ho Chi Minh City and bolster the city’s image and standing on the world stage. However, We believes that radical new policies are required if the government’s vision of creating a “Pudong of Saigon” is to become a reality. The project must be accorded the status of a national priority and requires stronger support from the central government. Authorities should introduce special privileges and incentives to attract more investors to the area. In addition, the local government of Thu Thiem should be given special status by the central government to allow it to operate more effectively and enact policies which will assist and encourage the development of the area. If this is done, local and central governments will be able work together to encourage potential investors by introducing incentives such as tax deductions or exemptions. It is vital that the investment procedure for potential foreign investors is made clearer and simpler. The introduction of a “one stop” approval procedure for foreign invested projects will remove much of the uncertainty that could be inhibiting investment; minimize speculation and prevent land prices from becoming prohibitively high. Other suggested measures include limiting approvals for projects on the West bank

of the Saigon River as these may deflect potential investment away from Thu Thiem.

The implementation of the measures outlined above will ensure Thu Thiem will stand out as the single most attractive focus for potential investment in Ho Chi Minh City and will support its development as the city’s new economic and financial centre.

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