Developer Proposes Saigon River Park and Underground Mall

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June 6, 2016

Local developer Van Thinh Phat Group has submitted to city officials a proposal to build a new public park and underground trade center along the western bank of the Saigon River.

Last Thursday, the company announced its proposal, reports Tuoi Tre. The project would cover 17.08 hectares along the waterfront, of which 7.02 hectares would be set aside for an above-ground park while the other 10.06 hectares would extend over the water's surface.

The proposed park would serve as an updated version of the current park along the Saigon River, running from District 1's Ton Duc Thang Museum to the Ton Duc Thang – Ham Nghi intersection. Van Thinh Phat would also construct a trade center below ground as well as a parking lot and an above-ground tourism wharf.

If approved, Van Thinh Phat Group would cover “all expenses related to the preparation of the project’s proposal”, the news outlet writes. Following the park's construction, the firm would then request permission to operate the trade center and parking lot along with a series of food courts in the new park.

Currently, the plan is under review by District 1 authorities, as the proposed site is already zoned as a special region in the city's urban planning. According to the zoning regulations, Van Thinh Phat's proposal includes a 930-hectare area which “must consist of no private land plots and all facilities built must follow strict rules and be meant for public use”, writes Tuoi Tre.

Earlier this year, a Japanese-led development proposal was submitted to municipal authorities, outlining the construction of a VND8.4 trillion (US$378 million) underground complex beneath Ben Thanh Market.