The project has been stalled for 10 years.
On Friday, August 23, the Ho Chi Minh City Department of Transport officially terminated its contract with the investors of the underground parking project beneath Le Van Tam Park, VnExpress reports. They are the Underground Space Investment Development Corporation and DongA Commercial Joint Stock Bank.
According to the transport department, these investors have violated the build-operate-transfer contract and don’t have the competency to continue the project.
When first proposed, the project aimed to utilize 103,225 square meters beneath the park to build five floors of parking and three floors dedicated to commercial activities and public services. In the original design, the parking project would accommodate up to 2,024 motorbikes, 1,250 cars and 28 buses or vans. The total cost was US$70 million, which later increased to US$200 million, according to Phap Luat.
It’s been almost 10 years since the contract was signed, yet legal paperwork for the project hasn’t been finalized and construction hasn’t begun.
It’s unclear if the transport department is still moving forward with the project with a new investor, or if the plan is being completely scrapped.
[Photo by Do Trong Danh]
