Some 620 condo units of the two 18-storey condo buildings under the resettlement project are handed over to residents in Thu Thiem New Urban Area in District 2 on Monday - Photo: Dinh Dung

HCMC authorities on Monday handed over 620 condo units to the families that have been relocated to make room for the development of the Thu Thiem New Urban Area in District 2.

Covering 17.3 hectares, these condo units in block J are part of a resettlement project invested by Nam Rach Chiec Co., Ltd. (NRC), a joint venture between Tien Phuoc Co., Tran Thai Co. and Flemmington Investment PTe under the Singapore-based property corporation Keppel Land.

NRC transferred around 512 condo units in block N to the city’s authorities for relocation purposes in June last year. The remaining 712 units will be constructed in the coming time.

This is a resettlement project to build 12,500 condo units for locals affected by the Thu Thiem New Urban Area development.

The project is developed under the format of ‘land in exchange for infrastructure,’ as the city’s government will allocate land for private enterprises which in exchange will have to use their own funds to build the condos and hand them over to the city government.

According to this format, municipal authorities will transfer a 30-hectare site in District 2’s An Phu Ward to NRC in exchange for the condos. NRC plans to develop the site into a riverside complex including apartments and shopping malls.

Recently, NRC has been given the nod to implement the 60-hectare Nam Rach Chiec residential and resettlement area in District 2’s An Phu Ward. The project will comprise of apartments and shopping malls with total floor space of about one million square meters.