Ho Chi Minh City authorities have approved the investment policy and selected a consortium led by Sun Group as the investor for the new Binh Quoi – Thanh Da urban area project. The total investment is estimated at VND 98.71 trillion (approximately $3.75 billion), making it one of the largest integrated urban area development projects in the city.
The project will be implemented by a consortium comprising Sun Group, Sun Ha Long Co. Ltd., and Sun City Co. Ltd. The new urban area will cover an area of nearly 424 hectares in Binh Quoi ward and is designed to accommodate approximately 54,000 residents.
The project plans for the construction of 23,171 residential units. The main portion of the offering will consist of apartments in high-rise residential complexes — 13,150 units, or more than half of the total planned housing stock.
Additionally, 637 townhouses and 283 villas are planned for construction, along with the renovation of 1,629 existing homes. The project will also include a mixed-use complex up to 40 stories high, located near the future metro line. It will feature 880 apartments and 1,773 residential units.
Nearly 125,900 sq m has been allocated for the construction of social housing, accounting for over 20% of the residential development area and complying with Vietnamese legal requirements. A total of 5,867 social housing apartments are planned for construction — making this one of the largest such projects integrated into a single urban area in Ho Chi Minh City in recent years.
Of these, the investor proposes using approximately 3,775 apartments for resident resettlement, although the final decision on this matter rests with the relevant authorities.
The project will require the resettlement of approximately 2,643 families. In addition to the 725 land plots already designated for resettlement, authorities plan to utilize a portion of the apartments built within the project to offer residents additional compensation options.
Approximately 31% of the total area will be allocated for social infrastructure, including schools, medical facilities, and public spaces. Another 25% will be dedicated to parks, green areas, and water features. The remaining area is designated for commercial real estate, cultural and sports facilities, hotels, offices, and a marina.
The project will require the acquisition of 4,866 land plots located across nine wards of Binh Quoi. Compensation payments and site clearance are planned to be completed by October 2026.
The construction of technical infrastructure and resettlement areas is expected to be completed by Q4 2027, followed by the commencement of mass housing construction in Q1 2028. The full project implementation is estimated to take approximately 10 years.
The Binh Quoi – Thanh Da project was first introduced in 1992, but its implementation was repeatedly delayed due to changes in investors and project adjustments. Prior to its approval, Sun Group was the only company to submit an application for the selection of a strategic investor.