Work to begin on three huge projects in Thu Thiem in 2016 Investors are expected to start work next year on three major projects in HCMC’s Thu Thiem New Urban Area with total investment capital amounting to more than US$3.5 billion.   An artist’s impression of Thu Thiem New Urban Area in HCMC’s District 2. Investors are expected to start work next year on three major projects in Thu Thiem New Urban Area with total investment capital amounting to more than US$3.5 billion. The city government said in a report sent to the central Government Office and relevant ministries last Monday that the three projects are Song Viet commercial center, Eco Smart City, and Thu Thiem observatory tower. Quoc Loc Phat JSC will invest VND7.06 trillion (around US$314 million) in the Song Viet international commercial center along the Saigon River and just opposite Bach Dang Wharf in District 1. A consortium led by Lotte Group will develop the Thu Thiem Eco Smart City project worth around US$2 billion, including a department store and an international trade center. Meanwhile, a consortium comprising Tien Phuoc Real Estate JSC, Tran Thai Real Estate Co. Ltd. and Denver Power Co. Ltd., a member of Gaw Capital Partners, will develop an observatory tower in Thu Thiem which is envisaged becoming a new financial and services center of HCMC in the future. The cost of the 86-story observatory tower is put at about US$1.2 billion. The project is expected to be up and running in 2022. According to the municipal government, site clearance in Thu Thiem New Urban Area is almost complete with 99.45% of 720 hectares of land in the new modern town cleared  and nearly VND17.3 trillion spent on site clearance compensation. The city’s relevant departments are joining hands to support investors to complete procedures to kick off their projects. Earlier, the city government confirmed that South Korea’s Lotte Group agreed to place a deposit totaling around VND2 trillion for a land use fee for six lots to develop the Eco Smart City project. SGT