The 21 st Century International Development Company on September 3 began construction on a resettlement project that will require 350 million USD to build 4,200 apartments as part of a city programme to relocate local residents.

Attending the ground-breaking ceremony were Minister and Director of the Government Office Nguyen Xuan Phuc, Minister of Construction Nguyen Hong Quan, HCM City Party Committee Secretary Le Thanh Hai and the municipal People’s Committee Chairman Le Hoang Quan.

“This 30ha project in Binh Khanh Ward in district 2 is the one of three projects in the city’s programme to build 12,500 apartments for resettlement work in the Thu Thiem New Urban Area,” said Quan.

“I expect the owner to complete the project in 30 months, as committed, and ensure the quality of the apartments as well as the landscape and environment,” he added.

He said the project would contribute to the development of the modern Thu Thiem New Urban Area, which will include commercial and financial centres as well as housing space for a total of 130,000 people.

Tran Vu Anh, general director of 21 st Century International Development Co., said 10 buildings of between 20 and 25 floors would provide housing for 16,000 people.

The company will also develop public works including schools, hospitals, commercial and services spaces and green areas.

Anh also pledged to include an advanced waste collection and treatment system to ensure a healthy environment.

Also on Septemner 3, the company opened three model apartments of 60, 78 and 104 square metres for viewing by future owners and other organisations.

During the ground breaking ceremony, the Bank for Investment and Development signed a contract with the 21 st International Development Co. to provide financial support to the 21 st International Development Company.

The real estate development fund VinaLand is under the management of VinaCapital, which holds an 80 percent stake in the company.

Earlier the Nam Rach Chiec Company began construction on 1,850 apartments as one of three projects of the Thu Thiem resettlement programme. Completion is expected by the end of 2010./.