Society

Underground facility to address shortage of parking

A ground-breaking ceremony was held on August 8 for the country's first underground parking and retail centre, situated under HCM City 's Le Van Tam Park in District 1.
A ground-breaking ceremony was held on August 8 for the country's firstunderground parking and retail centre, situated under HCM City's Le Van Tam Park in District 1.

The chairman of the Under Ground Corporation (IUS), Le Tuan, said he expects the project to be completed in three years.

The project aims to help reduce the city's chronic shortage of parking spaces.

With a price tag of about 110 million USD to develop, the centre willinclude a total floor space of 103,000sq.m. It will have two wings, onewith five floors of parking space and technical infrastructure and theother, with three floors for commercial and service areas. The parkingspace will be able toaccommodate 28 buses and trucks, 1,250 cars andmore than 2,000 motorbikes.

IUS has hired Singapore 's HTE consulting firm to manage preservation and temporary relocation of Le Van Tam Park.

Tuan said a landscape design contest would be organised for the new park.

IUS is a member of the joint stock venture investment group VC Invest,which has stakes in companies including Green-E, Gia DinhInfrastructure, DongA Bank, Tien Giang Industrial Park andInfrastructure Development and others.

Work is expected tostart in November on another underground parking at facility theTrong Dong Performance Stage on the corner of Cach Mang Thang Tam andNguyen Du streets.

The municipal People's Committeegranted an investment certificate for the project to Dong DuongCorporation in February. The project has total investment of more than880 billion VND (46.3 million USD).

Dong Duong has alsoreceived approval for carrying out a feasibility study on a project todevelop car parking under the Hoa Lu Stadium. It should complete allrequired documents and apply for the project prior to the end of theyear.

Meanwhile, the urban and industrial park developmentcorporation IDICO is carrying out a feasibility study for anotherparking project under the Tao Dan football grounds. It is estimated thatit would cost 1.443 trillion VND (75 million USD)./.
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