The administration of Dong Nai Province in southern Vietnam on Tuesday approved the establishment of a five-company consortium which will be responsible for developing a 294ha urban area project in the provincial city of Bien Hoa, with a total investment of over VND72 trillion (US$2.9 billion).

These five investors include Lan Anh - Phu Quoc Co. Ltd., Sun Group Corporation, Ha Long Sun Co. Ltd., Sun Group Property JSC, and Phu Quoc Beautiful Beach Investment Co. Ltd..

Located on Cu Lao Pho, an island of Bien Hoa City, the Hiep Hoa urban area is projected to accommodate some 31,600 residents.

Of the total investment, more than VND10.8 trillion ($438 million) will be contributed by the five investors, while the remaining amount of over VND61.4 trillion ($2.48 billion) will be mobilized from other sources.

The project will be implemented in six phases from 2023 to 2035.

In March last year, the provincial administration approved the project in principle, with the aim of developing a modern, vibrant urban area complex with a low construction density.

The project is designed to promote sustainable tourism development, provide various housing types, and feature commercial centers, public services, and tourism facilities.

The urban area will feature bustling commercial streets that meet the business and accommodation needs.

Regarding Cu Lao Pho, it spans nearly 700 hectares and is encircled by the Dong Nai and Cai Rivers.

Located at the gateway to Bien Hoa, Cu Lao Pho is considered a prime location in the city.

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