The Ministry of Planning and Investment in August granted an investment certificate for IUS to develop this underground car park at Le Van Tam Park.

An official of the Transport Department’s Planning and Investment Office told on Wednesday that under this 50-year BOT contract, IUS will develop this large underground car park with investment capital of some VND1.7 trillion within 30 months.

The official also said the investor was completing final procedures to lease land from the city’s Department of Natural Resources and Environment. Construction will begin as soon as the land rental contract is signed.

According to the BOT contract, the underground car park will have two separate main sections. One section will include five basements with a total area of 72,321 square meters to serve as parking space for 2,025 motorbikes, 1,250 cars and 28 buses and trucks.

The other section will include three basements with a total area of 30,904 square meters to serve commercial activities and public services.

Entrances and exits will open onto Vo Thi Sau, Hai Ba Trung and Dien Bien Phu streets, according to the official. The BOT contract signing ceremony is scheduled for 10 a.m. at the downtown Rex Hotel.

According to the city’s Transport Department, the city is considering three other feasible projects to build downtown underground car parks.

The first is at Tao Dan Park in District 1 and is expected to be developed by Urban and Industrial Zones Development Company or IDICO with an estimated cost of some VND1.2 trillion. The city government has already approved IDICO’s proposal to carry out the project.

The second project, which is under consideration, is at Hoa Lu Stadium in District 1 and is expected to be deployed by Indochina Company Limited with capital of some VND950 billion.

The third project is under construction by Vincom Company at Chi Lang Park at the corner of Dong Khoi and Ly Tu Trong streets.