The Department of Planning and Investment in south-central Khanh Hoa province has called for investors to build an urban area on the shores of Cam Ranh Bay with total estimated investment of nearly VND85.3 trillion ($3.6 billion).

A joint venture (JV) between the Cam Rank JSC, the Vinhomes JSC, and VinES JSC has been chosen to submit investment dossiers for approval to invest in building the urban area.

The JV is the only investor to meet preliminary requirements on capacity and experience in building the project, according to local authorities.

The project received approval from the Prime Minister on April 1 and has total estimated investment of nearly VND85.3 trillion ($3.6 billion).

On 1,254 ha, construction is expected to last five years, from 2023 to 2027.

The urban area will accommodate commercial and social housing, public works, schools, commercial centers, medical establishments, parks, and tourism facilities, including 8,474 houses, 10,732 villas, and 19,816 social houses.