The People's Committee of HCM City has decided to found new urban areas in the South of HCM City covering an area of 2,600 hectares, adjacent to the existing inner city. A modern urban stripe, meeting the needs of the rapidly growing residential community, has been built up. International standards are applied for the construction of infrastructure, public utilities, housing, facilities for commerce, services, industries, sports, public health, culture, education, etc.

Through an international contest, with the participation of the world-top city planners, three well-know firms have been selected for the new urban planning: Skidmore, Owings and Merrill of San Francisco (principally in charge of master planning); Koetter, Kim and Associates of Boston; and Kenzo Tange Associates of Tokyo.To carry out this project, IPC has been vested with the task of capital-sharing cooperation with local and foreign companies as follows:

1- In joint venture with CT&D of Taiwan to form the Phu My Hung Corporation to build 5 development sites of 600 hectares.

2- Founder of Saigon South Development Joint Stock Company to develop the remainder of land.

The operational duration of the project shall be fifty (50) years. Foreign and local enterprises are welcomed to invest in these areas.