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On 31 August 2010, South Rach Chiec Central LLC hosted a topping out ceremony for the first resettlement condo project at An Phu-Binh Khanh quarter in HCMC’s District 2.

The resettlement buildings were developed under the form of land in exchange for infrastructure. That means the city, instead of using its budget for building those condos, called for private companies to invest their capital, and in return, the city will give land to those companies.

This is the first resettlement condo project developed in collaboration between the local government and a foreign partner – South Rach Chiec Central LLC, which is a joint venture between Flemmington Investments wholly owned by Singaporean developer Keppel Land and local partners Tien Phuoc and Tran Thai companies.

The resettlement condo project at An Phu-Binh Khanh is part of the city’s program to build some 12,500 apartments for displaced families in the New Urban Thu Thiem. Some 13,000 families were displaced to offer land for the new urban development.