Dubai-Mubasher: Emaar Properties and Vietnamese property developer Bitexco have been awarded the project of developing a new urban area in HCM City, Vietnam News website reported.

The project worth $1.34 billion would cover 427ha on the Thanh Da Peninsula on the city's east side.

The construction would begin next year and the project's first phase would be completed in 2020.

The urban area would be home to 45,000 residents when completed by 2030.