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Huge real estate projects seek new investors

Many investors have quit large-scale investment projects capitalized at trillions of dong.

The Thai Nguyen People’s Committee has recently released a decision on revoking a license granted to the project on developing a 5-star Nui Coc Lake Resort in Tan Thai commune in Dai Tu district. 

The project was registered by Flamingo Holding with estimated investment capital of VND2.887 trillion.

The Dai Tu district authorities were assigned to do land and project planning management, and give advice on choosing investors.

A source told VietNamNet that prior to that, Flamingo Holding had sent a document to the local authorities, asking for permission to terminate the investment project and got approval on August 30.

In mid-July, the company sent a report to the province, showing problems preventing project implementation. 

The site clearance workload was very low which made it impossible to allocate land to investors. 

The purpose of the project was not associated with the local people’s demand for resettlement, so the developer could not continue the next procedures of the project.

According to the investor, some non-resident individuals collected land in the locality for speculation. They carried out illegal building on agricultural land. The investor wanted to buy land from these individuals but failed because they set overly high prices.

The Quang Ninh People’s Committee recently decided to take back 240 hectares of land and water surface leased since 2019 for the development of a golf course, high-end resort and 5-star hotel (Monbay Van Don project) in the Ao Tien area of Van Don district. The project was registered by HDMon Van Don.

HDMon Van Don sent a document on terminating investment activities on the project in February.

In June 2022, the Quang Ninh Investment Support Service Center noted the issuance of bidding documents to choose investors to implement the project.

Prior to that, in April 2022, the Van Don Economic Zone Management Board released a decision approving the list of investors satisfying the requirements on capability and project experience.

There were two investors – HDMon Van Don and the joint name of Van Phat Hung Investment and Development and Xuan Dinh Investment and Construction.

A series of projects revoked

Many other localities have also recently revoked licenses and stopped projects because of slow implementation.

In Quang Ninh, provincial authorities decided to cancel Decision No 16 dated January 7, 2010 under which land was allocated for a project with a total area of 6,577 sq m in Bai Chay ward in Ha Long City.

Under the decision, Quang Ninh province approved the 1/500 construction planning. In November 2011, the province released Decision 3486, allowing Indevco to divide the land plot into high-end villas. 

However, 12 years have elapsed since the day of approval, and though located in an advantageous position, it remains a deserted land, while a series of buildings and hotels have been built nearby.

According to Quang Ninh People’s Committee, the project planning is no longer suitable to the planning adjustments of Ha Long City by 2040, and no longer suitable to the 1/2000 subdivision planning on building a high-end tourism, service and entertainment center (sub-division 6) in the wards of Bai Chay, Hung Thang and Ha Khau.

In Vinh Phuc, the provincial Department of Planning and Investment publicized four projects on housing and urban areas which have been revoked. These include the Nui Bau Urban Area – Zone 2; Hoang Vuong housing project; and two social housing projects.

In addition, the province approved proposals by investors on terminating the operation of seven service, trade and production projects.

In Hanoi, the People’s Committee has revoked four projects as investors have not implemented them over the last 10 years, and they have sent documents to get back the land and stop the projects. These include Prime Group, Vinalines, BMC and Viet A new urban areas.

Meanwhile, the Hoa Binh provincial People’s Committee last June released a notice on stopping surveys and procedures for four projects related to FLC Group, namely Yen Thuy complex of resort, ecological urban area, sports and entertainment areas (704.8 hectares); Quynh Lam multi-functional center in Hoa Binh City (19 hectares); Tong Dau Ecological Urban Area and Resort Center (118 hectares) and Thung Nai resort, eco-urban, sports and entertainment area (981 hectares).

Hong Khanh


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