VietNamNet Bridge – Big real estate firms have tried to escape from the projects invested under the mode of “exchanging infrastructure items for land,” and from the golden land areas they once had to struggle hard to obtain.
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A lot of BOT (build – operation – transfer) projects in Hanoi have been going at
a snail’s speed, while only several projects invested under the mode have been
completed since 2007. A lot of investors have been trying to give the projects
back to the city’s authorities, because they cannot handle with such huge
projects, while the land areas provided by the city to them under the program of
“exchanging infrastructure items for land” have become no more the “gold mines”
to exploit.
Nam Cuong Group, a big real estate firm, has decided to give back the Thach That
new urban area project to the city, because the project has become no more
suitable to the development program.
This is one of the six urban area projects implemented by Nam Cuong under the
mode of “exchanging infrastructure items for land,” when the real estate
developer suggested the development of the North – South economic backbone route
in the former Ha Tay province, now is a part of Hanoi.
Under the initially designed project, the project would have the length of 63.3
kilometers, the road width of 42 meters and the estimated investment capital of
7694 billion dong.
The backbone route planned to be carried out as BT and BOT project, got the nod
from the Prime Minister on February 5, 2008, and was kicked off by Nam Cuong in
July 2008.
However, later, since Hanoi has been expanded, the Thach That urban area has
become no longer suitable to the capital area development program. Therefore, it
believes that it would be better to give back the capital to the city.
The Song Da Corporation also asked to give back the project on upgrading the
Highway No. 3 (from Hanoi to Thai Nguyen). The proposal has been accepted by
Deputy Prime Minister Hoang Trung Hai, who has asked the Thai Nguyen provincial
authorities and Hanoi authorities to mobilize capital for the implementation.
Under the initial plan suggested by Song Da in 2010, the construction
corporation would implement the highway upgrading project. In return, it would
receive 300-400 hectares of land in Dong Anh district, which it would develop
urban area. However, since the real estate market has become frozen, Song Da has
decided to quit the project.
Meanwhile, Vinaconex 2, the first-class investor of the Kim Van – Kim Lu urban
area project in Hoang Mai district in Hanoi, has sent a petition to the Hanoi
People’s Committee, requesting to summon second-class investors of the project
to receive the clean land for the project implementation.
“Clean land” means the land which is now ready for the construction after other
works, including the compensation for site clearance, have been completed. After
Vinaconex 2 finished its works, it cannot find other investors. The total area
of the land plots “abandoned” by the second-class investors is about tens of
hectares.
A report by the Hanoi People’s Committee showed that tens of projects have
stopped the implementation under the mode of BOT, including the ones worth
hundreds or thousands of billions of dong. Since the program “exchanging
infrastructure for land” fails, some of them would have to be implemented with
the capital from the state budget. However, it’s clear that the state budget is
not big enough to fund the projects.
Compiled by Thu Uyen