Vietnam’s Khanh Hoa seeks approval for $1.6bn luxury development via land reclamation
Sunday, March 24, 2024, 16:05 GMT+7
The administration in Khanh Hoa Province, located in south-central Vietnam, has reported to the provincial Party Committee a plan to develop the Tu Bong high-end urban area project, which carries a price tag of VND39.3 trillion (US$1.6 billion) and was designed to encroach on the sea by 1,013 hectares.
The investor of the project is a consortium of Vietnamese companies, namely Ha Long Sun Co. Ltd. and Van Don Sun JSC, according to the provincial authorities.
The project was envisaged to cover nearly 2,600 hectares in Van Ninh District.
Of the total estimated investment for project, the investor will contribute some VND6.3 trillion ($254.3 million), while the remaining VND36 trillion ($1.4 billion) will be mobilized from other resources.
The proposed cost does not include site clearance expenses, including compensation and resettlement, all estimated at over VND2.9 trillion ($117 million).
The investor sought to execute the project from this quarter to the last quarter of 2034 and operate it for 70 years.
The project includes technical infrastructure, houses, land lots, and auxiliary services, such as lodging facilities for tourists, a school, a hospital, a wet market, a trade center, a park system, and a tourist wharf.
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| A view of Van Phong Bay in Khanh Hoa Province, south-central Vietnam. Photo: Tran Huong / Tuoi Tre |
The investor previously submitted the project to the Ministry of Planning and Investment, as the approval falls under the jurisdiction of the prime minister.
In early January this year, the ministry asked the Khanh Hoa administration to get involved in the appraisal of the project.
Therefore, the provincial government sought the provincial Party Committee’s opinions about the project as a compulsory step to complete relevant procedures.
Khanh Hoa officials said the project is in line with Vietnam’s general planning and national land use plan in 2021-30 with a vision to 2050, as well as the province’s development schemes.
The project will be in Khanh Hoa's waters.
The investor must carefully control who enters and the vehicles used in the project area.
Also, once the project is approved and built, foreigners cannot own housing units there, according to the province's rules.
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