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Vietnam’s Central Highlands province to auction prime properties to fund expressway projects

Vietnam’s Central Highlands province to auction prime properties to fund expressway projects

Monday, April 17, 2023, 20:43 GMT+7
Vietnam’s Central Highlands province to auction prime properties to fund expressway projects
Prime land lots are located at Lam Vien Square and Xuan Huong Lake in downtown Da Lat, a tourist attraction in Lam Dong Province, located in Vietnam’s Central Highlands. Photo: M.V. / Tuoi Tre

The administration of Lam Dong Province plans to auction some plots of land in prime locations in Da Lat City, its capital, to raise funds for developing expressway projects running through this Central Highlands locality.

Lam Dong is expected to earn more than VND3.1 trillion (US$132 million) from the land auction, the provincial People’s Committee said on Monday.

The proceeds of the land auction will be used to finance the development of the Tan Phu-Bao Loc and Bao Loc-Lien Khuong expressway projects in the 2021-25 period, according to the provincial Department of Finance.

Specifically, the Vietnamese province is set to auction land lots A2 and A3 which span over 7,000 square meters at Lam Vien Square and earn an estimated VND342 billion ($14 million) in revenue.

Zone A and zone B covering 26,700 square meters at Tran Quoc Toan Park could also go for around VND1.55 trillion ($66 million).

A 150ha parcel of land in Tuyen Lam Lake could sell for VND983 billion ($41 million).

The expressway projects will link Ho Chi Minh City with Da Lat City in Vietnam’s Central Highlands province of Lam Dong. Photo: M.V. / Tuoi Tre

The expressway projects will link Ho Chi Minh City with Da Lat City in Vietnam’s Central Highlands province of Lam Dong. Photo: M.V. / Tuoi Tre

Another plot of land located at No. 7 on Phu Dong Thien Vuong Street is expected to fetch VND70.8 billion ($3 million) at auction.

In addition, the provincial Department of Natural Resources and Environment is seeking a property valuation company to determine the land price of a residential area and looks to earn nearly VND165 billion ($7 million).

The development of the Tan Phu-Bao Loc expressway project, which will link Lam Dong’s Bao Loc City with neighboring Dong Nai Province’s Tan Phu District, will cost an estimated VND17.2 trillion ($734 million). Lam Dong will contribute VND4.5 trillion ($192 million).

The 74km Bao Loc-Lien Khuong expressway project, which will connect with the above-mentioned route, is slated for completion in 2026 and needs over VND19.5 trillion ($833 million) in investment. Of this, the state budget will account for over VND7.7 trillion ($331 million).

Authorities in Lam Dong worked out financial plans to develop these major projects.

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Mai Vinh - Hong Ngan / Tuoi Tre News

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