The administration in Da Nang, central Vietnam has developed solutions to address three abandoned property projects located in prime areas of the coastal city.

The three projects include Da Nang Center, Golden Square, and Vien Dong Meridian.

At a press conference on Tuesday discussing the city’s performance during the first half of the year, the municipal Department of Planning and Investment revealed that Vu Chau Long Real Estate JSC, the investor behind the Da Nang Center project at 8 Phan Chau Trinh Street, proposed two plans for the site in February.

The first plan suggests that if the city reclaims the project’s land for public use, the company would return the land and request compensation either in cash or with another land lot of equal value.

The second plan proposes that if the city cancels its reclamation, it should find a new investor for the project.

On April 22, the Department of Planning and Investment contacted Vu Chau Long Real Estate JSC and the Da Nang Investment Promotion and Support Board to seek a new partner for the project, following the firm's proposals being reported to the municipal People’s Committee.

The Da Nang Center project, spanning nearly 8,000 square meters and valued at VND498 billion (US$19.7 million), was intended to feature high-end apartments, a trade center, and a five-star hotel.

Construction began in 2008 and a fence was completed in September 2009. However, the project has remained deserted since then.

The Golden Square project was launched by Dong A Land JSC in 2008 and was officially halted on December 15, 2022 following the company’s proposal to terminate it.  

Dong A Land JSC is completing procedures to transfer the land and land-attached asset use rights.

The Golden Square project was envisaged to cover 10,600 square meters of land and include three towers and two basements with an estimated investment of VND1 trillion ($39.6 million), Dau tu (Investment) newspaper reported.

The project was scheduled to be carried out from February 2008 to February 2011.

However, its completion time was subsequently extended to October 31, 2018.

The project was put on hold following the construction of a surrounding fence, two basements, and four floors.

Regarding the Vien Dong Meridian project at 84 Hung Vuong Street of Vien Dong Vietnam Land JSC, the city issued the investment certificate for it in 2007 and announted the project’s cessation in 2019.

The land for the project was later transferred to Kinh Bac Da Nang Investment Co. Ltd., which is currently completing procedures to adjust its land use purposes to match the city’s planning.

Vien Dong Meridian was planned to be a 220-meter-high building with 48 floors and three basements.

The skyscraper would feature a trade center, an international convention center which could accommodate 1,500 people, a four-star hotel, as well as high-end offices and apartments.

Construction began on the project in 2010 and was expected to be completed in 2012 at an estimated cost of $180 million, according to Nha Dau Tu (Investor) magazine.

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