$681 mln central Vietnam urban area project eyed by Sun Group gets authorities' nod
A VND17.3 trillion ($681 million) urban area project that is drawing the interest of major realty developer Sun Group has received an in-principle approval from Khanh Hoa province's administration.
A view of Nha Trang town, Khanh Hoa province, central Vietnam. Photo by The Investor/Bui Thao.
The project will span 226 hectares in Vinh Thai commune and Phuoc Long ward in Nha Trang town. It is set to include 4,200 commercial houses, 1,500 social apartments, and 5.91 hectares dedicated to social housing development, accommodating up to 20,000 residents.
The total investment includes VND1.05 trillion ($41.67 million) worth of cost for compensation and resettlement. Construction is expected to begin in the first quarter of 2025, with a six-year completion timeline and a 50-year operational period.
Notably, the project is anticipated to feature a theme park and tourism accommodations, aiming to become a new destination for both locals and visitors, the provincial government said.
Earlier, Sun Group, among the largest real estate developers in the country, had asked for local approval to develop this project.
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