Binh Dinh province seeks investors for two 'golden land' projects

By Nguyen Tri, Minh Hue
Wed, February 28, 2024 | 10:58 am GMT+7

The People’s Committee of Binh Dinh province in south-central Vietnam has approved land use rights auction plans for two “golden land” plots in Quy Nhon town with a total investment of nearly VND6 trillion ($243.6 million).

One plot overlooks the park and central square next to Quy Nhon beach, called K200, and covers nearly 11,000 square meters on An Duong Vuong street. The site has been cleared.

'Golden land' lot K200 on Quy Nhon beach, Binh Dinh province, south-central Vietnam. Photo by The Investor/Nguyen Tri.

"Golden land" lot K200 on Quy Nhon beach, Binh Dinh province, south-central Vietnam. Photo by The Investor/Nguyen Tri.

A 5-star hotel, offices for rent and a trade and service center are expected to be built on this plot at a cost of VND2.5 trillion ($101.5 million), excluding land rent. The building will have 40-45 floors and a maximum of three basements

The starting price at the auction, scheduled for the first quarter of 2024, will be decided by the provincial People’s Committee.

In addition, the committee has also approved a plan to auction land use rights for a project to build mixed-use apartments on Tay Son street, Ghenh Rang ward.

This plot covers 7,000 square meters, including over 6,300 square meters of residential land for mixed-use apartments, and the remaining for traffic and technical infrastructure.

The project will include an apartment building with 35-46 floors and a maximum of four basements, housing 4,672 people.

The auction is slated for Q1/2024, with the starting price decided by the provincial People's Committee. The project investment is estimated at nearly VND3.2 trillion ($130 million), excluding land use fees.

The provincial People's Committee requires that within 12 months from the date that it recognizes the results of the auctions, the investors must complete investment preparation procedures in accordance with current regulations to kick off construction.

The construction period should not exceed 30 months from the date of a construction permit being issued. If the developers violate the above schedule, the projects and land will be recovered and the paid auction amounts will be confiscated and paid to the state budget.

"The investors who win the auctions will not be allowed to transfer the investment projects or their land use rights in any form before the projects are completed," the provincial People's Committee said.

Previously, the committee approved a housing development plan for 2024, calling for investments in 216 projects. They include 182 urban and residential area and commercial housing projects, 12 social housing projects, and 22 resettlement projects.

Prominent among those are Phu Hoa Lake sports-culture-tourism-urban area (with an area of 286 hectares and 8,580 units); a housing project in subdivision No. 1, Nhon Hoi Urban Area (57.23 hectares and 1,288 units); and a housing project in subdivision No. 3 - Nhon Hoi Urban Area (36.04 hectares and 811 units).

Comments (0)
  • Read More
Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Sumitomo subsidiary acquires 49% stake in Vietnam’s top crop protection firm

Summit Agro International Ltd., a member of Japanese conglomerate Sumitomo, has acquired a 49% stake in Hop Tri Investment Corporation, a leading crop protection firm in Vietnam.

Companies - Fri, November 22, 2024 | 8:25 pm GMT+7

E-wallets get thin as banking apps prosper in Vietnam

E-wallets get thin as banking apps prosper in Vietnam

E-wallets appear unable to compete strongly against online banking applications in Vietnam, several market observers say.

Banking - Fri, November 22, 2024 | 7:15 pm GMT+7

Use social media influencers in targeted manner for e-commerce success: Vietnam execs

Use social media influencers in targeted manner for e-commerce success: Vietnam execs

Vietnamese companies should use new generation influencers in a targeted manner, prioritizing specific market segments, standardizing quality and focusing on strong product categories to achieve e-commerce success, says Nguyen Ngoc Luan, CEO of Meet More Coffee.

Companies - Fri, November 22, 2024 | 4:26 pm GMT+7

VinFast’s parent, PV Power partner to speed up charging station expansion

VinFast’s parent, PV Power partner to speed up charging station expansion

Vietnamese private conglomerate Vingroup, the parent firm of electric vehicle manufacturer VinFast, and state-controlled PV Power have entered an agreement to develop charging stations across the country and promote rooftop solar installations.

Companies - Fri, November 22, 2024 | 4:11 pm GMT+7

Petrovietnam, Petronas to boost renewable energy cooperation

Petrovietnam, Petronas to boost renewable energy cooperation

Petrovietnam and Petronas, two state-owned oil & gas giants of Vietnam and Malaysia, will further cooperate in renewable energy, including exchange of information, knowledge, and experiences.

Energy - Fri, November 22, 2024 | 2:59 pm GMT+7

FTSE Vietnam ETF may heavily buy Vinhomes, sell Vingroup in upcoming reshuffle: broker

FTSE Vietnam ETF may heavily buy Vinhomes, sell Vingroup in upcoming reshuffle: broker

FTSE Vietnam ETF is forecast to strongly buy in several Vietnamese heavyweights such as Vinhomes, Hoa Phat, and Vietcombank in its upcoming portfolio reshuffle.

Finance - Fri, November 22, 2024 | 2:45 pm GMT+7

$681 mln central Vietnam urban area project eyed by Sun Group gets authorities' nod

$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.

Real Estate - Fri, November 22, 2024 | 1:53 pm GMT+7

Vietnam foreign ministry dismisses allegations of tightening visa rules for foreigners

Vietnam foreign ministry dismisses allegations of tightening visa rules for foreigners

Allegations of Vietnam tightening visa policies and control over foreigners are "baseless", Foreign Ministry spokeswoman Pham Thu Hang said Thursday.

Politics - Fri, November 22, 2024 | 11:29 am GMT+7

Thailand-invested food giant CP fined $31,000 for environmental violations

Thailand-invested food giant CP fined $31,000 for environmental violations

Vietnam’s southern province of Dong Nai has issued a fine of VND790 million ($31,080) to Thailand-invested C.P. Vietnam Corporation for violating environmental regulations.

Companies - Fri, November 22, 2024 | 10:48 am GMT+7

Vietnamese billionaire’s daughter spends $25 mln on Masan share purchases

Vietnamese billionaire’s daughter spends $25 mln on Masan share purchases

Nguyen Yen Linh, the daughter of chairman Nguyen Dang Quang of consumer goods giant Masan Group (HoSE: MSN), has purchased nearly 8.5 million MSN shares over the past three weeks, meeting 85% of her target.

Finance - Fri, November 22, 2024 | 10:27 am GMT+7

PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

PYN Elite manager upbeat about Vietnam’s economy, stock market despite Trump uncertainty

The Vietnamese economy will still fare well, and the local stock market will remain appealing despite the recent pullback following Donald Trump’s election win for a second term, said Petri Deryng, portfolio manager of Finland-based the PYN Elite fund.

Finance - Fri, November 22, 2024 | 8:25 am GMT+7

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

Central Vietnam province plans to build $2.4 bln LNG power plant from 2031

The 4,800-MW Chan May LNG power plant, with an investment of $2.4 billion, can be deployed in 2031-2035, according to Thua Thien Hue authorities.

Energy - Thu, November 21, 2024 | 10:41 pm GMT+7

Indonesia, France step up cooperation in economy, defence

Indonesia, France step up cooperation in economy, defence

Indonesian President Prabowo Subianto discussed economic and defence cooperation during a bilateral meeting on Tuesday with French President Emmanuel Macron on the sidelines of the G20 Summit in Rio de Janeiro, Brazil, Antara reported.

Southeast Asia - Thu, November 21, 2024 | 10:25 pm GMT+7

Thai economy to maintain upward momentum in 2025

Thai economy to maintain upward momentum in 2025

The National Economic and Social Development Council of Thailand (NESDC) expects the Thai economy to sustain its upward momentum in 2025 with a growth of 2.3-3.3% despite growing risks.

Southeast Asia - Thu, November 21, 2024 | 10:24 pm GMT+7

Former parliament chairman Vuong Dinh Hue warned for violations

Former parliament chairman Vuong Dinh Hue warned for violations

The Politburo, Vietnam's supreme decision making body, on Wednesday issued warnings to Vuong Dinh Hue, former Chairman of the National Assembly, and Nguyen Van The, former Minister of Transport, for violations while on duties.

Politics - Thu, November 21, 2024 | 10:10 pm GMT+7

Sumitomo insists on building LNG power plant in central Vietnam

Sumitomo insists on building LNG power plant in central Vietnam

Japanese trading house Sumitomo has been pushing for a liquefied natural gas (LNG)-fed power plant investment in Vietnam’s central province of Khanh Hoa.

Energy - Thu, November 21, 2024 | 8:53 pm GMT+7