Central Vietnam province finds fault with Singapore firms’ real estate project proposals

Two real estate projects proposed by a joint venture comprising two Singaporean and a Vietnamese firm do not match Quang Tri province’s development plans and ground realties, said provincial authorities.

The two projects – a hotel and residential area and a residential complex with a combined investment of $128 million – have been proposed by joint venture of Makara Capital Partners Pte., Ltd. and Sakae Corporate Advisory Pte. Ltd. of Singapore and Vietnam’s Newtechco Group.

According to the Quang Tri Department of Planning and Investment, the draft project document for a 3.49-hectare hotel and housing area in Dong Ha town, with an investment of VND1,640 billion ($67.67 million) does not fit with the town’s land use plan until 2030 and the planning of two districts in the town.

Dong Ha town authorities are updating those plans, the department said, adding that the land lot identified for the draft project has been leased to a local firm, so a feasibility study cannot be conducted.

The other project proposal is for a 11,8750-hectare housing area complex, also in Dong Ha town, with an investment of VND1,464 billion ($60.42 million).

The provincial planning department said this project’s location does not meet the province’s housing development criteria. Furthermore, the location does not feature in the province’s housing development plan until 2025.

However, a feasibility study for the project can be carried out, the department added.

Quang Tri attracted foreign direct investment of $350,000 in the year to November 20, according to the Ministry of Planning and Investment. As of November 20, the central province had lured 26 FDI projects worth $2.52 billion.