‘Golden land’ on Quy Nhon beach to go under the hammer this month

A prime land lot next to Quy Nhon beach in the south central province of Binh Dinh will have its land use rights auctioned on October 28.

The land will be used to implement a VND2.5 trillion ($102.5 million) project to build a 5-star hotel, office and trade-service center, a provincial official says.

Nguyen Bay, director of the province’s Investment Promotion Center, said this land lot, called K200, covers nearly 11,000 square meters on An Duong Vuong street in Quy Nhon town. Of this, about 6,000 square meters has been assigned for construction and the remaining area for parks, yards and internal roads. The site has been cleared and its starting price is about VND250 billion ($10.25 million).

Bidding documents should be submitted no later than 4:00 p.m. on October 20 and the qualifying round (indirect bids) will be conducted in accordance with regulations no later than 4:00 p.m. the same day at the provincial Property Auction Service Center.

The auction is scheduled for 8:30 a.m. on October 28.

According to the center, the land use term is 50 years from the date the project investor is recognized as the auction winner.

The investor must complete investment preparation procedures in accordance with current regulations in order to start construction on schedule within 12 months of the provincial People’s Committee recognizing the auction results.

The project construction period shall not exceed 30 months from the date the construction permit is issued.

If the investor violates the above project implementation schedule, the project and land can be revoked.

K200 is considered "golden land" because of its prime location at the heart of Quy Nhon town.

In 2017, the provincial People's Committee approved the investment policy for a hotel, commercial and luxury apartment complex with a total investment capital of more than VND2.9 trillion ($118.9 million).

However, this was withdrawn in July 2018 because the investor did not implement the project as committed.

In June 2023, the provincial administration approved an investment policy to auction land use rights of the “golden land.”