Khanh Hoa province opens bidding for $3.6 bln urban area project

Khanh Hoa province is calling on investors to bid for a mega urban area project near Cam Ranh Bay with an initial investment of VND85.29 trillion ($3.64 billion) and covering 1,254 hectares.

The "Urban area by Cam Ranh Bay" project, approved by Prime Minister Pham Minh Chinh in April, is set to feature a housing complex, public services, parks and green spaces, a trading center, resort facilities, a golf course, and a theme park.

The project will also need an additional VND997.3 billion ($42.53 million) for site clearance. Its construction is scheduled to take place from 2023-2027.

The project, spreading across 10 wards and communes in Cam Ranh town, is expected to accommodate 230,779 people, featuring 10,732 villas, 8,474 semi-detached houses, and 19,816 social housing units.

The south-central province has asked potential investors, both domestic and foreign, to submit their applications by 5 p.m., May 25, 2023 at the latest.

Khanh Hoa province is home to Nha Trang, one of the world’s most beautiful bays. It is located about 450 kilometers north of Ho Chi Minh City, Vietnam’s southern economic hub, and is well-known for its long beach, islands and islets.

In June 2022, the National Assembly, the country's highest legislative body, issued a resolution on distinct mechanisms and policies for Khanh Hoa to be implemented on a pilot basis to attract only mega projects. It also specified that urban area projects should accommodate at least 50,000 people or cover at least 300 hectares.

Khanh Hoa's retail and service revenues reached VND34.37 trillion ($1.47 billion) in the first four months of 2023, up 17.45% year-on-year, according to the provincial statistics office. Of which, the real estate sector amassed VND2.48 trillion ($105.7 million), down 11.66%.