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.
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).