A joint venture between two subsidiaries of Sun Group, a leading Vietnamese property developer, are looking to build a VND39.3 trillion ($1.6 billion) urban area in the south-central province of Khanh Hoa.
The Tu Bong urban project has been outlined in a report submitted to the provincial authorities for a green light. Accordingly, the joint venture – formed between Ha Long Sun Ltd., Co. and Van Don Sun., JSC, proposed the 2,581-hectare project spanning the five communes of Van Ninh district, with 1,031 hectares encroaching on the sea.
Of the total investment of VND42.26 trillion including site clearance costs, VND6.3 trillion ($254 million) will come from the investor while the remaining VND35.91 trillion from other sources.
The project, slated to span 70 years, will be implemented from the first quarter of 2024 to Q4/2034.
According to a pre-feasibility study report, it will have 985 low-rise terraced houses, 5,191 apartments, and 18,113 lots of residential land.
While acknowledging that it aligns with national and local planning, particularly the Van Phong Economic Zone, the municipal authorities clarified that the developer is not allowed to grant housing ownership to foreigners because of the project’s proximity to the Khanh Hoa coastal border area.
The project has been submitted to the Ministry of Planning and Investment for consideration.