Phat Dat's $94 mln residential project in Binh Dinh province granted phase 3 land

Binh Dinh province authorities have issued a decision to allocate nearly 15.8 hectares of land for phase 3 of the Bac Ha Thanh Residential project, developed by Phat Dat Real Estate Development Corporation.

According to Decision No. 2889/QĐ-UBND issued by the provincial People's Committee on Tuesday, 157,741.29 square meters of land will be allocated to Phat Dat, listed on the Ho Chi Minh Stock Exchange as PDR.

The area spans 29 plots (map sheet No. 16), 127 plots (map sheet No. 24), one plot (map sheet No. 54), and one plot (map sheet No. 58) in Phuoc Thuan Commune, Tuy Phuoc district. It is intended for the development of the Bac Ha Thanh Residential Area combined with urban gentrification.

Previously, the project had received land for phase 1 on September 15, 2023, and phase 2 on June 27, 2024.

The Bac Ha Thanh Residential Area includes townhouses, land lots, shophouses, among others, with total investment of approximately VND2,343 billion ($93.54 million).

As of August 16, 2024, the earthworks and land leveling for phase 1 had been over 95% completed. Nineteen out of 20 roads and the phase 1 subdivided areas were finished, while land leveling is underway for the phase 2 subdivided areas and resettlement areas.

Contractors are working swiftly to complete technical infrastructure, laying stone bases on several roads, driving piles, constructing retaining walls, and planting trees.

Concrete foundations have been completed for 64 shophouses out of 92 units. The number of shophouses that have had their first, second and third floors, and roof slabs completed are 57, 49, 37 and 22 units, respectively.

This modern urban area is expected to significantly transform the local urban landscape and generate strong cash flows for Phat Dat Corporation in 2024.