After a long period of "soaking" progress, many project investors in Da Nang are looking for ways to transfer or wait for competent authorities to adjust planning and progress.
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| The Pearl of Asia Coastal Tourism Project of the Pearl of Asia Joint Stock Company is many years behind schedule. |
Many projects have been "frozen" for nearly 10 years
In Da Nang, many projects were granted investment certificates/investment policy decisions before 2016, but implementation was slow. According to Ms. Nguyen Thi Thanh Huong, Deputy Director of the Da Nang Department of Planning and Investment, the main reason for projects not being implemented or being slow to implement is due to the limited financial capacity of some investors, the prolonged project implementation process, and some projects being temporarily suspended.
Along with that, some projects in the process of planning and construction procedures are stuck due to incompatibility with the 2017 zoning plan, or the general plan, and must wait for the new zoning plan to be issued or the general plan to be adjusted, then there is a basis for implementing the next procedures such as approving detailed planning, basic design, etc. Some projects are stuck with land procedures waiting to be resolved and some projects are slow in site clearance, leading to delays in handing over actual land to investors, etc.
-DAP Vietnam Project of DAP Company Limited
-DAP 1 Vietnam Project of DAP 1 Company Limited
-DAP 2 Vietnam Project of DAP 2 Company Limited
-Asian Pearl Coastal Tourist Area Project of Asian Pearl Joint Stock Company
-Da Nang Center 5-star hotel and luxury apartment complex project of Vu Chau Long Real Estate Joint Stock Company
-IVV Sea Tourism Project of IVC Company
-Golden Square high-end commercial, office, hotel and apartment complex project of Dong A Real Estate Joint Stock Company (the project has ceased operation)
- Project of Vien Dong Meridian Trade Center, Office, Hotel, Luxury Apartment of Vien Dong Real Estate Joint Stock Company (project has ceased operation)
Regarding objective reasons, the Department of Planning and Investment of Da Nang said that in the 2 years of the Covid-19 pandemic outbreak (2020 - 2021), the process of implementing project implementation procedures was seriously affected due to social distancing, economic difficulties, and disruptions in raw materials and labor sources. After the pandemic, the global economy and Vietnam continued to face many difficulties due to the impact of the world political situation, affecting production, income, and consumption of people, and the financial resources of enterprises became increasingly limited. Therefore, many enterprises had to rebuild their production and business plans to suit the actual situation of the unit as well as market demand. This led to many projects being behind schedule compared to the original plan.
"Asking" the City to find investors to transfer the project
According to the investigation of the Investment Newspaper reporter, regarding the Da Nang Center 5-star hotel and luxury apartment complex project of Vu Chau Long Real Estate Joint Stock Company at land plot No. 8 - Phan Chau Trinh, on February 12, 2024, this company proposed that in case the City continues to reclaim the Project land for public use, the Company agrees and requests to be compensated in cash, or exchanged with land use rights at another land plot of the City with equivalent value.
The second option, in case of cancellation of land acquisition, Vu Chau Long Real Estate Joint Stock Company does not have enough financial capacity to continue implementing the Project and "asks" the City for support in finding investors to transfer the Project.
On March 23, 2024, the Office of the People's Committee of Da Nang City announced the conclusion of the Chairman of the People's Committee of Da Nang City, Le Trung Chinh. Accordingly, in case Vu Chau Long Real Estate Joint Stock Company does not have enough financial capacity to continue implementing the Project and requests the City to support finding interested investors to introduce to the Company to transfer the project, the Department of Planning and Investment will urgently study and handle this proposal of the enterprise in accordance with regulations.
The head of the Da Nang City government assigned the Department of Planning and Investment to preside over and coordinate with relevant agencies to work and reach an agreement with Vu Chau Long Real Estate Joint Stock Company in the spirit of adjusting the planning appropriately so that the Company can continue to implement the Project.
According to Ms. Nguyen Thi Thanh Huong, the Department of Planning and Investment of Da Nang has sent an official dispatch to Vu Chau Long Real Estate Joint Stock Company and the Investment Promotion and Support Board to seek new partners to participate in the Project in order to soon put the Project into construction. The units are looking for partners.
Regarding the Golden Square high-end commercial, office, hotel and apartment complex project of Dong A Real Estate Joint Stock Company, the Department of Planning and Investment of Da Nang has terminated the project. Dong A Real Estate Joint Stock Company is carrying out procedures to transfer land use rights and assets attached to the land.
Meanwhile, after terminating the operation of the Vien Dong Meridian Trade Center, Office, Hotel, and Luxury Apartment Project (No. 84 - Hung Vuong), the 11,170.6 m2 land plot (commercial and service land) transferred the land use rights and assets on the land to Kinh Bac Da Nang One Member Co., Ltd. It is known that the new investor has been granted a new land use right certificate and is carrying out planning adjustment procedures.
Mr. Vo Nguyen Chuong, Deputy Director of the Department of Natural Resources and Environment of Da Nang, said that this agency has issued documents requesting coastal project investors to report on project progress. However, due to many problems such as land acquisition, zoning planning, etc., the projects are slow to be implemented.
“The Department of Natural Resources and Environment of Da Nang has worked with project investors to identify the behavior of delaying land use and extending the land use schedule. The investors also committed to implementing the project in 2024 and sent a document to the Department of Planning and Investment requesting adjustments to the project investment policy,” said Mr. Chuong.
Regarding projects that are behind schedule due to problems related to adjusting zoning plans, Ms. Huong said that the People's Committee of Da Nang City is focusing on speeding up the progress of establishing and adjusting zoning plans. Up to now, the People's Committee of Da Nang City has approved the East bank of the Han River, the Da Nang Bay, the Suon Doi urban area, the Lien Chieu Port area, and the High-tech area. At the same time, it has directed the Department of Construction and the People's Committees of districts to actively support investors in carrying out planning and construction procedures so that investors can soon implement the project.
According to Ms. Huong, for projects that are behind schedule or out of schedule but have not been implemented due to land issues, the People's Committee of Da Nang City has directed the Department of Natural Resources and Environment to coordinate with relevant units to actively research and advise on removing difficulties and obstacles under the authority of the City, and promptly determine additional financial obligations for investors. In addition, Da Nang continues to work with central ministries and branches to find solutions for projects that are facing difficulties.
“For projects that are behind schedule or out of schedule but have not yet started construction (due to investors), the People's Committee of Da Nang City assigns the Department of Natural Resources and Environment to inspect the progress of land use, the Department of Planning and Investment to inspect the slow progress of projects, thereby grasping the difficulties and problems of enterprises to report to the People's Committee of Da Nang City for appropriate solutions, strictly handling cases where investors do not implement projects according to regulations", Ms. Huong informed.
Source: https://baodautu.vn/batdongsan/loat-du-an-tai-da-nang-tim-ke-ve-sau-thoat-xac-d222678.html
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