A 4.2 trillion VND model project abandoned in Quang Nam : Awaiting guidance from ministries.
The Home Land Paradise Village urban housing project, with an investment capital of 4,200 billion VND, owned by Dana Home Land Urban Investment and Development Joint Stock Company, has been abandoned for many years and its progress deadline has not been extended.
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| The Home Land Paradise Village urban housing project has an investment capital of 4,200 billion VND. |
The 56.6-hectare project was adjusted down to 31.4 hectares.
The Quang Nam Provincial People's Committee Office announced that it has submitted a report to the Provincial Party Secretary regarding the Home Land Paradise Village housing project in the Dien Nam - Dien Ngoc New Urban Area (Dien Ban town), with Dana Home Land Urban Investment and Development Joint Stock Company (Dana Home Land) as the investor.
According to the Quang Nam Provincial People's Committee, the project was initially assigned to the Quang Nam Transportation Construction Company as the investor. In 2007, the Provincial People's Committee revoked the assignment and transferred it to Chi Thanh Co., Ltd. as the investor for Urban Area No. 6.
Chi Thanh Co., Ltd. prepared an adjusted detailed planning (1/500 scale) which was approved by the Provincial People's Committee with an area of 56.6 hectares. The Provincial People's Committee also issued a decision on land acquisition and allocation to Chi Thanh Co., Ltd. for investment in construction and business of infrastructure, with an allocated land area of 56.6 hectares in 2008.
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| The project was expected to be completed by June 2022, but it remains unfinished to this day. |
By 2013, due to the adjustment of the Co Co River section bordering Da Nang City and Quang Nam Province for dredging to clear the waterway from Da Nang to Hoi An, this new river route was located on a portion of Urban Area No. 6, covering approximately 2.79 hectares. Therefore, the Quang Nam Provincial People's Committee decided to reduce the area of Urban Area No. 6 from 56.6 hectares to 53.8 hectares.
By 2015, due to Chi Thanh Co., Ltd. failing to pay land use fees as required, the Provincial People's Committee issued Decision No. 4263/QD-UBND to revoke approximately 22.45 hectares of land.
Due to various reasons, including financial difficulties, Chi Thanh Limited Company borrowed money from Vietnam Public Commercial Bank, using assets acquired with the loan as collateral.
On June 29, 2018, Vietnam Public Commercial Bank (VCB) entered into a debt purchase agreement with Dana Home Land Company. Under this agreement, Dana Home Land acquired the entire debt of Chi Thanh Company Limited from Vietnam Public Commercial Bank.
On November 14, 2018, Chi Thanh Co., Ltd. and Dana Home Land Co., Ltd. held a meeting and agreed on a plan to transfer a portion of the Urban Area No. 6 project in the Dien Nam - Dien Ngoc new urban area, Dien Ban town, with the following contents: Chi Thanh Co., Ltd. agreed to transfer 27.96 hectares of the Urban Area No. 6 project to Dana Home Land Co., Ltd. as the investor.
For the remaining area of 3.38 hectares, Chi Thanh Co., Ltd. proposes that the principle of allowing continued investment and construction be approved.
After receiving approval from the Provincial People's Committee for the transfer, Dana Home Land Company completed the procedures for adjusting the detailed construction planning (1/500), obtaining approval for the investment policy, approving the environmental impact assessment report, and appraising the construction design.
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| To date, the project's implementation deadline has not been extended. |
Simultaneously, building upon the existing legal framework of the Urban Area No. 6 project, Dana Home Land Company continues to construct the project's technical infrastructure components, including land leveling, transportation systems, drainage, and the majority of housing units, in accordance with the approved revised plan.
According to the Quang Nam Provincial People's Committee, this is the first project in the province implemented under Resolution No. 42/2017/QH14 of the National Assembly on piloting the handling of bad debts of credit institutions; the regulations on land procedures are still not specific. To date, the project has not been allocated land or had its financial obligations regarding land determined.
The Quang Nam Provincial People's Committee also stated that it has directed the Department of Natural Resources and Environment to take the lead and coordinate with relevant agencies and units to inspect, review, and advise the Provincial People's Committee on a document to continue requesting the Ministry of Natural Resources and Environment and other relevant central ministries and agencies to provide guidance in order to promptly determine the financial obligations regarding land for the project in accordance with regulations.
The model project has not yet been extended.
After completing the necessary procedures, the project commenced construction in June 2020 and is envisioned as a 4.0 urban area, the first model green urban area in Quang Nam, with an estimated population of approximately 3,200 people, including 94 villa plots, 570 townhouses, and one apartment building with many modern internal amenities. The project has a total investment capital of up to 4,200 billion VND.
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| The road and drainage infrastructure is still in disarray, and many roads within the campus have not yet been paved with asphalt. |
According to the investment approval document from the Quang Nam Provincial People's Committee, the project was supposed to have all technical infrastructure completed, inspected, and put into operation by June 2022. However, nearly two years past the deadline, the construction remains unfinished and incomplete.
According to reporters' observations, the project lacks construction workers, with numerous rows of unfinished, dilapidated buildings. The infrastructure, including roads and drainage ditches, is in disarray, and many roads within the complex have not yet been paved. Currently, some villas and townhouses are under construction, but the majority remain unfinished. Particularly concerning is the fact that many rows of houses and villas have been abandoned for a long time, overgrown with weeds, and some structures show signs of damage and deterioration.
According to Mr. Nguyen Xuan Ha, Vice Chairman of the People's Committee of Dien Ban town, the Homeland Paradise Village project has not yet been granted an extension. The project has been stalled due to financial issues, procedural problems, debt trading, and unresolved financial obligations. To date, the project has still not issued land ownership certificates to residents.
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