New movements at 2 trillion-dollar projects of Phat Dat in Binh Dinh

The Bac Ha Thanh Urban Renovation and Residential Area Project was extended to early 2027 for completion, while the Cadia Quy Nhon Project restarted after a long suspension.

Panorama of the Bac Ha Thanh Urban Renovation and Residential Area Project under construction. Photo: Phat Dat.

The Chairman of Binh Dinh Provincial People's Committee has agreed to extend the implementation progress of the Bac Ha Thanh Residential Area and Urban Renovation Project in Phuoc Thuan Commune, Tuy Phuoc District to January 1, 2027 (an additional 24 months) at the request of the Department of Planning and Investment and related sectors (according to the request document dated July 30, 2024); at the same time, the Department of Construction is assigned to coordinate with the investor to adjust the Investment Project Contract using land.

Regarding the proposal of the investor to invest in construction and business of the project in the form of transferring land use rights that have completed investment in technical infrastructure and implementing the project business in the form of dividing plots for sale for organizations and individuals to build their own houses; The Chairman of the People's Committee of Binh Dinh province assigned the Department of Construction to guide the investor to implement according to regulations.

Recently, Phat Dat Real Estate Development Joint Stock Company informed that on August 16, 2024, the Department of Construction of Binh Dinh province issued Official Dispatch No. 2863 confirming that Phat Dat Real Estate Development Joint Stock Company's request for the area to build houses for business and the area to transfer land use rights in the form of subdivision and sale of land plots at Bac Ha Thanh Urban Area Project is in accordance with Decision No. 74/2023/QD-UBND of the People's Committee of Binh Dinh province.

In addition, Phat Dat Real Estate Development Joint Stock Company mentioned that, according to the content of this document, the Department of Construction clearly stated that the Bac Ha Thanh Urban Area Project of the investor is eligible to carry out the next related procedures, including the performance of financial obligations related to land.

The Bac Ha Thanh Residential Area and Urban Improvement Project has a total investment capital of about 2,343 billion VND; area of 43.16 hectares. As of August 13, 2024, Phat Dat Real Estate Development Joint Stock Company has been allocated more than 90% of the land by the People's Committee of Binh Dinh province. The initial project implementation progress is 50 months from November 1, 2020 (ie until January 2025).

Previously, in early July 2024, the Chairman of Binh Dinh Provincial People's Committee also agreed to adjust the implementation schedule of the High-class Hotel Service Trade Center Project (5-star hotel) at No. 01 Ngo May, Nguyen Van Cu Ward, Quy Nhon City with the project completion time being the first quarter of 2026.

After a period of suspension, Cadia Quy Nhon Project has resumed construction.

After being extended, the Cadia Quy Nhon Project was re-implemented by the investor.

The project at land plot No. 01 Ngo May Street, Quy Nhon City has the commercial name Cadia Quy Nhon, the winning bidder is the Joint Venture of Phat Dat Real Estate Development Joint Stock Company, AKYN Trade and Service Investment Joint Stock Company and 559 Investment Joint Stock Company. Currently, the investor is Ngo May Real Estate Investment Joint Stock Company, the total investment capital of the project is more than 1,126 billion VND.

According to the reporter of Investment Newspaper on August 22, 2024, many machinery and workers are working at Cadia Quy Nhon Project after a long period of project suspension.

Cadia Quy Nhon project is under foundation construction.

Phat Dat Real Estate Development Joint Stock Company informed that the company has set aside 400 billion VND (from capital mobilized through selling shares) to implement the Cadia Quy Nhon Project.

Source: https://baodautu.vn/batdongsan/chuyen-dong-moi-tai-2-du-an-nghin-ty-cua-phat-dat-tai-binh-dinh-d223481.html