Auction of prime beachfront land in Quy Nhon starts at nearly 37 million VND/m2.

(Dan Tri Newspaper) - A prime piece of land, nearly 11,000 square meters in size, located in a strategic position by the sea in Quy Nhon (Binh Dinh province), was auctioned with a starting price of nearly 37 million VND per square meter, under a one-time payment for the entire 50-year lease term.

On January 7th, the Land Development Center of Binh Dinh province announced that it is calling for investors to participate in the auction for land use rights for the K200 land plot project, located on An Duong Vuong Street, Nguyen Van Cu Ward, Quy Nhon City.

This project has a total area of ​​nearly 11,000m2, of which 5,860m2 is construction land with a starting price of approximately 37 million VND/m2. The remaining more than 4,900m2 is green space, yards and internal roads, with a starting price of over 11 million VND/m2.

The K200 land plot has a prime location very close to Quy Nhon beach (Photo: Doan Cong).

The starting price for land use rights and one-time land lease payments for a 50-year term is over 270 billion VND. Investors participating in the auction must ensure their own capital is not less than 20% of the total project investment.

The land has been cleared and is considered "prime real estate" in the heart of Quy Nhon city, with a strategic location near the sea. The intended use is to build a 5-star hotel complex, office space for rent, and a commercial and service center.

The total investment for the project is VND 2,500 billion, excluding the land use fee from the winning bid. According to the architectural plan, the project will include 40-45 above-ground floors (1 podium and 1 tower) and a maximum of 3 basement floors for parking to serve the needs of the hotel or commercial businesses.

The K200 plot of land has been vacant for many years (Photo: Doan Cong).

Mr. Tran The Buu, Director of the Land Development Center of Binh Dinh province, said that the provincial leaders want to build a 5-star international hotel on this land to serve as a landmark for Quy Nhon city. However, due to the large scale of the project, no investor with sufficient capacity to implement it has been found yet.

"Compared to the scale of the project, the starting bid price is insignificant. However, this is a large project, and if the winning bidder is slow to implement, the project will be revoked, so there must be an investor with truly sufficient financial capacity," Mr. Buu emphasized.

This prime piece of land was once slated by the Binh Dinh Provincial People's Committee for a joint venture between Thien Hung Import-Export Co., Ltd. and An Phu Group JSC to develop the Thien Hung high-end hotel, commercial, and apartment complex project, with a total investment of 2,900 billion VND.

In 2018, the People's Committee of Binh Dinh province issued a decision to revoke the investment approval for the Thien Hung Hotel, Commercial and High-End Apartment Complex project due to the investor's slow implementation, in order to find a new investor.

Source: https://dantri.com.vn/bat-dong-san/dau-gia-khu-dat-vang-ben-bien-quy-nhon-khoi-diem-gan-37-trieu-dongm2-20250107171253373.htm