Tourists come to visit and experience Novaland 's Novaworld Phan Thiet project - Photo: NGOC HIEN
The People's Committee of Binh Thuan province has just issued a decision allowing the change of land use form for the Ocean Valley tourist complex project (NovaWorld Phan Thiet project of Novaland) in Tien Thanh commune, Phan Thiet city.
Part of NovaWorld Phan Thiet project has changed the form of land rental payment.
According to the decision of the People's Committee of Binh Thuan province, more than 381 hectares of commercial service land (out of a total of more than 799 hectares of commercial service land) of the NovaWorld Phan Thiet project are allowed to change from annual land rental payment to one-time land rental payment for the entire rental period.
At the same time, the province also granted a certificate of land use rights and ownership of assets attached to the land to Delta - Valley Binh Thuan Company Limited (project investor) which has fulfilled its financial obligations as prescribed.
In addition, Binh Thuan province also issued Decision No. 1209 on approving the adjustment of investment policy for the project, focusing on 3 contents, including investor approval, project objectives and project implementation progress.
In particular, the updated project's objectives are to invest in villas, commercial areas for sale and business (commercial service land), invest in building high-class hotels, public works, combined with investment in projects such as golf courses, restaurants, hotels and utilities...
Regarding the progress of investment project implementation, Binh Thuan Provincial People's Committee divided the project into 2 phases.
From 2008 to the first quarter of 2024, a number of items such as resettlement area infrastructure have been completed, and a number of major projects such as hotels, amusement parks, resort villas, commercial areas, golf courses, and sea squares have been put into operation.
Phase 2 (implemented from Q2-2024 to Q4-2028), the investor continues to carry out compensation, support, resettlement and land procedures, and continues to complete unfinished construction items.
The investor completes licensing procedures and starts construction of the remaining project items to complete the entire project from the fourth quarter of 2028.
Notably, this decision also stipulates that real estate business activities of this project can only be applied to works with functions serving commercial, service and accommodation purposes when meeting all conditions prescribed by law.
In addition, Binh Thuan also requires that housing business and other types of real estate that serve residential purposes are not allowed according to the provisions of the law on housing.
Novaland says it has completed key legal steps
Speaking with Tuoi Tre Online , a Novaland representative said the recently approved decisions have completed the key legal steps of the NovaWorld Phan Thiet project.
According to Novaland, adjusting the investment policy and changing the land use form for the project is a prerequisite for Novaland to continue working with credit institutions to provide capital for the project to continue implementation and soon put into synchronous operation.
Novaland said that for the NovaWorld Phan Thiet project, banks have provided credit packages of up to VND7,558 billion and are disbursing according to schedule.
At the same time, a number of financial institutions have also committed to providing additional loan packages for Novaland to continue construction and handover of products in the project's subdivisions.
Novaland has handed over 1,500 villas and townhouses.
As of June 2025, NovaWorld Phan Thiet has handed over 1,500 villas and townhouses. Of these, more than 750 villas have been completed and put into operation for rent.
NovaWorld Phan Thiet is one of Novaland’s largest projects, with an area of nearly 1,000 hectares and an estimated total investment of 5 billion USD. The project has been adjusted many times during the implementation process and has been suspended in recent years due to legal problems.
NGOC HIEN
Source: https://tuoitre.vn/du-an-5-ti-usd-cua-novaland-o-phan-thiet-duoc-go-vuong-toi-dau-20250629200859682.htm
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