Dalat Plaza project with investment capital of 267 billion VND will be revoked and terminated.

(Dan Tri) - Lam Dong province authorities said that the investor of the Da Lat Plaza project had been granted two extensions but was still slow in putting the land into use.

On October 25, Lam Dong Provincial People's Committee issued a notice on the revocation of 3,377 square meters that the province had assigned to Delta Tourism Joint Stock Company (Delta Company) to implement the Dalat Plaza Hotel and Commercial Center Complex project (Da Lat Plaza).

This land is located on Phan Nhu Thach Street, Ward 1, Da Lat City. Lam Dong Provincial People's Committee determined that Delta Company had been granted an extension of land use in 2019 and 2021, but has not yet put the land into use.

The Da Lat Plaza project land is located on Phan Nhu Thach Street, Ward 1, Da Lat City, Lam Dong (Photo: Minh Hau).

Lam Dong Province requests that within 45 days from the date of receiving the notice, Delta Company is responsible for organizing the handling of assets on the land. After the deadline, Lam Dong Provincial People's Committee shall issue a decision to reclaim the land according to regulations.

Delta Company was assigned land by Lam Dong Provincial People's Committee in 2007 to invest in the construction of Da Lat Plaza Project. The project's construction items include: internal traffic system; parking lot; water supply and drainage system; service building with architecture up to 14 floors.

Total investment capital of Da Lat Plaza project is about 267 billion VND.

The land has a total area of ​​3,377 square meters, located in a prime location in the center of Da Lat city, Lam Dong (Photo: Minh Hau).

Due to the delay in putting the land into use, on May 3, the Department of Natural Resources and Environment of Lam Dong province submitted a document to the People's Committee of this province, requesting to reclaim the entire land area assigned to Delta Company in the Da Lat Plaza project.

On May 17, Saigon Commercial Joint Stock Bank (SCB) sent a document to the People's Committee of Lam Dong province and relevant agencies requesting to temporarily suspend consideration of land recovery and terminate the operation of the Da Lat Plaza project.

SCB said that the land use right certificate of the Da Lat Plaza project that the Lam Dong Provincial People's Committee granted to Delta Company in 2007 is the collateral for the loan of Oak Hill Investment Joint Stock Company at SCB. The principal debt of this loan as of April 30 is 734 billion VND.

Therefore, the decision of Lam Dong Provincial People's Committee to reclaim land and terminate the Da Lat Plaza project caused the loan with the above outstanding debt to no longer have collateral, affecting SCB's ability to recover debt.

A corner of the Da Lat Plaza project land (Photo: Minh Hau).

SCB also said that the above-mentioned collateral assets are on the list of prohibited, restricted transactions and transfers as requested by the Ministry of Public Security's investigation agency due to their involvement in a criminal case. In case the Lam Dong Provincial People's Committee reclaims the land and terminates the project, it will affect the process of resolving the case.

Regarding SCB's proposal, in early June, Lam Dong Provincial People's Committee assigned the Department of Planning and Investment to preside over and coordinate with relevant units to organize inspection and review of the progress of the Da Lat Plaza project; compare legal regulations on investment to handle according to regulations; fully implement the conditions and procedures to propose to terminate the investment project according to regulations.

Source: https://dantri.com.vn/bat-dong-san/se-thu-hoi-cham-dut-du-an-da-lat-plaza-co-von-dau-tu-267-ty-dong-20241025123757256.htm