Commercial service complex worth over 200 billion 'hanging' on prime land along Huong River

Despite being extended for another 24 months, the Commercial Service Complex project at 243 Nguyen Sinh Cung (My Thuong Ward, Hue City) implemented since 2018 is still unfinished, immobile, and overgrown with weeds.

The project is invested by Dong A Infrastructure Joint Stock Company, and was approved by the People's Committee of Thua Thien-Hue Province (now Hue City) for the auction results of land use rights at the end of 2018. The land for implementing the project is located in a prime location on the frontage of Nguyen Sinh Cung Street and close to the Huong River.

According to the approval, the project has a total area of over 12,080m2, a land lease term of 50 years from the date of recognition of the auction results, with a total investment of over 200 billion VND. According to the initial plan, the commercial service complex will be completed within 24 months and put into operation in early 2021. However, up to now, the project is still in disarray.

The commercial service complex project's building structure has been completed but construction has stopped.

In fact, for many years, the project has barely carried out any further construction. The project area is like a wasteland, with only one guard on duty.

The project is surrounded by a tightly closed corrugated iron fence, the main gate is locked and rusty.

Meanwhile, the waterfront land at 243 Nguyen Sinh Cung, located next to the project with an area of 1,000 m2, was also auctioned by Dong A Infrastructure Joint Stock Company, investing in the construction of a tourist boat dock on the Huong River with a total investment of over 20 billion VND. To date, this area is still a vacant lot, full of bushes.

According to the Hue City Department of Finance, the reason for the delay in the progress of the above two projects is due to the severe impact of the COVID-19 pandemic, leading to financial difficulties for investors. Regarding the Commercial Complex project at 243 Nguyen Sinh Cung, on January 8, 2024, the People's Committee of Thua Thien-Hue Province (now Hue City) continued to extend the land use progress for 24 months to create conditions for the investor to restart the project.

However, according to records, more than 1 year since the extension, the project continues to be "inactive" with no signs of restarting.

According to the Hue City Department of Finance, the unit periodically organizes project supervision according to regulations. The Department also reports and proposes to the City People's Committee that when the land use term expires, the Department of Agriculture and Environment will handle it according to the provisions of the land law and the auction winning decision.

The Hue City Department of Construction said that the unit has repeatedly requested the investor of the two projects, Dong A Infrastructure Joint Stock Company, to urgently carry out investment and construction procedures in accordance with the commitment. If after the extension period the project continues to be delayed, the unit will consider and propose handling according to regulations.

Source: https://baolangson.vn/to-hop-thuong-mai-dich-vu-hon-200-ty-tréo-tren-khu-dat-vang-ven-song-huong-5056462.html