Dong Nai Provincial People's Committee allocates land to Novaland to implement project in Aqua City

The People's Committee of Dong Nai province has just issued a land allocation decision for the Cu Lao Phuoc Hung High-end Urban Area (Phoenix Island) under Novaland 's Aqua City project. On November 14, the People's Committee of Dong Nai province issued two land allocation decisions in subdivision 1 and subdivision 2 of the Cu Lao Phuoc Hung High-end Commercial Service Urban Area (also known as Phoenix Island). These two areas belong to the Aqua City project in Tam Phuoc ward, Bien Hoa city, assigned to An Khang Real Estate Development Company Limited and No Va Real Estate Investment Joint Stock Company ( Novaland ) to continue investing in the construction of technical infrastructure systems.

Perspective of Phoenix Island subdivision of Aqua City project. Photo: NVL

Specifically, according to Decision 2849/QD-UBND signed by Vice Chairman of Dong Nai Provincial People's Committee Vo Van Phi, An Khang Real Estate Development Company Limited was assigned more than 31.4 hectares to continue building roads, trees, sports and administrative areas. Similarly, Decision 2851/QD-UBND assigned Novaland 22.5 hectares to continue investing in the construction of a system of roads, trees, water surface - sports and administrative areas as part of the Phoenix Island project in accordance with the approved planning. The form of land allocation for the above two land plots is that the State allocates land without collecting land use fees. Novaland assessed that this Decision of Dong Nai Provincial People's Committee is a very important procedural step for the investor to continue implementing the project after a period of time when the Provincial People's Committee actively supported the removal of legal obstacles of the project. Previously, the Department of Construction of Dong Nai province had issued a document confirming that 752 low-rise houses at Aqua City of Novaland Group are eligible to sell future housing. Tuong Minh Investment and Real Estate Company Limited - a subsidiary of Novaland was handed over land at the Aqua City project by Dong Nai province from Aqua Dona City Company Limited so that the investor can continue to build technical infrastructure according to the project's legal documents. In addition, the People's Committee of Dong Nai province also allowed the Aqua City investor to prepare and submit for appraisal the adjustment of the detailed planning 1/500, in parallel with the approval of the C4 subdivision planning project. At the same time, the competent authority created conditions for the investor to continue to invest in construction and sales of items in accordance with the approved detailed planning to fully implement its commitments to customers.

The competent authority of Dong Nai province has recently created favorable conditions for the investor to continue investing in construction and sales of items belonging to the Aqua City project. Photo: Le Toan

At the Credit Conference for Real Estate and Social Housing Development organized by the State Bank of Vietnam in coordination with the Ministry of Construction on November 13, Mr. Dennis Ng Teck Yow, General Director of Novaland Group, said that in 2023, the direction of the Prime Minister and the Special Task Force has touched on most of the hot spots that need to be resolved. This is a positive and breakthrough signal to break the legal "iceberg" that has existed for many years. However, in the actual implementation process, there are still two major difficulties that make the removal not very effective. Particularly at the Aqua City project, the enterprise has more than 70,000 billion VND to collect according to the progress from customers at this project, waiting for the approval procedures to be cleared to continue maintaining cash flow for project development. Source: https://baodautu.vn/batdongsan/ubnd-tinh-dong-nai-giao-dat-cho-novaland-trien-khai-du-an-o-aqua-city-d203072.html