Dream City megaproject: Still just a dream
Dream City megaproject: Still just a dream
More than four years after receiving an investment certificate, the $1.5 billion Dream City project, an upscale sports tourism eco urban area in northern Phu Tho province, has seen little progress, reported local newspaper Hai Quan.
The project, developed by Viet Han Trading, Advertising, Construction and Real Estate Company Limited, envisages occupying a total 2,050 hectares spanning nine communes in the province’s Tam Nong district.
Designed by I.C.U. JSC and international architects, Dream City would include a 36-hole golf course, a horse track and sports complex, five-star hotel and entertainment area for foreigners as well as an eco forest, safari area and luxury villas.
In October 2011, to build the project’s prestige, Phu Tho’s People’s Committee and developer Viet Han held a ceremony in Hanoi to announce the plan and show-off a 1/500 scale model.
In the early stages, after receiving the investment certificate, Viet Han regularly met with provincial leaders to introduce foreign investors they said were interested in capitalising the project.
The developer even said they would source official development assistance (ODA) funding, which is usually provisioned to the government for public projects.
Four years on now, little progress has been made.
According to an official from the Phu Tho Department of Planning and Investment, the project has finished its scale planning and is in the process of acquiring land for the first components.
In fact, since licensing the project, the provincial People’s Committee has done its utmost to facilitate the project’s progress.
It even proposed that the developer focus only on priority items for the present, while delaying making an feasibility study for entire project and seeking approval for the overall project.
An official from the People’s Committee who is familiar with the project said “The developer is planning to implement the golf course project. It has a lending commitment from Maritime Bank for $19 million.”
Land acquisition has only been conducted for specific elements of the project and in general people are continuing to farm and build houses on as well as buy and sell properties that are part of its planned area as if it did not exist.
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