Binh Thuan resort projects left idle

Sep 17th at 15:41
17-09-2016 15:41:43+07:00

Binh Thuan resort projects left idle

Up to 12 resort projects along Ke Ga Beach in the southern central province of Binh Thuan have been left abandoned for more than 10 years due to continual policy changes by local authorities and the central government.

In the early 2000s, many companies decided to invest in resorts along Ke Ga Beach in Ham Thuan Nam District following a call from local authorities.

However in 2007 while some of the projects had opened and others were still under construction, the Ministry of Transport issued a decision to build Ke Ga Port to transit bauxite from the Central Highlands for export.

According to the ministry, the port project cost between USD550 million and USD1 billion and was planned to cover an area of 366 hectares along 2.3 kilometres of Ke Ga Beach.

The resort investors were requested to be suspended as the land was going to be handed over to the national-level port project. Since then, the resorts have been left idle, leaving them abandoned, while some parts were temporarily used to keep chickens and dry fruit.

The construction of Ke Ga Port was expected to start in late 2009 but was delayed several times. At a meeting with Binh Thuan Province's authorities in 2013, the government asked to stop the project as it would not be effective. The government also urged Binh Thuan Province to compensate the investors.

vir



NEWS SAME CATEGORY

Indochina, Kajima launch $1b joint real estate venture

Indochina Capital and Kajima Corporation officially debuted the Indochina Kajima Development (ICC-Kajima) yesterday, a joint effort to invest $1 billion in the...

Truman to build $89.6m project in Thai Binh

Private realty developer Truman Holdings Corporation Viet Nam announced a VND2 trillion (US$89.6 million) project named New City Project in northern Thai Binh...

Calls for new property investment law

Real estate associations have proposed amending the Law on Land and the Law on Trading Real Estate to create favourable conditions for investors in property...

Hanoians snapping up Da Nang property

Research by real estate services provider Savills Viet Nam published on September 15 showed that more than 80 per cent of people who bought a second home in Da Nang...

Real estate developments abandoned in Hanoi

Despite high demand, and swathes of poor quality and over-priced housing in the city, in the west of Hanoi is a supposed luxury residential area with hundreds of...

Truman to build $89.6m project in Thai Binh

Private realty developer truman Holdings Corporation Vietnam announced a VND2 trillion (US$89.6 million) project named New City Project in northern Thai Binh...

Camelia Homes: Exquisite design and attractive promotion policies

The preview of Camelia Homes- the latest real estate product in Tropical precint, a component belonging to Hanoi-based award-winning integrated township Gamuda...

Oakwood targets niche market with first step into Vietnam

The Oakwood Asia-Pacific brand marks its first step into Vietnam on August 26 by signing a hotel management contract with domestic real estate developer Son Kim...

BIM Group offers promotions for Green Bay Village

The diversified BIM Group is offering attractive promotions to buyers of Green Bay Village, the first gated community in harmony with the environment in northern...

FDI keeps sights on Ho Chi Minh City realty

Foreign direct investment in Ho Chi Minh City’s real estate sector continues to rise across residential, office, and retail segments.

Real estate stocks

Construction stocks


MOST READ


Back To Top