Da Nang seeks measures to revive thousands of stalled projects
Da Nang seeks measures to revive thousands of stalled projects
While awaiting directives from upper authorities, Da Nang City in central Vietnam has been actively adopting measures to address the longstanding issue of many prime real estate projects being delayed due to legal problems or court rulings.
A panoramic view of the large-scale Cocobay Da Nang tourism and entertainment complex in Da Nang City, central Vietnam. Photo: Doan Cuong / Tuoi Tre |
As many as 1,200 projects across this coastal city have suffered delays, with several being stalled for more than 10 years.
Located in Hoa Chau Commune of Hoa Vang District, the 21.5-hectare Phong Nam urban area project was approved for detailed planning in 2012, but the investor, Da Nang - Central Investment JSC, has yet to be able to commence work on the property.
Spanning 341 hectares in Hoa Vang’s Hoa Lien Commune, the Da Nang Information Technology Park, whose investor is Da Nang IT Park Development JSC, was expected to become one of the leading IT hubs in Asia and modeled after Silicon Valley in the U.S..
With a price tag of VND 2.744 trillion (US$11.4 million), the Da Nang Information Technology Park is planned for development in two phases.
The first phase, covering 131 hectares, has been completed, while the second phase is scheduled to be executed between 2020 and 2025.
However, several infrastructure facilities at the site have been abandoned, and many roads have been repurposed as grazing grounds.
Similarly, the Golden Hills City project developed by Trung Nam Group in Lien Chieu District is facing challenges in terms of investment certificate adjustments and project changes.
Regarding the large-scale Cocobay Da Nang tourism and entertainment complex in the southern part of Da Nang, its developer, Thanh Do Investment Development and Construction JSC, has requested that authorities issue land use rights certificates and ownership documents for the houses and other land-attached assets under the project.
Thousands of projects in this coastal city have also seen little progress due to inspection reports and court rulings.
While waiting for guidelines from the central government, authorities in Da Nang have sought solutions to reactivate some prime property projects, Vo Nguyen Chuong, deputy director of the city’s Department of Natural Resources and Environment, told Tuoi Tre (Youth) newspaper.
These solutions include allowing project assets to be used as collateral and facilitating land use rights procedures, resulting in positive developments in some projects.
The coastal city proposed that the central government allow the continuation of the Da Nang Information Technology Park project’s phase two, while adopting measures to remove obstacles hindering the Cocobay Da Nang tourism and entertainment complex.
Tran Chi Cuong, vice-chairman of the Da Nang administration, emphasized the importance of addressing land-related problems to unlock financial resources and spur local economic growth, adding that approximately 1,200 projects had come to a standstill due to these issues.
Recently, the central government worked with four localities, including Da Nang, in order to resolve land-related issues, Cuong said.
In related news, Da Nang held a conference on August 31 to implement the lawmaking National Assembly’s Resolution 136, which focuses on urban governance and special mechanisms for the city’s development.
Speaking at the event, Prime Minister Pham Minh Chinh highlighted the city's potential for further growth in the industrial, services, and tourism sectors.
The government leader urged Da Nang to address its existing challenges, improve the business climate, and leverage public-private partnerships and other resources to fulfill its development goals outlined in the resolution.
