Thousands left in limbo as Da Nang real estate project stalls
Thousands left in limbo as Da Nang real estate project stalls
Nearly 1,000 land buyers at the Dragon City Park project in Lien Chieu District, Da Nang have yet to receive their land use right certificates after nearly a decade, despite the project's initial lucrative promotion.
The Dragon City Park project in Da Nang. Photo: B.D. / Tuoi Tre |
Dragon City Park, a major real estate development, was approved by Da Nang authorities in 2011 with a detailed master plan covering 78.3 hectares.
However, in 2019, the city revised the plan, reducing the project's area to 69.8 hectares to allocate 8.5 hectares for a resettlement zone.
Between 2017 and 2018, Dat Xanh Mien Trung JSC, now Regal Group JSC, distributed approximately 2,000 land plots within the project.
But nearly 1,000 buyers are still awaiting ownership certificates despite multiple assurances. Many have formed associations and advocacy groups, seeking assistance from government authorities, including the Government Inspectorate.
According to the Da Nang Department of Natural Resources and Environment, the project is entangled in legal problems concerning land allocation procedures and pricing regulations.
Speaking with Tuoi Tre (Youth) newspaper on February 6, a representative from Regal Group stated that the company is working closely with the project's developer, Sai Gon - Da Nang Investment Corporation, and relevant authorities to accelerate the legal process.
At present, all parties are awaiting a government decision to resolve outstanding issues and grant land use right certificates to customers.
