Long An recalls delayed realty project
10-09-2012
The South Korean investor planned to construct serviced apartments, villas, public service facilities and offices with total investment capital of US$52 million on a total of 100 hectares in Long Hau Commune, Can Giuoc District. However, the investor has been unable to start the scheme even though nearly three years have passed since the investment license of the project was issued.
According to the planning department, the withdrawal of the project’s license will give opportunities for other investors to join the scheme. In fact, a number of local investors have shown keen interest in developing other real estate projects in the location.
The government of Long An Province in recent times has revoked the investment certificates of slow-moving and cash-strapped projects of local and foreign developers, including those to develop housing, golf courses and industrial clusters.
According to the department, the province has since 2009 taken back more than 13,515 hectares of land from foot-dragging projects, with 10,867 hectares recovered in 2009, 534 hectares in 2010 and 565 hectares in 2011.
In the year’s first half alone, Long An withdrew 1,548 hectares of land from 21 suspended projects. Among them is the Vietnam-South Korea golf course project covering 240 hectares in Can Giuoc District consisting of an entertainment facility and high-class residential area. Vietnam-South Korea Company as the investor of this project failed to get the project done on schedule due to financial constraints.
The province since 2007 has agreed to allocate land to investors to develop eight residential and urban area projects with golf courses included. However, the Prime Minister in 2009 only approved the planning of two golf courses.
There is only a golf course project left in Long An at the moment and it is being developed by C.S.Q International Investment JSC on a total of 200 hectares in Duc Hoa District.
 |
The South Korean investor planned to construct serviced apartments, villas, public service facilities and offices with total investment capital of US$52 million on a total of 100 hectares in Long Hau Commune, Can Giuoc District. However, the investor has been unable to start the scheme even though nearly three years have passed since the investment license of the project was issued.
According to the planning department, the withdrawal of the project’s license will give opportunities for other investors to join the scheme. In fact, a number of local investors have shown keen interest in developing other real estate projects in the location.
The government of Long An Province in recent times has revoked the investment certificates of slow-moving and cash-strapped projects of local and foreign developers, including those to develop housing, golf courses and industrial clusters.
According to the department, the province has since 2009 taken back more than 13,515 hectares of land from foot-dragging projects, with 10,867 hectares recovered in 2009, 534 hectares in 2010 and 565 hectares in 2011.
In the year’s first half alone, Long An withdrew 1,548 hectares of land from 21 suspended projects. Among them is the Vietnam-South Korea golf course project covering 240 hectares in Can Giuoc District consisting of an entertainment facility and high-class residential area. Vietnam-South Korea Company as the investor of this project failed to get the project done on schedule due to financial constraints.
The province since 2007 has agreed to allocate land to investors to develop eight residential and urban area projects with golf courses included. However, the Prime Minister in 2009 only approved the planning of two golf courses.
There is only a golf course project left in Long An at the moment and it is being developed by C.S.Q International Investment JSC on a total of 200 hectares in Duc Hoa District.
Tags : house for rent in hanoi - apartments for rent in hanoi
