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September 26, 2021, 11:03 pm

Coastal real estate projects stay sluggish

(14:39:22 PM 13/02/2014)
( - There are a lot of fallow land plots in the coastal provinces, from Da Nang to Khanh Hoa, Ninh Thuan, Binh Thuan to Ba Ria – Vung Tau and Phu Quoc island.

The land plots, mostly located on beautiful beaches, have been allocated to the investors to develop tourism and urban area projects. The investors made a lot of exertions and spent a lot of money and efforts to obtain the rights to use the land plots. However, the only thing they did after the licensing was built fences around the plots and left them idle.


Golden land wasted


Only a few fully completed projects have been fulfilled and put into operation on the coastal areas of Xuyen Moc, Binh Chau in Ba Ria – Vung Tau province. The others were just the “pending” resorts with barbed wire fence and cement wall.


Most of the signboards here have got damaged, exposing a rusty iron core. Though some big projects here have been open to receive guests, including the Ho Tram complex, this still cannot beautify the deserted coastal area. The coastal area with the length of tens of kilometers has been left desolate over the last 5-6 years.


The same situation can also be seen in the central coastal areas. A lot of registered tourism, resort and service projects in Da Nang City and Quang Nam provinces, which were considered as the “golden land” have not been developed.


On the Son Tra peninsula of Da Nang, the Bai But tourism project has been left quiescent over the last 10 years. Hai Duy JSC, the project investor, once stated that it would pour hundreds of billions of dong into the project to turn it into a resort with international stature.


However, it has not done anything so far, even though the Da Nang City authorities have threatened to revoke the investment license twice.


Another project in Da Nang, Mercure Sontra Resort, registered by the Saigon General Service Company, has also been stagnant for the last many years.


In July 2010, the city’s authorities released an ultimatum saying that the project’s license would be revoked if the investor does not start the project.


Just one month later, in August of the same year, the company kicked off the construction of the project and did… nothing more.


Tens of licensed projects in the sea city of Nha Trang in Khanh Hoa province have been “immovable” over the last many years.


These include the high end Champarama resort project, expected to cover an area of 46 hectares; the Nha Trang Sao Amusement Park, 103,568 square meters; Phu Dong Park, 23,994 square meters.


Coastal areas “torn”


The pristine and romantic beaches have become deserted land after they were allocated to investors.


Of the 403 valid tourism projects in Binh Thuan province, only 158 have been operational and the other 90 are under the construction, while the remaining 155 projects have not been kicked off.


On the DT 730 road linking Phan Thiet City with Ham Thuan Nam area alone, tens of tourism projects have been left idle for the last few years. And on Phu Quoc Island, which is called the pearl on the sea, only 13 out of the 94 licensed projects have been implemented.


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