Exciting Developments at the 12,000 Billion Dong Mega-Project by TNG Holdings in Lam Dong
The ambitious Nam Song Da Nhim New Urban Area project in Lam Dong province is making significant strides, with echoes of success reminiscent of Ecopark and FLC.
A Visionary Project
Covering an expansive land area of 153.65 hectares, the Nam Song Da Nhim project is set to include a total of 3,565 commercial residential units. Among these, there will be 180 villas and 3,385 townhouses. In addition, the project aims to incorporate a range of commercial and service facilities spanning 3 and 15 stories, as well as a 3-story public building. Furthermore, the developer plans to construct a kindergarten, primary and secondary schools, a healthcare center, as well as a park, parking lots, and sports facilities.
The total investment capital for this venture amounts to 11,842.97 billion dong (approximately USD 516 million). The investor’s contribution stands at 3,283.59 billion dong, while the remaining 8,559.38 billion dong will be sourced externally. The project is estimated to take around 5 years (60 months) from the approval of the investor’s proposal to complete. The project’s tenure is set at 50 years.
Meticulous Planning and Approvals
On March 16, 2020, the detailed planning for the Nam Song Da Nhim New Urban Area was officially approved by the People’s Committee of Duc Trong district. Following the approval of the planning concept, the district’s authorities, along with the local government of Lien Nghia town, have been closely managing the designated area, strictly regulating construction activities, land use changes, and road adjustments to comply with the established blueprint.
However, on June 24, 2022, the Provincial People’s Committee of Lam Dong rejected the investment proposal submitted by FLC Group due to its failure to meet the necessary requirements.
Attracting Investors
Subsequently, on August 4, 2022, the Duc Trong district authorities issued a preliminary assessment document regarding the capabilities and experience of potential investors for the Nam Song Da Nhim New Urban Area project. This document aimed to attract investment and was subsequently presented to the Provincial People’s Committee and the Department of Planning and Investment. The Department of Planning and Investment then invited interested investors to submit their registration documents and released a preliminary profile of the investors’ capabilities and experiences on the National Bidding Network System on January 12, 2023.
By December 21, 2023, the Provincial People’s Committee of Lam Dong approved the preliminary evaluation results of the capabilities and experiences of the investors. Consequently, on November 6, 2023, the Provincial People’s Committee also approved the investor consortium composed of Vietnam Han Trading Advertising Construction Real Estate Joint Stock Company, An Phuc Development Real Estate Joint Stock Company, and Hano-Vid Real Estate Joint Stock Company, all subsidiaries within the TNG ecosystem.
Progress and Commitment
As of December 21, 2023, the investor consortium has paid a deposit of 10 billion dong for surveying, measurement, compensation strategies, and resettlement support. The investor has already signed a contract with the Technical Center for Natural Resources and Environment and Land Development – the Department of Natural Resources and Environment – to conduct surveys, inspections, and mapping work for land recovery, compensation, and clearance activities.
The Nam Song Da Nhim New Urban Area project received initial approval for investment by the Provincial People’s Committee of Lam Dong in November 2022. The project was initially proposed by FLC Group in 2019. However, in March 2022, the Ministry of Planning and Investment issued a document suspending the consideration of FLC’s investment proposal. Subsequently, in June 2022, the Provincial People’s Committee of Lam Dong rejected FLC’s investment proposal due to non-compliance with the required conditions.
In late March 2022, T&T Group also submitted a document to the Provincial People’s Committee of Lam Dong, expressing interest in registering for the project.
A Singular Investor Emerges
By February 2023, the Lam Dong Department of Planning and Investment announced the results of its call for expressions of interest for the Nam Song Da Nhim New Urban Area project. Surprisingly, only one investor consortium, the Ecopark Development Joint Stock Company – T&T Group, registered to undertake the project.
With the Lam Dong Provincial People’s Committee extending the deadline for submission of registration documents, interested investors now have additional time to access crucial project information and submit their applications.
This megaproject promises to enhance Lam Dong’s urban landscape, bringing along economic growth and development opportunities for the region. As the project progresses, it will undoubtedly draw significant attention from investors, both domestically and internationally.
Investing in infrastructure projects is crucial for economic expansion, and partnerships between government authorities and private corporations prove vital in driving sustainable development. The Nam Song Da Nhim New Urban Area project exemplifies a collective effort to meet the ever-growing demands of the Lam Dong region, propelling it towards a brighter future.