Proposed Investment Consortium for a Real Estate Project over 1,400ha in the New Southeast Dung Quat Urban Area
The Business Today expert team has recently learned about an exciting development in the real estate sector. The People’s Committee of Binh Son District has received a letter from the Management Board of Dung Quat Economic Zone and Quang Ngai Industrial Parks regarding the evaluation of a proposed investment project in the new Southeast Dung Quat Urban Area – Northern Region.
According to the letter, the joint venture consortium behind the investment proposal consists of Sun Real Estate Group and Beautiful Phu Quoc Investment Company. Their comprehensive investment plan aims to revitalize and maximize the potential of the area.
Promising Location and Scope
Upon reviewing the proposal, the People’s Committee of Binh Son District discovered that the proposed site is included in the supplementary list of land recovery projects for 2024. The Provincial People’s Council has already approved the project titled “New Southeast Dung Quat Urban Area – Northern Region,” covering a vast area of 1,469.25ha. The Management Board of Dung Quat Economic Zone and Quang Ngai Industrial Parks has registered the land recovery project for the purpose of selecting investors or conducting land use rights auctions.
After examining the land use plan approved by the Provincial People’s Committee until 2030, the People’s Committee of Binh Son District found that the proposed land area aligns with the designated usage for residential, commercial, public entertainment, security, defense, educational, and transportation purposes. Approximately 1,419.28ha of the proposed area corresponds with the land use plan, ensuring its compatibility and suitability.
However, there is a remaining portion of land measuring approximately 24.36ha that does not conform to the approved land use plan.
Thorough Evaluation and Suggestions
The People’s Committee of Binh Son District has diligently assessed various aspects related to the current land usage and the potential impact of converting agricultural land into the proposed urban area. They have also reviewed public assets within the project area and recommended legal procedures for handling state-owned assets.
Furthermore, they have advised the investors to consider adjusting the parking lot area and review the proposed location in Chau Me Village, which spans an area of 1.5ha.
To ensure the welfare of local fishermen, particularly those in Chau Thuan Tay and Chau Thuan Bien Villages (belonging to Binh Chau Commune), as well as Binh Hai and Binh Tan Phu Communes, the People’s Committee of Binh Son District has urged the investors to provide specific solutions and vocational training programs to support the transition of livelihoods when agricultural land is acquired for the project.
Business Today will continue monitoring the progress of this investment project and provide updates on any further developments. Stay tuned to Business Today for the latest news and insights in the finance and economics sectors.