Urban planning drawing of Dong Kinh Ward, Lang Son City. Source: Ministry of Construction
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The new Dong Kinh urban area has a preliminary implementation cost of VND 996 billion and allocation of VND 117 billion for compensation, support, and resettlement. The project is granted a 50-year operation license and is built within 5 years from the date of land allocation and leasing by the State.
The Dong Kinh new urban area is designed for 3,200 people on a land area of 17.6 hectares; of which, 25% is allocated for residential construction land including townhouses, social houses, resettlement houses, equivalent to 4.4 hectares.
The project allocates 3.3 hectares for townhouses, including 386 lots. Investors will only build the structure and complete the exterior for 41 units, with a height of 5 floors on an area of 0.38 hectares. The land area for 2 high-rise social housing buildings of 9 floors will be about 0.82 hectares, with a maximum construction density of 65%, and also allocate 0.36 hectares for 40 resettlement lots.
In addition, the project also includes other works such as mixed-use commercial service buildings in TM01 section, 9 floors tall on an area of 0.22 hectares, with a maximum construction density of 75%; similar buildings in TM02 section but 7 floors tall on an area of 0.14 hectares with a maximum construction density of 70%; a 3-floor cultural institution building on an area of 0.12 hectares, with a maximum construction density of 40%; a 3-floor school building on an area of 0.61 hectares, with a maximum construction density of 40%.
Investors are required to arrange a minimum owner’s equity of VND 222.7 billion, and the head of the consortium must have a minimum owner’s equity participation rate of 30%, while each member must have a minimum contribution rate of 15%.
The project also requires members participating in the consortium or partners involved to have participated in one project in the urban area field that has been completed or substantially completed within 5 years, with a role of capital contribution or main contractor.
If participating as a capital contributor, that project needs to have a minimum investment capital of VND 557 billion and the investor has contributed a minimum of VND 111 billion. If the investor or partner participates as the main construction contractor, the project must have a minimum value of VND 348 billion.
Promoting real estate sector development
The Board of Directors of PetroVietnam Machinery – Equipment Corporation (PVMachino, UPCoM: PVM) through a resolution to participate in the investment of the Dong Kinh new urban area project in Lang Son province since June 2022. Also in this province, in 2023, the Board of Management also approved the cooperation in investment and implementation of the Dinh Lap industrial cluster in Dinh Lap district.
PVM is known as a company operating in the import and export of machinery, equipment, spare parts for state-owned corporations, and has recently participated in real estate business activities.
The approval of some resolutions in 2023 shows that PVM is oriented to promoting the development of the real estate sector. For example, approving the decision to participate in the investment of the Quan Do industrial park project in Phu Cu district, Hung Yen province; sponsoring the provincial planning of Lang Son for the period 2021-2030 with a vision to 2050; approving the cooperation to invest in the commercial housing development project in Thon Thai residential area, Nguyen Xa commune, Vu Thu district, Thai Binh province; implementing two commercial housing development projects in An Phu residential area, Vu Thu district, Thai Binh province, and in Tien Phong ward, Phu Xuan commune, Thai Binh province.
Rendering of the Quan Do industrial park of 66.5 hectares in Hung Yen province. Source: PVM
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In 2021, PetroVietnam Power Corporation (HOSE: POW) officially divested the entire 51.58% capital in PVM. Instead, Ms. Nguyen Anh Thu holds 16.91% and Ms. Le Thi Kieu Van, Head of the Internal Audit, holds 18.12%.
Tu Kinh
