Lâm Đồng provincial People’s Committee issued a document on April 18 regarding the revocation of the King Palace – Dinh I project on Tran Quang Dieu Street (Ward 10, Da Lat City) and building a plan to auction the lease rights.
The above decision was made to implement the conclusion of the Standing Committee of Lâm Đồng Provincial Party Committee in Conclusion Notice No. 734 dated April 16, 2024, including contents directing to King Place (Dinh I) project.
Dinh Bao Dai, the highlight of the King Palace project.
Accordingly, Lâm Đồng provincial People’s Committee assigned the Department of Finance to preside over, in coordination with related departments, to request Hoan Cau Da Lat Joint Stock Company to stop operating the “King Palace” project and hand over the project’s assets and land to Da Lat City People’s Committee for management. At the same time, develop a plan to auction the lease rights, submit for appraisal and approval to organize the auction in accordance with regulations.
Regarding Da Lat City People’s Committee, this agency, after receiving and taking responsibility for managing assets and land from the King Palace project, must organize protection, preservation, and prevent the project from degrading, damaging, or becoming deserted.
Lâm Đồng provincial People’s Committee also requested Hoan Cau Da Lat Joint Stock Company to immediately stop exploiting and operating the “King Palace” project; hand over assets and land to Da Lat City People’s Committee for management before April 30, 2024.
Previously, on August 26, 2021, Lâm Đồng provincial People’s Committee issued a document terminating the operation of the King Palace project and assigned related units to implement it.
Until November 2023, Da Lat City People’s Committee issued a notice stating that the lease contract termination time for the King Palace project was after 60 days.
However, up to now, the project is still in operation. One of the major obstacles to this project is that the investor and provincial departments have not agreed on the amount of refund when investing in the King Palace project.
The Provincial People’s Committee directed that in case the investment value cannot be agreed upon, an independent audit agency will be invited to determine the value in accordance with legal regulations.
