“Taseco Land Proposes 800 Billion VND Project on Con Soi Island with One-Month-Old Partner”

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Con Soi Island to Become a High-End Urban Area

Con Soi Island, Quan Hau Town, Quang Binh Province

According to the Department of Planning and Investment of Quang Binh Province, Taseco Land Joint Stock Company (Taseco Land, UPCoM: TAL) has registered to implement the above project in partnership with Ngoc Toan Royal Island Limited Company.

The high-end urban area of Quan Hau is located on nearly 17 hectares of land in Quan Hau town, Quang Ninh district, Quang Binh province. The project includes technical infrastructure, trade and service infrastructure, social infrastructure, and residential areas. The investor will be responsible for constructing and completing all technical infrastructure works within the scope of the approved plan.

The trade and service infrastructure will include the construction of a 5-story commercial building and a mixed-use commercial and cultural building. The social infrastructure will involve the construction of a kindergarten facility.

In terms of the residential area, the project will offer approximately 208 land lots, including 52 villas that will be constructed and completed externally. Around 156 villa land lots will be allowed for land-use rights transfer, enabling residents to build houses according to approved designs after the completion of technical infrastructure development and compliance with current regulations.

Currently, the preliminary total investment cost for the urban area is estimated at VND 780 billion, with approximately VND 18 billion allocated for compensation, support, and resettlement expenses. The project is expected to operate for 50 years, and the investment progress should not exceed 5 years from the date of the decision approving the selection of the investor, projected from 2024 to 2028.

The Quan Hau urban area is being developed to materialize the approved master plan of Quang Binh province, detailed construction planning at a scale of 1/500, housing development programs, approved land use planning, and the formation of a new urban area. It aims to meet housing demands, provide community amenities, upgrade urban infrastructure, invest in socio-economic infrastructure for the benefit of the community, and contribute to the province’s socio-economic development.

Two years ago, the People’s Committee of Quang Binh province approved the detailed planning at a scale of 1/500 for the high-end Quan Hau urban area project. The planning area covers the entire Con Soi Island, belonging to Quan Hau town, Quang Ninh district, with a total area of 18 hectares.

Master Plan of the High-End Quan Hau Urban Area on Con Soi Island. Source: Quang Binh Department of Construction

The partnership was established a month ago

In this project, TAL will partner with Ngoc Toan Royal Island, a newly established company on April 5, 2024, just a month before the above announcement by the Department.

Ngoc Toan Royal Island has a charter capital of VND 75 billion, headquartered in Dong Hoi city, Quang Binh province, and primarily engages in real estate business and the use of owned, user-owned, or leased land. The owner is Ms. Duong Thi Gai (born in 1942), and the legal representative is Director Nguyen Luong Nguyen (born in 1996).

If approved for the project, the consortium led by TAL must meet a minimum owner’s equity of VND 159 billion, with the leading member contributing at least 30% (approximately VND 47.7 billion) and the remaining member contributing at least 15% (nearly VND 24 billion).

Additionally, TAL or its “companion” should have experience in developing a project in the field of urban areas, commercial housing, office buildings, or commercial and service facilities. If participating as an investor, the total investment of the project must be at least VND 399 billion, with substantial completion within the last 7 years, and the investor’s contribution should be at least VND 79.8 billion.

In the case of participating as a main construction contractor, the requirement is slightly different. The project must have been substantially completed within the last 5 years and have a minimum value of VND 234 billion.

Also, in Quang Binh province, at the end of 2023, TAL and Dia Trung Hai Investment partnered as the sole consortium to register for the implementation of the new urban area project in Luong Ninh, Quang Ninh district, Quang Binh province. Ms. Gai and Mr. Nguyen (sharing the same residential address) also appeared in the establishment papers of TAL’s partner at that time.

Recently, the Board of Directors of TAL approved the participation in the auction of land use rights for the construction of high-rise housing for sale in lot A3/CT2 of the project on technical infrastructure construction in the planned areas C12, C13, and adjacent roads to serve the auction of land use rights in Phuc Dong and Viet Hung wards, Long Bien district, Hanoi.

Taseco Land Consortium is the Sole Investor to Submit Application for Billion-Dollar Urban Project in Quang Binh

Tu Kinh

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