On August 1st, the Management Board of Van Phong Economic Zone announced its decision to approve the investment policy for the Co Ma New Urban Area project in Van Phuoc, Van Ninh District, Khanh Hoa Province, through an investor selection bidding process.
The project encompasses an area of over 235 hectares and entails a total investment of nearly VND 6,000 billion. Its objectives are to construct a comprehensive and modern new urban area, encompassing technical infrastructure, commercial housing, land plots for sale, as well as service, tourism, and resort facilities, public utilities, and other urban amenities.
Approved area for the Co Ma New Urban Area project. Photo: L.H.
With a projected population of approximately 9,700 people, the Co Ma New Urban Area will feature approximately 171 low-rise houses (terraced) and around 150 villas, along with land allocated for social housing, estimated to accommodate about 158 apartments.
In terms of capital structure, the investor’s contribution (equity capital) must be at least 15% of the project’s total investment, while the mobilized capital must not exceed 85% of the total investment.
On July 16, the Party Committee of the Khanh Hoa Provincial People’s Committee submitted a report to the Provincial Party Committee’s Standing Board regarding the investment policy for the Co Ma New Urban Area project. According to the Party Committee, the project’s proposal to utilize the area’s hot mineral water to serve the needs of locals and tourists, generating revenue for the locality, and complying with legal regulations on minerals and other relevant provisions, is deemed appropriate. The province is currently seeking feedback from the Ministry of Natural Resources and Environment on this matter.
The Standing Board of the Provincial Party Committee of Khanh Hoa has agreed in principle to invest in the Co Ma New Urban Area project as per the proposal of the Party Committee of the Provincial People’s Committee. The Standing Board also emphasized the need to review and finalize all data related to the project and effectively carry out compensation, support, and resettlement for land retrieval.
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