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The study area for the detailed planning covers a total area of over 36.4 hectares. Of this, the land area for the 1/500 planning is approximately 35.08 hectares, with connecting roads occupying about 1.34 hectares.
The project is bounded on the north by the Le Ky River and a canal (forming the boundary between Quang Ninh district and Dong Hoi city); on the south by a planned 25-meter-wide road and a commercial services land lot; on the east by existing residential areas and National Highway 1A; and on the west by the Le Ky River and another commercial services land lot.
The project is expected to accommodate a population of 3,000 to 4,000 people and will include functional areas such as urban residential land (in the form of terraced houses, villas, combined living and business spaces, and resettlement housing); social infrastructure facilities, including schools; commercial services land; green spaces, water bodies, and sports areas; transportation networks, parking lots; and other technical infrastructure.
The cost of developing this planning is estimated to be over VND 1.4 billion, which will be fully covered by the investor of the new Luong Ninh urban area project, specifically the consortium of Taseco Real Estate Investment Joint Stock Company (Taseco Land, UPCoM: TAL) and Mediterranean Investment Joint Stock Company. The planning is expected to be completed within six months from the selection of the planning contractor.
According to the investment invitation by the Planning and Investment Department of Quang Binh province, the new Luong Ninh urban area project covers an area of approximately 35.08 hectares, excluding the Phu Hai – Luong Ninh road.
The investment scale of the project includes technical infrastructure, encompassing the completion of the entire project area (excluding the investment scope of the Phu Hai – Luong Ninh road); the construction of two three-story commercial service buildings; and social infrastructure, including cultural, sports, healthcare, kindergarten facilities, playgrounds, and sports areas.
Regarding residential development, the project is expected to create approximately 761 residential land lots. Among these, 139 terraced houses and combined living-business spaces, along with 74 twin villas, will be constructed with completed exteriors, while 464 land lots will be allowed for land-use rights transfer to individuals for self-construction. Additionally, about 84 land lots will be allocated for compensation and resettlement purposes.
The total expected investment capital is VND 1,131 billion, including an initial cost estimate of VND 1,061 billion and compensation and resettlement support of VND 70 billion.
The project has a duration of 50 years from the date of the land allocation or lease decision, and the investment progress is planned to be completed within six years from the approval of the investor selection results, expected to be between 2023 and 2028.
In response to the investment invitation, the consortium of Taseco Land and Mediterranean Investment was the sole applicant and was subsequently selected as the project investor in July 2024 after successfully demonstrating their capabilities.
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Mediterranean Investment, a member of the consortium, was established in July 2023 with a charter capital of VND 110 billion. Headquartered in Dong Hoi city, Quang Binh province, the company is owned by Ms. Duong Thi Gai (born in 1942) and primarily engages in real estate and land-use right businesses. Mr. Nguyen Luong Nguyen (born in 1996, sharing the same residential address as Ms. Duong Thi Gai) serves as the company’s director and legal representative.
As for Taseco Land, the leading member of the consortium, it is a publicly listed company on the UPCoM stock exchange with a charter capital of VND 2,970 billion. In the first nine months of 2024, Taseco Land recorded a significant surge in profit, largely attributed to the sale of a subsidiary, resulting in a net profit of nearly VND 185 billion, a nearly 25-fold increase compared to the same period last year.
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