The Danang People’s Committee has just approved a specific land price for the prime location of 16 Bach Dang, Hai Chau district, with a starting bid of up to VND 173.2 million/sq.m, equivalent to more than VND 310.8 billion for the entire area of nearly 1,800 sq.m.
This decision, signed by Vice Chairman of the Danang People’s Committee, Ho Ky Minh, applies to a valuable piece of real estate with two frontages on Bach Dang and Tran Phu Streets, right next to the Han River. The site is zoned for commercial and service purposes, including offices, luxury hotels, tourist apartments, and other tourism services.
The prime land by the Han River on Bach Dang Street is up for auction, starting at VND 310 billion
Back in February, the city had set a starting price of only VND 59.2 million/sq.m, equivalent to over VND 106.3 billion for the entire land area.
According to the approved plan, the auction winner will be granted the land to implement an investment project with a total investment of over VND 300 billion. The project is expected to be completed within 24 months from the date of the land lease decision.
The site at 16 Bach Dang was previously leased by the Danang People’s Committee to Construction Joint Stock Company Bac Nam 79 in 2014 for a term of 50 years. The company was owned by Phan Van Anh Vu, commonly known as Vu “nhom.”
However, an inspection later concluded that the land lease did not comply with regulations, leading to the site being seized in 2018 during the Ministry of Public Security’s investigation into violations involving Vu “nhom.”
In 2023, the Ministry of Public Security sent an official dispatch to the Danang People’s Committee, requesting the lifting of the temporary suspension of transactions to ensure the normal operation of companies related to Phan Van Anh Vu.
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