“City of Da Nang Invites Bids for Golden Hills Project Valuation”
On June 9, the Da Nang Department of Agriculture and Environment issued an invitation for bids for a consulting package to determine the land price for a specific plot of land belonging to the Golden Hills project in Hoa Vang District. The plot in question is identified by certificate number CA 486276 and is owned by Trung Nam Joint Stock Company.
With a value of over 38 million VND and a timeline of 30 days, the bidding process aims to establish the land price as of March 2019.
The Golden Hills project spans the districts of Lien Chieu and Hoa Vang in Da Nang
A representative from Trung Nam Joint Stock Company stated that they have not received official notification from the authorities. The company expects that the city will use the determined land price to calculate financial obligations, if any.
The land valuation is considered a crucial step by the company to finalize legal procedures and facilitate the project’s development. The Golden Hills project, spanning over 381 hectares, was first granted an investment certificate by the Da Nang People’s Committee in March 2010, with a vision to create a modern and eco-friendly urban area.
The project includes 485 detached villas ranging from 500 to 1,000 square meters and 360 semi-detached villas ranging from 300 to 600 square meters. However, most of these villas have been left unfinished for years, with only the structural framework in place.
With a total investment of over VND 4,447 billion, the project has a lifespan of 50 years from the date of the investment certificate issuance. In 2012, the Government Inspectorate concluded that there were numerous violations in land allocation, land leasing, and investment licensing related to the project.
In 2024, the investor proposed adjustments to increase the project’s scale and total investment from VND 4,447 billion to VND 7,648 billion. For years, Trung Nam Joint Stock Company has repeatedly requested the removal of obstacles hindering the project’s progress. During the review and handling of these issues, the company was unable to proceed with any legal procedures or construction work.
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