The Da Nang authorities aim to determine the land value for the construction of the The Monarchy Complex project, which comprises apartments located on Tran Hung Dao Street – An Trung 3 – An Trung 2 – Tran Quang Dieu in An Hai Ward.
The land valuation is set for April 2016, due to planning adjustments during this period compared to the previous decision made in 2012. This valuation will serve as the basis for calculating any financial obligations arising from the project.
The Monarchy Complex project is located by the Han River, on Tran Hung Dao Street, in An Hai Ward.
The bid price is set at over 199 million VND, inclusive of value-added tax and related expenses, with a completion time frame of 30 days. The Da Nang Department of Agriculture and Environment requires bidding units to maintain confidentiality regarding pricing to ensure a transparent and fair selection process.
The Monarchy Complex project is developed by the Da Nang Housing Development and Investment Joint Stock Company, legally represented by Mr. Nguyen Quang Trung, also known as Trung “Lua”. The project faced controversies as the developer sold and handed over apartments to residents before completing the necessary inspections and legal procedures.
Notably, the Da Nang Housing Development and Investment Joint Stock Company has leadership figures implicated in state asset management violations.
In early 2024, the Da Nang People’s Court sentenced Mr. Nguyen Quang Trung to eight years in prison for Violating regulations on the management and use of state assets, resulting in waste and loss.
In 2012, the Government Inspectorate pointed out that the land allocation for the Monarchy apartment project did not comply with legal regulations, resulting in budget losses. The Da Nang Housing Development and Investment Joint Stock Company was required to pay additional amounts totaling more than 112 billion VND.
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