The People’s Committee of Khanh Hoa Province has recently approved the auction plan for land use rights to implement a project at the 48 – 48A Tran Phu Street area (Nha Trang Ward).
This prime location spans over 3,642 square meters, boasting dual frontage on Tran Phu Street and Nguyen Thi Minh Khai Street, directly opposite the April 2 Square and the 46 Tran Phu Convention Center, and just 50 meters from the beach.
According to the Khanh Hoa People’s Committee, the auction for this land is scheduled to take place between Q4 2025 and January 2026. The project implementation timeline is set at four years from the date the winning investor secures the land.
The 48 – 48A Tran Phu Street area, Nha Trang Ward. Photo: Khanh Hoa Newspaper
The winning investor will develop a high-end commercial and tourism complex, featuring a 40-story building with 4 basement levels and an 80% construction density. The minimum total investment for the project exceeds 1.18 trillion VND, with a 50-year operational period.
The project aims to construct a modern, high-end commercial and tourism building, offering a range of services including wellness, dining, product exhibitions, bars, and conference rooms.
Additionally, the Khanh Hoa People’s Committee requires the winning bidder to purchase all existing assets on the land, including the foundation of the provincial guesthouse, the old Customs guesthouse, guardhouse, and fencing, valued at over 13 billion VND.
In 2008, the Khanh Hoa People’s Committee auctioned the land to the Printing, Trade, and Service Company. By 2011, the province issued a land use rights certificate, home ownership, and asset ownership certificate to this company.
However, the company failed to execute the project, leading the Khanh Hoa People’s Committee to cancel the auction results. The primary issue was the outstanding auction payment of over 236 billion VND and late payment interest. Consequently, the committee has submitted multiple documents to the Government and relevant ministries seeking solutions to resolve this impasse.
Due to the unresolved auction payment and interest, the Khanh Hoa People’s Committee has been unable to secure a new investor. The local government has repeatedly requested the Government and related agencies to provide guidance and resolve these issues.
In March 2025, Deputy Prime Minister Ho Duc Phoc personally inspected the 48 – 48A Tran Phu Street area and other prime land plots in Nha Trang, providing specific directives to overcome challenges and facilitate the utilization of these lands.
