The Lam Dong Provincial Inspectorate has recently released its findings from a specialized inspection of the Goldsand Hill Villa Mui Ne project (located in Phan Thiet City, former Binh Thuan Province). Developed by Loc Tu LLC, the project spans approximately 89,666 square meters of coastal land, with a registered investment capital of around 140 billion VND.
According to the inspection report, as of the inspection date, the developer had invested over 457 billion VND into the project. This includes completing land leveling across the entire site, constructing various infrastructure components, and building 16 villas. The company has signed 136 land use rights transfer contracts with customers, selling 136 out of 267 future villas, generating total contract values exceeding 531 billion VND. Over 326 billion VND has been collected and reinvested into the project.
A view of Goldsand Hill Villa Mui Ne.
Regarding financial obligations, Loc Tu LLC has paid over 131 billion VND for land-use purpose conversion, more than 22 billion VND in late payment fees, and over 6 billion VND in one-time land rental fees and related late charges.
However, the Lam Dong Provincial Inspectorate identified multiple violations during the project’s development, stemming from former Binh Thuan Province’s state management agencies.
Specifically, the Department of Natural Resources and Environment advised approving the conversion of agricultural land to non-agricultural land, contravening the 2013 Land Law. Meanwhile, the Department of Construction approved a detailed planning scheme with “residential land” designations inconsistent with Phan Thiet City’s land-use plan.
These violations are attributed to the leadership of these departments across various periods and their respective advisory units. Notably, based on the Department of Construction’s notice confirming eligibility to sell future housing, the developer executed numerous high-value real estate transactions.
The Lam Dong Provincial Inspectorate recommends that the Provincial People’s Committee directs the Departments of Agriculture and Environment, Construction, and Finance to collaborate with the developer. The goal is to agree on adjustments to land-use purposes, investment certifications, and the handling of real estate transactions in compliance with legal regulations. Additionally, the Inspectorate requests the Department of Construction to revoke its previously issued notice regarding eligibility to sell future housing.
The Inspectorate also urges the developer to proactively engage with customers who purchased future villas, providing timely updates and proposing appropriate resolution measures.
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