On June 6th, the Danang Department of Agriculture and Environment approved adjustments to the plan for selecting bidders for the consulting package to determine land prices for the Danang Diamond Tower project, also known as the Marriott hotel and serviced apartment complex and residential project (M Landmark Tower) developed by Foodinco Real Estate Joint Stock Company.
The project requires land price reassessment as of May 2007, March 2013, and June 2018.
M Landmark Tower, located at 58 Bach Dang, by the Han River.
The M Landmark Tower at 58 Bach Dang enjoys a prime location in Danang, right by the Han River swing bridge, with two frontages on Tran Phu and Bach Dang streets.
According to Conclusion 2852 of the Government Inspectorate in 2012, the project is subject to financial recoupment due to reductions in land use and rental fees that were not in accordance with regulations.
Currently, this project is one of 15 projects for which Danang is resolving obstacles to operation by reassessing land prices to recoup financial obligations for losses and exemptions, as per Conclusion 2852. This is in accordance with Resolution 170/2024 of the National Assembly.
Determining the land price for the 58 Bach Dang site, where the 45-story M Landmark Tower is located, will help complete the legal basis for determining the construction type, whether it be for sale or for sale in combination with leasing, in accordance with land laws. This will facilitate the process of granting “red books” (land-use rights certificates) to apartment buyers.
Previously, on June 1st, the project investor, Foodinco Real Estate Joint Stock Company (a member of Alphanam Group), launched over 200 luxury apartments. The 45-story M Landmark Tower features the M Landmark Residences from the 30th to 43rd floors, comprising 224 units ranging from 43 to 89 square meters, with permanent pink books (land ownership certificates) offered.
There are numerous listings for apartments in this project on the market, with prices ranging from VND 179-279 million per square meter, adhering to 5-star hotel standards and premium Marriott-branded services.
With prices nearing VND 280 million per square meter, the M Landmark Residences apartments are considered to have set a new record for Danang’s apartment market, as they are the first to offer million-dollar residences in the city.
The Prime Minister: Transforming Perceptions of Social Housing Quality
On December 22, Prime Minister Pham Minh Chinh attended the groundbreaking ceremony of the Golden Square Lao Cai social housing project in Bac Leng ward, Lao Cai city, during his working visit to Lao Cai province.
