$420 mln residential challenge in southern Vietnam awaits buyers

Long An’s Planning and Investment Department is seeking investors for the VND10.66 trillion ($418.8 million) Thanh Phu residential and commercial complex project in the southern province.

The project will cover 85.2-hectares in Thanh Phu commune, Ben Luc district.

Of its estimated cost, VND8.66 trillion ($340.25 million) is earmarked for construction and the remaining VND2 trillion ($78.56 million) for compensation and resettlement.

It is expected to include 698 terraced land lots, 318 land lots/villas, and 282 land lots for settlement, accommodating 4,800 residents in total.

Construction is estimated to take six years, with the project operating for a period of 50 years. The provincial department requires investors to contribute at least VND1.6 trillion ($62.85 million) of their own capital.

Applications for project implementation are open till June 21.

The local government has set some eligibility conditions for investors in the new urban development and commercial housing project.

Investors should have invested at least VND960 billion ($38.4 million) of their own capital in projects with a minimum total investment of VND6.4 trillion ($251.28 million). Such projects should have been completed or largely completed within the last five years.

Those who have served as the main construction contractors for projects with a minimum total investment of VND4.33 trillion ($170.1 million) are also eligible to become investors; with the same condition that such projects should have been completed or largely completed within the last five years.

Main construction contractors who were partners of investors in projects worth at least VND6.06 trillion ($238.2 million) that were completed or largely completed in the last five years are also eligible to become investors in the new project.