The road to the billion-dollar Saigon Pennisula project is seriously dilapidated High initial expectations The Mui Den Do theme park and modern urban development complex called Saigon Peninsula in Phu Nhuan taking up 117ha in Ho Chi Minh City’s District 7 and worth $6 billion in total investment value, evoked great hopes among city residents at its ground-breaking ceremony. According to the developer Saigon Peninsula Group JSC and the broker, Saigon Peninsula will ensure harmony between urban space and natural setting, and acting as the “green lung” of Ho Chi Minh City. Simultaneously, it will function as a multi-purpose urban development and provide ideal space to meet every need for housing, commercial office area, as well as modern and upscale entertainment in Ho Chi Minh City’s southern part. Besides, the complex also features a 600m international marina with an estimated scale reaching 4.6ha. Once completed and put into use, the marina could receive … [Read more...] about Billion dollar projects sitting idle in Saigon south
Million dollar project
A makeshift wall in Hanoi can fetch a million dollars
This property stood on Nguyen Van Huyen Road, Quan Hoa Ward, Cau Giay District. Vu Van Thang, a land officer of Quan Hoa Ward said the wall was actually what was left of Tuan’s (not real name) property after his land was taken for an infrastructure project in 2015, with authorities deciding to extend Nguyen Van Huyen Road to run through three big urban areas in the capital city. Tuan built a wall made of thin metal plates and fence on the small piece of land to mark his territory. The piece of land that constituted the wall adjoined a property belonging to Quang (also not real name), which was 140 square meters wide. “Quang’s land, without the frontage (of Tuan’s “wall”) would only be valued at VND70-80 million ($3,000-3,400) per square meter. But when you add the frontage, the price can go up to VND400 million ($17,100) per square meter,” said Vu Ngoc Nga of Hanoi Real Estate Association. So that wall could easily be sold for VND20 … [Read more...] about A makeshift wall in Hanoi can fetch a million dollars
More plans needed to put billion-dollar projects into action
Many provinces and cities have licensed projects worth billions of US dollars through their investment forums this year. But experts say the key issue remains how to push these projects from the planning to the action stage. Sixty-six projects worth nearly VND169 trillion (US$7.2 billion) were granted investment registration certificates at an investment promotion conference in the central province of Quang Binh on August 27-28. Early this month, the Can Tho City People’s Committee awarded investment certificates for 10 projects with committed capital of about VND8 trillion and inked co-operation agreements with other investors with total investment capital of VND85 trillion. Also at an investment conference in mid-June, Ha Noi successfully sought investment for 71 projects worth over VND397.3 trillion (roughly $17 billion), of which 11 projects had foreign direct investment capital of VND130 trillion ($5.4 billion). Many investors committed investment capital of hundreds of … [Read more...] about More plans needed to put billion-dollar projects into action
Sky Villas Regent Residences Phu Quoc: Million-dollar vision
Situated at a prime location in Bãi Trường, Phú Quốc island, Regent Residences Phu Quoc is a hot spot attracting many high-end domestic and foreign real estate investors. Sky Villas at Regent Residences Phu Quoc is considered a typical example of the “upstream” real estate model, scoring absolutely with its 360-degree panoramic views. Million-dollar vision enhances quality of life Living in an open space in harmony with nature helps improve the quality of life of the people. Therefore, with the crowded urban areas, there is not much natural green space. Therefore, the vision of an apartment becomes especially important to provide a comfortable living space and freedom to the owner. The vision is equally important when it comes to resort property to determine its attractiveness as well as the value of the project. The beauty and tranquillity of Viet Nam’s beaches have always drawn both domestic and foreign tourists for vacation. More … [Read more...] about Sky Villas Regent Residences Phu Quoc: Million-dollar vision
Vietnamese fallen politician has million-dollar graft appeal thrown out of court
A court in Hanoi upheld a 13-year sentence against a former head of PetroVietnam on Monday, rejecting his appeal that he had followed protocols in a case that caused massive losses at the state giant. Dinh La Thang, a fallen political star and board chairman of PetroVietnam, had previously asked the Hanoi court to review the charge and tried to appeal the 13-year jail term he received in a historic trial in January for economic management violations. After a week-long trial, the Hanoi Superior People's Court eventually rejected his appeal. The indictment said he took advantage of his position as head of PetroVietnam to commit serious violations that caused million-dollar losses at the state giant. He violated regulations by assigning PetroVietnam Construction JSC (PVC) as the main contractor for several thermal power projects. He directly appointed Trinh Xuan Thanh as general director of PVC in December 2007, before making various promotion, funding and recruitment decisions to boost … [Read more...] about Vietnamese fallen politician has million-dollar graft appeal thrown out of court