The Da Nang government has approved the adjustments to investment policies, and the TERRA J.S.C as the investor for a project to expand the urban area along the Hoa Quy - Dong No River to the east.

Illustrative image (Photo: DNO)

As approved by the municipal administration, the project’s total investment capital will be raised from more than VND 3,400 billion to over VND 4,100 billion.

With regard to the project’s implementation progress, Phase 1 (2020-2021) has been adjusted with a focus on completing the project's legal documents, site clearance and ground levelling.

Phase 2 (2022-2024) will invest in technical infrastructure and build commercial and service zones, commercial houses/shophouses and villas and a part of land for transport infrastructure.

Phase 3 (2024-2026) will focus on developing technical infrastructure and building commercial houses/shophouses and villas in the remaining areas of the project, including technical and social infrastructure works at the project.

The municipal administration requires the investor to continue determining the land fund corresponding to 20% of the social housing area in the project according to regulations to serve the review and arrangement of the social housing land fund in the locality.

At the same time, during the project’s implementation, the investor is responsible for basing itself on the actual status of the actual land plots at the site and comparing it with the total ground of the 1/500 detailed planning, urban design architecture management directives and regulations approved by competent authorities to comply with regulations;

The project must comply with the provisions of the national Law on Environmental Protection and take treatment measures to ensure environmental sanitation, apply specific measures and plans to meet the requirements of fire prevention and fighting, labour safety at the project implementation site according to the provisions of current law.

In case the project sells commercial housing to foreign organisations or individuals, it must consult the Vietnamese Ministry of National Defense in accordance with regulations. Regarding the static height of construction, it is suggested that the investor comply with the provisions of Decree No. 32/2016/ND-CP dated May 6, 2016 of the national government.

According to the decision on investment policy, the goal of the project is to expand Hoa Quy - Dong No riverside urban area to the east in order to form a modern riverside urban area.

The project will build and trade in synchronous urban technical infrastructure for the transfer or lease of land use rights, boosr commercial housing construction for sale or rental and provide services and utilities attached.

Under the 118,101m², project, residential land lots, riverside villas, preschools, a shopping area with a synchronous technical infrastructure system, drainage system and green space will be created.

Reporting by THANH LAN - Translating by A.THU