Da Nang plans to deploy procedures to auction 945 residential land lots during the 2024-2025 period, and at the same time, supplement the auction list of land use rights at many large land plots to call for investment in its socio-economic development projects.

A number of large plots of land along Ngo Quyen Street have been and are about to be auctioned to call for investment in projects serving the local socio-economic development. Photo: HOANG HIEP

Investment attraction from land auctions

Da Nang is attracting investment flows in many different forms and has certain successes. Notably, the city is always interested in attracting investment from land resources, especially the auction of land use rights.

Between 2017 and 2022, the Da Nang Land Fund Development Centre coordinated with relevant units to successfully organise auctions of 19 large land plots with a total area of 108.9 hectares. The city earned VND2,407 billion from auctioning land-use rights.

In 2023 alone, four large land plots were successfully auctioned and the winning investors expressed their determination to implement the projects soon.

For instance, the Daewon-Hoan Cau Housing Development Joint Venture Co.,Ltd. based in Ho Chi Minh City has won the auction for a1,608m² land area at the corner of Ngo Quyen, Vo Van Kiet and Pham Quang Anh streets in An Hai Dong Ward, Son Tra District, to build a commercial centre and hotel. The company has to pay more than VND236.5 billion to the city’s budget.

The Viet My Hai Phong Education JSC under the EQuest Education Group, has won the auction to rent the 18,698m² land plot A2-15 in expanded E2 area at the first phase in Hoa Xuan Ward, Cam Le District, to build a new campus of St. Nicholas International Inter-Level School. The about VND300 billion school will feature 108 classrooms, meeting the learning needs of 2,880 pupils.

Meanwhile, the MM Mega Market Co., Ltd., headquartered in Ho Chi Minh City, has won the auction to rent a 19,197m² land area southeast of the western student dormitory in Lien Chieu District’s Hoa Khanh Nam Ward to build a commercial and service area (supermarket).

Director of MM Mega Market Co., Ltd. Regis Delesque said that they will pour US$20 million into building a super complex with shops, restaurants, movie theaters, cafés and others, creating job opportunities for about 500 workers.

This project aims to be a green building and promises to bring the convenience of an attractive shopping and entertainment destination in Da Nang, he added.

“We are trying to complete procedures for granting a construction permit for the project in order to ensure that it will be put into operation in 2025" he emphasised.

An online auction of a large land plot on November 30, 2023. Photo: HOANG HIEP

Auctions of 57 residential and 27 large plots

For many reasons, in 2023, the city only successfully auctioned a number of residential land plots from the surplus resettlement land fund.

According to Director of the city’s Land Fund Development Centre Huynh Tan Quang, in the immediate future, his centre will continue to coordinate with relevant agencies, localities and units to deploy procedures for the auctions of 57 residential land plots, and determine starting prices of 123 others.

Along with that, the auctions of 27 large land plots will be carried out in order to call for investment in local socio-economic development projects.

Currently, the centre is managing more than 340 large land plots with a total area of more than 2.1 million m² to serve the work of attracting investment in many fields.

Depending on the development needs of each period, the city will gradually put the land fund up for auction, aiming to generate revenue for the city and call for investment in projects serving the local socio-economic development.

In 2024, the centre will coordinate with relevant units to complete procedures to organise auctions of large land plots that have been approved by the municipal authorities, thereby calling for investment in local key and dynamic projects.

The projects are a mini supermarket in Hoa Phuoc Commune, Hoa Vang District; park, public parking lot combined with commercial services at land lot A3 on Nguyen Van Linh Street in Phuoc Ninh Ward, Hai Chau District; a complex of a commercial centre and luxury apartment building at lot A-1 in the resettlement area at the end of Bach Dang Dong route in Nai Hien Dong Ward, Son Tra District; a residential area at the Software Park No. 2 in Thuan Phuoc Ward, Hai Chau District; a commercial centre at plot A2-1 in the Tien Son residential area in Khue My Ward, Ngu Hanh Son District; and a parking lot at 172 Nguyen Chi Thanh in Phuoc Ninh Ward, Hai Chau District.

Following the direction of the municipal People's Committee, relevant units will deploy auctions and bidding for the Hoa Xuan Sports, Entertainment and Commercial Complex project in the first quarter of 2024; and for the Hoa Xuan Creative Space, a complex of works serving the Da Nang International Fireworks Festival and the Hoa Phuoc Wholesale Market in the second quarter of 2024.

The purpose is to put these key and dynamic projects into use soon, thereby boosting the local socio-economic development.

Reporting by HOANG HIEP - Translating by M.DUNG