Khanh Hoa Province has recently leased 3,642 square meters of coastal land at 48-48A Tran Phu Street, Nha Trang City, to an enterprise for a high-end commercial and tourism services complex project.
According to the newly approved decision, the People’s Committee of Khanh Hoa Province has leased the entire 3,642 square meters of coastal land to Tran Phu Ocean Real Estate Development Joint Stock Company. The land is intended for commercial and service use to implement the High-end Commercial and Tourism Services Complex project.
The land is leased under the form of a one-time lump-sum payment for the entire lease period, with a usage term of 50 years starting from the date the decision was signed. The lease was executed through a land-use rights auction.
The prime land plot at 48-48A Tran Phu, Nha Trang City. Photo: Trung Ninh
Previously, the provincial People’s Committee had approved the specific land price for this plot at nearly 189.5 million VND per square meter. The starting bid for the auction of the entire plot’s land-use rights was nearly 691.85 billion VND.
In March, the province issued a decision recognizing the winning auction result for the land-use rights to implement the project. The winning individual was Nguyen Xuan Tung, the legal representative of the aforementioned enterprise.
The provincial tax authority has requested the auction winner to fulfill their financial obligations for the land plot at 48-48A Tran Phu, with the total lease amount to be paid to the State budget exceeding 719 billion VND for the 50-year lease term.
The land plot at 48-48A Tran Phu is located on the central coastal road of Nha Trang, facing the bay, and is surrounded by a system of high-end hotels, resorts, and tourism service facilities. Since 2003, the province had allocated this site for a hotel project, but due to several issues, it was reclaimed. Up to now, the plot has been fenced off with corrugated iron and left vacant, occasionally being used as a temporary parking lot, wasting land resources and affecting the urban landscape.
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