VietNamNet Bridge – More than 100 villas have been half-built on a plot of “golden land” in the town of Cua Lo in the central province of Nghe An because of a shortage of capital.
The villas are located on Binh Minh Road, in Nghi Huong Commune, Nghi Hoa Ward, Cua Lo Town.
This project was licenced by the Ministry of Planning and Investment in 2003.
The investor is Hong Thai SIT Vietnam JV, with a total investment of $50 million on 162,189 m2 of land.
This project includes five 2-5 star hotels, 86 villas, a supermarket complex, high-rise condominiums, an aquarium and other facilities. It is scheduled to be completed in 2010.
The project was carried out very quickly in the first two years. However, after one year of implementation, the local authorities detected that the investor violated the licence, as they built 114 villas, 28 more than the approved plan.
The authorities also found out that the investor was financially incapable as the foreign partner withdrew one year after the project commenced.
In August 2005, the Ministry of Planning and Investment terminated the operation of the Hong Thai SIT Vietnam JV and revoked the license.
At that time, 102 villas and several facilities were half-built.
This area has been left fallow since then.
Many villas worth millions of USD are now in ruins.
In 2014, Nghe An authorities selected Bao Khanh Hamica as the new investor of the project.
However, this area is still fallow. This is one of many similar estate projects throughout Vietnam.
Tri Thuc Tre
Photos: “Forgotten” USD million villas in central Vietnam Related image(s)
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