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Dong Nai allocated more than 50 hectares of land at Aqua City to Novaland

1611-2023

Dong Nai allocated more than 50 hectares of land at Aqua City to Novaland

Dong Nai Provincial People's Committee has issued two decisions. That is land allocation in subdivision 1 and subdivision 2 of Cu Lao Phuoc Hung High-class Commercial Service Urban Area (Phuong Hoang Island).

Đồng Nai giao hơn 50ha đất tại Aqua City cho Novaland

Specifically, in Decision 2849/QD-UBND, signed by Vo Van Phi - Vice Chairman of Dong Nai Provincial People's Committee who assigned An Khang Real Estate Development Co., Ltd. more than 31.4 hectares to continue building roads, Planting trees, building sports and administrative areas.

Similarly, Decision No. 2851/QD-UBND assigned Novaland 22.5 hectares to continue building a system of roads, trees, and sports as part of the Phuong Hoang Island project in accordance with the approved planning.

The form of land allocation for the above two land areas is that the State allocates land without collecting land use fees.

Previously, Dong Nai Provincial People's Committee assigned Long Hung Agricultural and Construction Services Cooperative the above two land areas. Therefore, on November 14, Dong Nai Provincial People's Committee issued a decision to recover land and also issued a decision to allocate land to Novaland on the same day.

Previously, Tuong Minh Investment and Real Estate Company Limited - a subsidiary of Novaland was also handed over land at the Aqua City project by Dong Nai province. The goal is to build technical infrastructure according to the project's legal documents from Aqua Dona City Company Limited

These decisions of the People's Committee of Dong Nai province are a very important step for the investor to continue implementing the project after the Provincial People's Committee actively supported the removal of legal problems of the project.

Aqua City is a key project of this group, but is facing many legal problems. Novaland has more than VND 70,000 billion in receivables according to progress from customers at this project. It is currently waiting for approval procedures to be cleared to continue maintaining cash flow for the project.

Currently, Novaland is applying to adjust the 1/500 planning on the basis of maintaining the approved targets, but the group says it still arises many problems.

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