Big property projects in southern Dong Nai province’s Nhon Trach district are suffering delays due to incomplete infrastructure and poor market performances.
The Nhon Trach roading-bridge project, linking Nhon Trach to Ho Chi Minh City’s District 9 developed by Phu My Construction and Investment Joint Stock Company, was sourcing investments.
Construction of Ho Chi Minh City’s outer beltway 3 section crossing Ben Luc-Long Thanh expressway, Nhon Trach area and merging with Ho Chi Minh City-Trung Luong highway is yet to get underway.
“The progress of property projects is poor due to the market’s bad mood and incomplete infrastructure,” said Nhon Trach district’s urban management department deputy head Nguyen Huu Thanh.
Nhon Trach was home to around 82 residential projects and 10 eco-tourism and holiday home projects, Thanh said.
Many big projects, apart from Dai Phuoc Lotus eco-tourism and urban complex, are under preparation.
One such project is the $6 billion East Saigon urban complex to cover 900 hectares developed by Nhon Trach Investment Joint Stock Company, a venture between Tin Nghia Company Limited and Dong Nai Rubber Industry Company. The project was licenced in 2006 and got the prime minister’s approval in 2007.
The project is well-placed since it faces major arterial roads. However, after the ground-breaking ceremony in August 2009, construction of model housing is still in the development pipeline.
The 55ha Long Tan-Phu Hoi residential area, whose detailed planning scale 1/500 was approved in October 2007, is now in the site clearance phase.
The situation is no better for new Nhon Trach city centre project developed by Malaysia-based Berjaya Corporation Berhad.
With investment estimated at over $2 billion and spanning 600ha in Long Tan, Vinh Thanh and Phuoc An communes, it is a pivotal project with great impacts on Nhon Trach district’s appearance. The project was licenced in late 2009 and became Dong Nai province’s biggest FDI project.
According to Berjaya Vietnam Company Limited project development director Phuong Anh Phat, the 1/2,000 planning of new Nhon Trach centre project was basically completed and the developer would finalise relevant inventory work in late June 2011.
“Most of our projects incurred delays on the back of gloomy market forecasts. If we continue construction as schedule it will not be a wise decision,” said Berjaya Vietnam’s General Director Nguyen Hoai Nam.