Local residents have rushed into illegally selling land at the Ba Ria-Vung Tau-based Good Choice Vietnam’s Theme Park Complex after the US developer was rumoured to have abandoned it.
The Ba Ria-Vung Tau provincial investment authorities licenced the US Good Choice Import-Export Investment Inc to invest in the $1.3 billion Good Choice Vietnam Theme Park Complex in Nguyen An Ninh ward’s Bau Trung area.
The project features a multi functional complex, covering 150 hectares, including 26 subdivisions with a 88 storey Landmark Tower building, entertainments, drinking and food areas, trade centres, conference halls and hotels.
With such planned project, local residents expected it to bring Vung Tau tourism city a new face. However, four years passed, the project investor had done nothing to carry out the project.
In early 2011, rumours among land traders and local residents that Good Choice had abandoned the project and the planned project is now not valid. Therefore, local residents rushed into doing infrastructure, selling land lots and building constructions there.
At early stage, local residents illegally build houses or other works at night to avoid being interrupted by authorities. Authorities have punished many, but then they continued carrying the work.
Land prices at the project also soared to VND4-5 million a square metre, up over 100 per cent against VND1.5-2 million in late 2010. The price is high but still affordable to numerous people. “With this price, I cannot buy in a city like this. Therefore, I accept the risk,” voiced a local resident.
Ho Van Nien, Ba Ria-Vung Tau People Committee’s deputy chairman recently asked its city authorities to keep the Bau Trung’s Good Choice project for entertainments for local people if Good Choice abandoned the project.
Documents asking Good Choice to arrive to work with local investment authorities to explain the project delays have been sent to the company. If Good Choice did not continue, local authorities would find other investors for the project. Good Choice has not responded to the requests.