On July 7, news from Khanh Hoa Provincial People's Committee said that the locality has issued a decision to lease land to Tran Phu Sea Real Estate Development Joint Stock Company to implement the high-class commercial and tourism service complex project at 48-48A Tran Phu Street, Nha Trang Ward.
In March 2026, Khanh Hoa Provincial People's Committee recognized the results of winning the auction of land use rights for this land area for an individual named Nguyen Xuan Tung - who is currently the legal representative of Tran Phu Sea Real Estate Development Joint Stock Company.
According to the newly issued decision, Tran Phu Sea Real Estate Development Joint Stock Company is allowed to lease 3,642m2 of land at 48-48A Tran Phu Street for commercial and service land purposes, to implement the high-class commercial and tourism service complex project.
The form of land lease is that the State leases land, paying the rent once for the entire lease term. The land use term is 50 years from the date of signing the decision.
Tran Phu Sea Real Estate Development Joint Stock Company was established on April 14, 2026, with Mr. Nguyen Xuan Tung as the legal representative.
Previously, as Lao Dong newspaper reported, at the beginning of 2026, Khanh Hoa province decided to auction the land use rights of the golden coastal land plot at 48-48A Tran Phu to implement the high-class commercial and tourism service complex project.
The land price used to determine the starting price was determined at more than 189.85 million VND/m2. Previously, at the end of 2025, Khanh Hoa Provincial People's Committee approved the specific land price at this land plot at nearly 189.5 million VND/m2. On that basis, the starting price for auctioning the entire land plot was determined at nearly 691.85 billion VND.
Regarding the process of handling the land plot, before putting the land plot up for auction, in March 2025, the Government Office had a conclusion report by Deputy Prime Minister Ho Duc Phoc on removing difficulties and obstacles for land plot 48-48A Tran Phu.
According to the conclusion, the Khanh Hoa Provincial People's Committee was assigned to urgently exchange and agree with the previous investor, Vietnam Bank for Agriculture and Rural Development Services Co., Ltd., in the direction of repaying the amount paid to the provincial budget after winning the auction, without interest.
