After more than a decade of "real estate", the Phu Hoa Lake Urban - Tourism - Culture - Sports Area project has now been revived with many times increased investment, when the Gia Lai Provincial People's Committee has issued a decision approving the results of selecting investors to implement projects using land.
The winning investors were the joint venture of Geleximco Group - Joint Stock Company (GELEXIMCO), Glexhomes Joint Stock Company (GLEXHOMES), Phuc Loc Group Joint Stock Company (PLG) and Traffic Construction Corporation 8 - JSC (CIENCO 8).
The project has a total investment of nearly 22,000 billion VND, of which the implementation cost is more than 20,790 billion VND; compensation, support and resettlement is more than 1,160 billion VND. The scale of more than 279 hectares, deployed in 3 wards of Quy Nhon Bac, Quy Nhon Nam and Quy Nhon (Gia Lai province).
The implementation progress will last 15 years (from the second quarter of 2025 to the fourth quarter of 2040), divided into 2 phases. Phase 2025 - 2028: Complete procedures for selecting investors, site clearance, complete land and legal documents and invest in part of technical infrastructure, in which priority is given to social housing areas.
Phase 2028 - 2040: Continue to build and synchronously complete technical infrastructure, housing, service, trade - tourism, social infrastructure, and put the project into use.
The goal of the project is to form a synchronous, modern, multi-functional urban area serving tourism, culture and sports; including low-rise housing, commercial apartments, social housing, social infrastructure and technical infrastructure, meeting the living and entertainment needs of the people, towards sustainable urban development.
The Gia Lai Provincial People's Committee said that the winning investor has committed to having sufficient financial capacity, experience and implementation progress in accordance with the approved bidding documents.
Previously, the Phu Hoa Lake Urban - Tourism - Culture - Sports Area project was approved by the People's Committee of the old Binh Dinh province and started construction in July 2015, with a total investment of about VND5,000 billion, on a scale of 320 hectares.
However, after 10 years of implementation, the project site is still an empty lot, with many unfinished items, causing unsafety and seriously affecting the landscape of the Quy Nhon core area, causing public outrage.
In 2013, Phuc Loc Group Joint Stock Company (Ninh Binh) proposed to implement 2 BT (build - transfer) projects in the Phu Hoa lake area, including: building an extended Dien Bien Phu road (465 billion VND) and renovating the Phu Hoa lake drainage system (more than 578 billion VND). In return, the enterprise is allowed to exploit land in Phu Hoa Lake urban area to recover capital.
In August 2019, the Government Inspectorate stepped in to inspect and pointed out a number of violations in these two BT projects. On February 14, 2023, the Civil and Industrial Project Management Board of the old Binh Dinh province proposed to the Provincial People's Committee to terminate the contract.
In early April, the leaders of the old Binh Dinh Provincial People's Committee officially informed the province that they had decided to terminate the principle contract for the two BT projects and were conducting bidding to select a new investor for the Phu Hoa Lake Urban Area project.
