HCMC authorities might auction a huge, long-delayed mixed-use property development which will also include a golf course.
They are considering putting the sport, entertainment and residential project in a prime location of Phuoc Kien Ward, Nha Be District, under the hammer following a recent petition to do so by the management of the Southern City New Urban Area.
A license for the project has been pursued by the Taiwanese-invested Phu My Hung Corporation for years.
The Southern City New Urban Area management said an auction is necessary since, besides Phu My Hung, two more companies have also been seeking a license: the Tan Thuan Industrial Promotion Company Limited and a consortium of Hoa Phong Company Limited and Sun Flower.
In 2000 city authorities had assigned Taiwan’s CT&D to draw up a master plan for the 250-hectate project with a 36-hole golf course, sports, healthcare, amusement facilities, housing, offices and shops.
In 2003 the government approved the plan for the project, but CT&D did not fulfill investment procedures to implement it.
Four years later the group withdrew from the project and recommended the city should hand it over to Phu My Hung Corporation, its joint venture partner.
But the Prime Minister’s Decision 1946 in 2009 on the master plan for golf course construction in the country until 2020 did not mention this project.
The city has recently asked the PM to add this complex with a nine-hole, 15ha golf course to Decision 1946.
Le Hoang Chau, chairman of the HCMC Real Estate Association, told the media that the project is a large plot which includes public lands, those belonging to individuals and agricultural lands.
Thus official agencies need to deal with land acquisition and compensation and relocation of households before organizing an auction, he added.
HCMC has four golf courses approved by the PM to be developed by 2020 – Thu Duc, Sing Viet, GS, and Tan Son Nhat.