This land site has an area of more than 1.07ha. It is aimed for construction of four-to-five-star hotel. The The Govrnment leases the land site for 50 years, with a lump-sum payment, in the form of auction for land use right.
On this site, the building needs to meet some conditions: at least 27 floors (excluding basement); no limitation on the maximum height but it must be agreed by the Ministry of Defense; building density from 45 to 55 percent.
Excluding the land use fees for winning the auction, total minimum capital for the project is estimated at VND 1.511 trillion.
In 2016, Binh Dinh People's Committee had a policy to invest in Thien Hung high-class hotel, commercial and apartment complex project on this land site. The investor was a joint venture of An Phu Group Joint Stock Company, Thien Hung Import and Export Co., Ltd., and Sun Group Joint Stock Company.
However, local government last year decided to revoke the investment policy because the project had been carried out more slowly than scheduled.
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