Thousands of condotel apartments in Da Nang become apartments. Photo: Dung Dinh.
Mr. Le Quang Nam, Vice Chairman of the Da Nang People’s Committee, has recently signed two decisions allowing the investor to change the construction purpose of the four towers in the Da Nang Times Square project (in Phuoc My Ward, Son Tra District) owned by Kim Long Nam Joint Stock Company.
Specifically, the Da Nang authorities allow Kim Long Nam to change the land use purpose for 2,272 square meters of commercial service land (1,338 square meters for Plot CT1 and 934 square meters for Plot CT2); and 1,716 square meters of commercial service land (904 square meters for Plot CT3 and 812 square meters for Plot CT7) to be used for residential purposes in urban areas and the construction of apartment buildings.
The land use term for these plots of land is until March 30, 2056. To implement these decisions, the Da Nang People’s Committee has assigned the Department of Natural Resources and Environment to determine the land prices based on the purpose and term of land use and to report to the City Land Valuation Appraisal Council for consideration by the Da Nang People’s Committee.
At the same time, the Department of Natural Resources and Environment will coordinate with the Son Tra District People’s Committee and relevant units to transfer the land on-site. The Da Nang Times Square project is located at the intersection of Vo Nguyen Giap Street and Pham Van Dong Street, opposite East Sea Park and facing the coastline of Da Nang.
The project has a total land area of 2.1 hectares, with a construction area of 1.58 hectares. The types of residential units include condotels and penthouses. The project started construction in the second quarter of 2017, and the investor promised to complete it in the first quarter of 2019. However, currently, only the structural part of the project is being built.
Da Nang Times Square was initially developed with a scale including a 60-story hotel tower (the tallest in Da Nang, with the structural part completed), and several condotel towers ranging from 40 to 50 stories.
Previously, in February 2019, the Chairman of the Da Nang People’s Committee also signed a decision approving the adjustment of the detailed planning at a scale of 1/500 for Planning Zone 1 in Cocobay, which included the conversion of condotels into apartment buildings.
Accordingly, 1,016 condotel units out of a total of 1,856 units under construction in the Cau Co 1, 2, 3 buildings were converted into apartment units, and 544 condotel units out of a total of 1,657 units in the planned Cocobay Tower were also converted into apartment units.
This decision allows the conversion of high-rise condotel projects that have not been constructed in the HH4, HH6, and HH7 clusters into apartment buildings, villas, townhouses, and also includes the addition of some facilities such as management offices, auxiliary works, schools, medical stations, community centers, commercial centers, parking lots, etc., to meet the needs of the residents.
The leaders of Da Nang have assigned the Land Registration Office of the city to carry out the procedures for land recovery, issuance of land use rights certificates, and transfer them to the land users who have fulfilled their financial obligations and rectified their land records as required.
Kim Long Nam Company is responsible for paying land use fees and implementing the project investment in accordance with Decision 4680/2020 of the Da Nang People’s Committee.
@Zing News
Source: Vietnam Insider