Financial conditions not met for beachfront project, which has had its fair share of critics.
The Khanh Hoa Provincial Department of Planning and Investment recently forwarded documents to the Provincial People’s Committee seeking the revocation of the investment license issued to the Indian-owned International Dewan Vietnam for the Phoenix project on Nha Trang beach.
According to Mr. Tran Minh Hai, Deputy Director of the Department, under the licensing conditions the developer was to contribute capital of VND420 billion ($19.26 million) for the $1.2 billion project by June 30. These financial obligations have not been met.
The Phoenix project was to cover an area of 74.1 ha and include the 40-65-storey Phoenix Garden complex on an area of 50,000 sq m and a 40-45-storey hotel and service complex, among others, which was said to be “rebuilding Nha Trang” by stretching the popular beachfront by over 4.3 km.
But the province scaled the project down to the apartment building and the hotel on 14 ha last May after media reported opposition from residents, architects, and former officials, who said the province was privatizing the beach and offering it exclusively to the wealthy.
- Phoenix Beach project
- Nha Trang
- investment certificate
- International Dewan Vietnam