Da Nang construction project owners delaying their work will have their land confiscated, the People's Committee in the central city has warned.
The Da Nang City People's Committee has already taken back 400 hectares of land at the Thuy Tu Industrial Zone in Lien Chieu District due to delays on the project slated for the lot.
Many property projects worth a total of more than US$200 million are currently delayed, according to the Da Nang City Investment and Promotion Center.
Major delayed projects include the US$12 million Ba Na Golf Course, which was licensed in 2006, and the US$20 million Tuyen Son Apartment Building, which was licensed in 2007.
Property firm Viendong Land said it would start building the Viendong Meridian Towers in downtown Da Nang last September, but has yet to commence work on the shopping center. The company announced the delay soon after the project was licensed, but failed to give a reason.
The 17,300 square meter-plot is all but abandoned at this point. Earlier this month, the city's People's Committee ordered the property firm to start construction before July. The committee said it would take back the land if Viendong Land didn't break ground by July 30.
Viendong was also granted 6,284 square meters to build a public park and an underground parking lot, but construction has yet to begin on that as well.