6,000 billion VND project "lies idle" waiting for planning adjustment

According to information from the People's Committee of Hai Phong City, in Document No. 6814/VP-QH, Mr. Nguyen Van Tung - Chairman of the People's Committee of Hai Phong City agreed on the policy of local adjustment of the planning of Lot H5.2/CC-2 to add 2 basements at the Project of Commercial Center Complex, Entertainment, 5-star Hotel and Office for Lease of Cho Sat (Cho Sat Commercial Complex Project) in Phan Boi Chau Ward, Hong Bang District, Hai Phong City.

Accordingly, the City People's Committee assigned the Hai Phong Department of Construction to guide the Hong Bang District People's Committee to coordinate with investors to urgently complete the documents of local planning adjustment projects, appraise, and submit to the City People's Committee for approval according to regulations.

Real Estate - Hai Phong: 6,000 billion VND project — The Sat Market Commercial Complex project in Hai Phong City is waiting for planning adjustments to continue construction (Photo: Thai Phan).

Talking to Nguoi Dua Tin, Mr. Chu Ngoc Minh - General Director of Saigon Garment - Match Joint Stock Company, the investor of the Cho Sat Commercial Complex Project, said that the main reason why the investor stopped construction of the Cho Sat Commercial Complex Project for a long time was waiting for the planning adjustment.

Currently, Saigon Garment - Match Joint Stock Company is coordinating with the People's Committee of Hong Bang District to complete the necessary procedures and documents to submit to the People's Committee of Hai Phong City for approval as soon as possible. The investor has prepared human resources, machinery, and capital to resume construction after completing the adjustment, expected in 2024.

On October 9, 2023, Nguoi Dua Tin published an article: "The 6,000 billion VND project to replace the Iron Market has been "dormant" for a long time", reflecting: Over time, the old Iron Market has not kept up with local development nor ensured safety for businesses.

Therefore, Hai Phong City planned a large, modern commercial center to replace it. To continue the tradition, Hai Phong City authorities required the investor to keep the name "Sat Market" in the project's commercial name.

By July 2021, Hai Phong City People's Committee completed the project preparation of the Iron Market Commercial Complex Project and organized a public bidding according to regulations. According to Decision No. 3232/QD-UBND of Hai Phong City People's Committee, Saigon Garment - Match Joint Stock Company became the investor of the Project.

The project has a total investment of more than 6,000 billion VND with 2 towers of 40 floors above ground and 2 basements built on an area of 1.5 hectares, the construction density of the base block is more than 46%, the construction density of the tower block is 40%, the height of the building is nearly 150 m.

On May 14, 2022, Hai Phong City People's Committee coordinated with Saigon Garment - Match Joint Stock Company to organize the groundbreaking ceremony of the Iron Market Commercial Complex Project on the occasion of the 67th anniversary of Hai Phong Liberation Day (May 13, 1955 - May 13, 2022) and the 2022 Red Flamboyant Festival.

Expected to be completed and put into operation in 2024, the Iron Market Commercial Complex Project will have many functions: Trade center, entertainment, 5-star hotel, office for rent. In addition, the project will supplement the shortage of culinary services, tourism, static parking and many other services for local people and tourists.

However, after completing the demolition in June 2022, Saigon Garment - Match Joint Stock Company has remained "inactive" except for building a fence to surround the project. The 1.5-hectare land plot located in a prime location in the center of Hai Phong City is empty and deserted .

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