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Districts warned against delays in handing over land to investor   2008-09-25 - ThanhNien

Ho Chi Minh City will have to compensate a South Korean engineering and construction company in case of land transfer delays in for its three projects, the city people’s committee said.

 

 

Nguyen Thanh Tai, vice chairman of the committee, called for quick land acquisition so that the GS Engineering & Construction (GS E&C) projects could get started.

His warning came after GS E&C said it would seek compensation if the city failed to transfer land on time.

Construction of a road connecting Tan Son Nhat International Airport with Thu Duc District on the outskirts is likely to face delays in land acquisition in Binh Thanh District where many families have to be relocated to make way.

The city’s Planning and Investment Department has been asked to work with both district administrations and GS E&C to head off delays.

The people’s committee said site clearance for a $42.6 million, 36-hole golf course in Cu Chi District is also behind schedule though the district has already transferred 80 percent of the required land to the Korean company.

The remaining area of 42 hectares is expected to be available by mid-October.

The final project is a $189 million residential township project in Nha Be District for which the people’s committee has rejected the local administration’s request for one more year to hand over the land.

The original deadline for transferring the 325 ha site, December 31, 2009, therefore, remains unchanged.

GS E&C is an arm of the GS Group, one of Korea’s 10 largest conglomerates. The group has a major presence in Vietnam in the form of retail, recreation and construction investments.



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