The Legend City Danang project needs to mobilize more than 1,700 billion VND in capital

The Legend City Danang project, built on a "golden land" of more than 11,400 m2 on Vo Van Kiet Street, invested by Vipico LLC, will need more than 1,700 billion VND in mobilized capital.

The Legend City Danang project, built on a "golden land" of more than 11,400 m2 on Vo Van Kiet Street, invested by Vipico LLC, will need more than 1,700 billion VND in mobilized capital.

The Department of Construction of Da Nang City said that it has issued a notice on capital mobilization through capital contribution, investment cooperation, business cooperation, joint ventures, and associations of organizations and individuals at the project of The Legend City Danang - Trade Center, Hotel and Apartment Complex.

The Legend City Danang project is invested by Vipico LLC, built at lot A20 Vo Van Kiet street (Son Tra district), with land use area: 11,487 m2, of which residential land is 77,658 m2; commercial service land is 3,829 m2.

The Legend City Danang project has a scale of 1 hotel block and 1 apartment block with 800 apartments. The total investment capital for housing construction is more than 2,352 billion VND; the project implementation progress is until the end of 2028.

The project of the Complex of Trade Center, Hotel and Apartment of the Legendary City - Da Nang is built on land lot A20, fronting Vo Van Kiet Street.

According to the Department of Construction of Da Nang, in 2017, the City recognized the auction results for the A20 land plot on Vo Van Kiet Street. Son Tra District (Da Nang City) also approved the detailed planning at a scale of 1/500 for The Legend City Danang project in 2024.

According to a report by Vipico LLC, the company is mortgaging its land use rights certificate, house ownership rights and other assets attached to the land at Vietnam Maritime Commercial Joint Stock Bank.

According to the Danang Department of Construction, The Legend City Danang project is eligible to raise capital. The form of capital mobilization is through capital contribution, investment cooperation, business cooperation, joint ventures, and associations of organizations and individuals.

The total capital mobilization of The Legend City Danang project is more than 1,764 billion VND, accounting for 75% of the total investment capital for housing construction.

The Da Nang Department of Construction noted that the parties participating in capital contribution, investment cooperation, business cooperation, joint ventures, and associations are only allowed to divide profits in cash or shares based on the capital contribution ratio as agreed in the contract; the investor is not allowed to divide housing products or to give priority to registration, deposit, and the right to purchase housing or to divide land use rights in the project for the capital mobilized party, except in the case of capital contribution to establish a new legal entity to be assigned by the State as the investor of a housing construction investment project according to the provisions of law.

The Legend City Danang project is invested by Vipico Company.

In addition, mobilized capital must be used for the purpose of housing development and housing construction investment projects. Mobilized capital must not be used for other projects or other purposes.

Ensure that the total capital mobilized in all forms and the owner's equity must not exceed the total project investment capital, including land use fees and land rents that the investor must pay according to the provisions of the law on land...

Vipico LLC won the auction for land lot A20 on Vo Van Kiet street frontage in 2017.

Da Nang City later canceled the auction results of this land. The reason given was that Vipico Company did not comply with the commitments in the Auction Registration Form, the auction plan and the auction regulations.

However, later, Vipico Company filed a lawsuit against the above decision of the People's Committee of Da Nang City. After the first instance and appeal trial, the court accepted the lawsuit of Vipico Company, annulling the decision of the People's Committee of Da Nang City on canceling the auction results of the golden land lot A20 Vo Van Kiet.

Source: https://baodautu.vn/batdongsan/du-an-the-legend-city-danang-can-huy-dong-von-hon-1700-ty-dong-d258446.html