Ninh Thuan informs about the implementation status of Sunbay Park Hotel & Resort Project

Due to “unresolved difficulties in funding for project implementation”, the Sunbay Park Hotel & Resort project is behind schedule. Ninh Thuan continues to request the investor to speed up the completion progress as committed.

Due to “unresolved difficulties in funding for project implementation”, the Sunbay Park Hotel & Resort project is behind schedule. Ninh Thuan continues to request the investor to speed up the completion progress as committed.

Sunbay Park Hotel & Resort project consists of 3 towers, of which tower A is the tallest with 55 floors.

Sunbay Park Hotel & Resort project is invested by SunBay Ninh Thuan Joint Stock Company, and was granted investment policy by Ninh Thuan Provincial People's Committee in Decision No. 278, dated July 17, 2019. The project is divided into 2 investment phases; in which phase 1 is related to towers B and C, phase 2 is related to tower A.

According to the People's Committee of Ninh Thuan province, on February 7, 2024, the project's investment policy was adjusted in Decision No. 87. Accordingly, the project's completion time and putting into operation of towers B and C was adjusted to April 2024; completion and putting into operation of tower A in October 2024.

Ninh Thuan Provincial People's Committee said that in the process of implementing regulations on granting investment policy adjustments, the Director of Sunbay Ninh Thuan Joint Stock Company signed a commitment with the Department of Planning and Investment of Ninh Thuan province to ensure project progress, complete additional land rent payments as well as ensure debt payment, salaries, and living conditions of workers.

However, the Ninh Thuan Provincial People's Committee pointed out that "however, the Company did not comply with its commitment and the project progress was slow".

Regarding the cause, the People's Committee of Ninh Thuan province mentioned that, according to the Company's report, it is currently due to the procedure for appraising the Feasibility Study Report on investment and construction adjustment of the project at the Ministry of Construction.

In addition, the Company is facing many difficulties in accessing credit sources for the project at the present time, so it has not been able to mobilize credit sources from banks even though the investor has provided shareholders' assets as collateral for the loan package.

Regarding the project implementation, the Ninh Thuan Provincial People's Committee stated the fact that "currently, some employees of the Company have resigned; the Company is still slow to pay salaries to employees. The project implementation is still not progressing as committed, it is expected that the project will continue to stop construction, affecting the rights of customers, thereby continuing to file lawsuits to claim rights, which will affect the security and order situation in the locality".

The Department of Construction of Ninh Thuan province also confirmed that the Sunbay Park Hotel & Resort project is currently suspended due to financial difficulties of the investor.

The Ninh Thuan Provincial People's Committee confirmed that it has sent many documents requesting the Company to urgently complete the project according to the approved schedule. In the coming time, the Department of Planning and Investment will organize an inspection and request SunBay Ninh Thuan Joint Stock Company to urgently speed up the project completion progress to ensure security, order and urban landscape.

It is known that in plan No. 4720, dated October 10, 2024 on implementing key tasks and solutions in the last 3 months of 2024 to strive to complete the growth target for the whole year of 2024; Ninh Thuan Provincial People's Committee assigned tasks to departments and branches to continue supporting investors, especially in key areas and large-scale projects (in completing investment procedures, accelerating site clearance, and handing over land to investors to implement projects according to the set plan). Sunbay Park Hotel & Resort project is one of the projects mentioned in this plan.

Source: https://baodautu.vn/batdongsan/ninh-thuan-thong-tin-tinh-hinh-trien-khai-du-an-sunbay-park-hotel--resort-d228182.html