Quagmired Anvie Resort and Residences goes on sale for $45 million

Long-delayed Anvie Resort and Residences invested by Vietnamese Asian Pearl Joint Stock Company with a total capital of VND1.5 trillion ($67.3 million) in the central city of Danang has been put on sale for $45 million.

The sale occurred when the construction has been immobile for nearly six years.

In 2008, the Danang People’s Committee granted the investment certificate and handed over 17 hectares of land to implement the project.

The construction was kicked off in 2010. However, after the investor completed a fence surrounding the construction site, no further stages have been implemented. Besides, Danang-based Asian Pearl JSC proposed the city to adjust the project plan as well as extend the construction deadline numerous times.

City leaders urged the investor to implement the project, which was met with a repetition of empty promises.

Le Tan Nghia, Chairman of the People’s Committee of Khue My Ward, said that Asian Pearl is considered a large-scale project in the ward, but confidence is fading as construction has been delayed for numerous years. Thus the People’s Committee of Khue My Ward proposed the city to revoke the investment certificate.

In 2012, the Department of Construction in Danang requested the investor to accelerate the construction and give commitment about the progress. If the investor had failed to restart construction before the first quarter of 2014, it would have the investment certificate revoked.

After receiving the ultimatum, the investor continued to propose the city to adjust the project plan. The city approved the adjustment, but refused to extend the deadline to resume construction works.

As of now, the construction has been immobile. VIR’s reporter contacted with Tran Thi Phuong Loan, a representative of Asian Pearl JSC. Loan said that she left the company for long time and she is not sure whether the company has still being operated.

Source: VIR