On November 19, 2024, Mr. Vo Tan Duc, Chairman of the People’s Committee of Dong Nai Province, officially approved the local adjustment of the 1/10,000 master plan. This approval marks a significant milestone in resolving the legal issues faced by Novaland Group’s Aqua City project, which has been stymied for over two years. This is a result of the guidance provided by the Government, various ministries and departments, and serves as a legal boost that promotes confidence within the business community regarding the Government’s overall policy aimed at effectively resolving legal issues for delayed projects. Furthermore, it serves as a catalyst for Novaland to recover and accelerate its business activities following a difficult period.
Key adjustments in planning and overall resolution for projects in Dong Nai
The recently announced adjustment primarily resolves the population size and land use parameters within subdivision C4, a part of the urban area to the West of Bien Hoa - Vung Tau Expressway. This is an important legal advancement for a number of projects of several enterprises, ensuring coherence for subsequent planning phases. It facilitates the finalization of the planning adjustment for subdivision C4 and the 1/500 detailed planning for Aqua City project, which is expected to be completed in early 2025. This revised planning framework will provide a robust legal basis to support Aqua City mega project in its development into a satellite city in the Eastern region of HCMC, marking it as one of Novaland Group’s key projects.
A section of Aqua City project (Dong Nai), one of Novaland’s key projects.
The result of unremitting endeavors
This adjustment stems from over two years of unremitting endeavors from Novaland, with the backing of relevant authorities. The Group has consistently proposed to both central and local ministries and departments, particularly the Government’s Special Working Group, to resolve legal issues related to Aqua City project in Dong Nai. This is not only to increase the Group’s revenue but also to clear legal issues, facilitating the construction and handover of thousands of houses, hence providing assurance to customers regarding their purchased products and restoring their confidence in Novaland’s commitments.
Solid financial backing
At present, banks have disbursed credit packages amounting to VND 3,250 billion for the construction of subdivisions within Aqua City. Concurrently, several financial institutions have committed to offer supplementary loan packages exceeding VND 10,000 billion to Novaland, enabling the continued development of infrastructure and the construction and handover of houses to customers by 2025-2027. This reflects a robust confidence from financial institutions in the development potential of both Aqua City project and Novaland.
Aqua City is strengthening the construction and handover of houses to customers.
Aqua City, with an area of nearly 1,000 hectares, is planned to become a satellite urban area in the East of HCMC, with over 70% of its area allocated for green spaces and modern facilities. This project is strategically positioned, being approximately 20 minutes away from the center of HCMC and Long Thanh Airport. Aqua City is not merely a residence but also an ideal setting for enjoyment of a fulfilling life.
To date, over 700 villas and townhouses have been handed over, establishing a civilized residential community. Construction activities at subdivisions such as River Park 2, Sun Harbor 2, and Ever Green, etc. are speeding up in parralel with the completion of various utilities including an expansive central square, Aqua Marina, security center, shopping center, school, hospital, five-star hotel, Aqua Sport Center, a series of luxury clubhouses and unique culinary and entertainment complexes.
Aqua City is poised to embark on a new stage of vigorous growth, having resolved legal issues and secured backing from financial institutions.