MARKET SNAPSHOTS WEEK 29/2023
Converting condotels into apartments: Worrying about overloaded urban infrastructure
-Tuoitre-
Thousands of condotels have been converted into apartments, causing concerns about infrastructure overload in these areas. In which, there are 4 towers CT1&CT2, CT3&CT4 Times Square Danang project (located in the golden land area next to My Khe beach, Phuoc My ward, Son Tra district) converted into an apartment with 1,842 apartments, population size nearly 4,000 people. The Empire (Cocobay) luxury residential and resort project which is located on Truong Sa street, Hoa Hai ward, Ngu Hanh Son district, Da Nang city has 1,859 condotel apartments, of which 1,016 apartments have been converted into apartments. Condotel investment does not require urban infrastructure, attached social infrastructure for the purpose of people's long-term residence. Therefore, once converting from condotel to apartment building, forming residential units, there will be a lot of problems that need to be solved. For example, the problems of water supply and drainage, electricity supply, schools, kindergartens, hospitals, green parks will become shortages and overloads. The consequences are inconvenient traffic, cramped living space not meeting the living needs of the people. The conversion can bring a small source of revenue for the budget in the short term, but in the future, it will have to be expensive to re-invest in infrastructure, to clear and expand the urban population.
Major infrastructure projects to be completed by 2023
The first is the My Thuan 2 bridge project with a total length of more than 6.6km, connecting the two provinces of Tien Giang and Vinh Long. The project connects to the My Thuan-Can Tho highway, which stretches over 23km between Vinh Long and Dong Thap provinces. In Ho Chi Minh City, the Metro Line 1 project is about to be completed. This 19.7km urban railway will connect Ben Thanh Market in District 1 with Suoi Tien Theme Park in Thu Duc, providing a modern and efficient public transport option. Hanoi is also making progress with the long-stalled Nhon-Hanoi Railway Station. Part of the project, including the elevated section from Nhon station to Cau Giay, will begin commercial operation this year, improving public transport within the capital city. Some component projects of the North-South expressway are expected to be open to traffic by the end of the year, including sections of National Highway 45 - Nghi Son and Nghi Son - Dien Chau. These infrastructure developments are expected to expand transportation networks and spur economic growth. The completion of these projects will improve tourism efficiency and contribute to the development of the country.
July 14: Global gold prices rise as the USD plummets
On the evening of July 13, 2023 by Vietnam time, the US Dollar Index (DXY) plummeted 0.77%, down to 99.76. Accourdingly, the world spot gold price continued to increase, standing around 1,961.7 USD/ounce, 1.7 USD/ounce higher than last night. Gold futures for August delivery on Comex New York were at $1,967.1 per ounce. In contrast, the euro gained 0.9 percent, reaching $1.1220, after hitting a fresh 16-month high. In the Vietnamese market, on the morning of July 14, the price of SJC gold bars at Eximbank was bought at 66.8 million VND/tael and sold at 67.2 million VND; increased by 100,000 VND/tael compared to the previous day and this is the highest level of SJC gold bars since the beginning of the year. Particularly, the gold ring of 4 and 9 was increased by 350,000 VND by SJC, up to the purchase price of 55.95 million VND, sold to 56.95 million VND. The difference between the buying and selling price of gold rings continued to remain at 1 million dong per tael. Currently, each SJC gold bar is still 11 million dong higher than the international level.
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Ho Chi Minh City closes investment of 1,500 billion to build schools and parks on the land of Binh Hung Hoa cemetery
-CafeF-
The total area of land of construction is about 17.3 ha, including main items such as: building a new secondary school; leveling the ground in the area, investing in traffic infrastructure, water supply and drainage, electricity system, planting trees, grass and ornamental plants; construction of walkways, installation of lighting systems, etc. The project has a total investment of 1,497 billion VND and is implemented by the city budget. The investor of the project is the Construction Investment Project Management Board in Binh Tan District. According to the plan, the project will be implemented in the period of 2023-2026. The entire project to relocate Binh Hung Hoa cemetery (Binh Tan district) has an area of about 44.5 hectares, divided into three phases for implementation. In which, the first two phases including phase 1 have been implemented since 2014. The city has loaded and relocated 13,610 graves, reaching the rate of 87.58%. In phase 2, Ho Chi Minh City has implemented since 2017 with 10,833 graves loaded and relocated, reaching the rate of 64.30%.
Dong Nai builds Long Thanh hi-tech industrial park
Long Thanh hi-tech industrial park project has a total investment of 282 million USD, invested by Amata Long Thanh Urban Joint Stock Company. The project is located in Tam An, An Phuoc communes and Long Thanh town, Long Thanh district, about 10 km from Long Thanh international airport, in order to attract high-tech manufacturing industries to Dong Nai province. However, due to the delay in site clearance, the project was also behind schedule and many times delayed the start of construction. Dong Nai Provincial People's Committee said that the reason why the project could not be put into operation was because a part of the area had been completed for compensation and ground clearance, but mixed with the area that had not yet been cleared, so the land lease procedure cannot be carried out. Along with that, the investment progress of the resettlement project is very slow, unable to keep up with the schedule for compensation and ground clearance for the lifeline infrastructure items of the project. However, in the first 6 months of 2023, Amata Urban Joint Stock Company received 40 investors who wanted to rent land to build a project with an area of 300 hectares. Investors come from many countries such as the US, Japan, Taiwan, Hong Kong, China... According to the investor, it is expected that after completing the infrastructure, the leasable area of Long Thanh hi-tech industrial park will quickly be filled.
Ready to restart Ben Luc - Long Thanh Expressway Project
Construction project of Ben Luc-Long Thanh expressway with a total length of 57.8km; passing through Long An province (2.7km), Ho Chi Minh City (26.4km) and Dong Nai province (28.7km), is an important highway of the region with the goal of contributing to economic development- of the Southern key economic region, especially the Southeast key economic zone. The project started construction in 2014. However, the implementation process encountered a number of difficulties and obstacles, including problems with the mechanism for capital sources. For a long time, the project had to suspend construction, many items were unfinished. The representative of the Vietnam Expressway Development Investment Corporation (VEC) is speeding up the preparation progress to restart the project. The Ben Luc-Long Thanh expressway construction project has 11 main construction and installation bidding packages that will be adjusted by VEC to adjust the contract progress of the bidding packages, and note the progress of each package, organize the bidding again in the future. necessary case. VEC also drastically directed the contractor and the project management board to continue speeding up the construction progress, ensuring the stipulated time.