Phú Yên revokes VNĐ800b hotel project
The People’s Committee of central Phú Yên Province has decided to revoke a VNĐ800 billion (US$35.2 million) hotel complex project in Tuy Hòa City of Điện Biên No 1 Construction Company due to stagnant construction.
Mường Thanh Phú Yên’s investment policy was approved in July 1, 2016, covering 14,400sq.m. with 27 floors consisting of 200 five-star hotel rooms and 300 luxury apartments.
Accordingly, the developer was asked to complete legal procedures by September 2016, start construction of the project in October of the same year and complete it within one year.
Until now, the developer has, however, failed to start construction.
In June, the provincial People’s Committee asked the developer to submit the investment plan but received no response before the deadline.
