The Gia Lai Investment Promotion Centre said on June 9 that provincial authorities had approved a land-use rights auction to select an investor for a five-star hotel, office and commercial complex at the K200 site.
Located on An Duong Vuong Street in Quy Nhon Nam Ward, the property occupies a prominent position with frontage on both An Duong Vuong Street facing the sea and Nguyen Trung Tin Street.
The K200 site is one of the most prime plots in Quy Nhon, but has gone years without attracting an investor (Photo: Doan Cong).
Covering nearly 11,000 square metres, the site includes approximately 5,900 square metres designated for construction and more than 4,900 square metres allocated to green space.
The K200 site is considered one of the most valuable commercial and service land plots along the Quy Nhon coastline.
Under the approved master plan, the project will feature a podium and tower complex rising between 40 and 45 storeys above ground, along with up to three basement levels for parking and commercial activities.
Total development costs are estimated at nearly VND 3.2 trillion (approximately USD 123 million), excluding land-use fees determined through the auction process.
The project will have an operating term of 50 years and must be completed within 48 months from the date the land is allocated. Construction is required to be finished within a maximum of 36 months.
The K200 site was previously part of a defence land reserve managed by Military Region 5.
After being designated for tourism and service development, local authorities approved an investment proposal for a hotel, commercial and luxury apartment project on the site. However, that investment approval was revoked in 2018 after the developer failed to implement the project according to its commitments.
In 2020, the province introduced auction criteria to identify a new investor, but no suitable bidder has yet been selected.
Authorities hope the latest auction will attract a capable investor and unlock the potential of one of Quy Nhon's most strategically located coastal sites.
The project is expected to support the growth of tourism, commercial services and urban development in the rapidly expanding coastal city.
