An investor of a trade centre and office building project finally had a deal on Tuesday on the compensation price for a prime site at Hang Bai – Hai Ba Trung intersection in Hanoi City’s Hoan Kiem District, offering tenants a staggering VND47 billion (USD2.3 million) for an area of just 56 square metres.
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| The ‘golden land’ site at Hang Bai - Hai Ba Trung intersection - Photo: Ha Duong |
Five households in the small building at the intersection handed over land and received compensation on Tuesday. They signed papers to accept the compensation and to hand over the land to T&T New Era JS Company as the project developer.
The deal thus averted a forced relocation plan due to be launched on Tuesday by Hoan Kiem District authorities.
Lam Quoc Hung, vice chairman of Hoan Kiem District’s People’s Committee, said: “We don’t have to apply any coercive measures against the tenants because they agreed to move.”
Tran Hong Son, vice chairman of T&T New Era JS Company, said the families in the area had just accepted the compensation plan on July 11.
The project in the golden land area had captured public attention since late 2010 when some households living here required a record compensation of VND1 billion (USD48,543) per square metre. However, the investor and relevant agencies didn’t accept it, and negotiations had dragged on until this week.
