The Phu Yen Provincial People’s Committee has decided to withdraw the investment license for an urban development project worth VND5 trillion ($210 million) in the south-central province’s capital, Tuy Hoa, for failing to meet regulations and incurring delays.

The Phoenix Garden Phu Yen project was invested in by the IRBLand Real Estate Ltd. Co.

Covering 77 ha, the project was to have a 25-story hotel, ten 25-story apartment blocks, commercial houses and villas, commercial centers, and entertainment areas.

The project was licensed by provincial authorities in December 2016, then adjusted its investment adjustment license in March and August 2018.

The People’s Committee decided to revoke the license as the project failed to meet regulations regarding the Law on Investment and the Law on Housing and Government Decree No. 99.

The investor organized a breaking ground ceremony in September 2018, but then failed to carry out project construction as licensed, wasting land resources and affecting planning in surrounding areas.

Phu Yen set up a taskforce in September 2021 to inspect the legal foundations of the project.