The People's Committee of the northern port city of Hai Phong has issued a decision approving the auctioning of land use rights for an investment project aimed at constructing a residential area in Ngo Quyen District.

The Ngo Quyen District People's Committee has been assigned to organize the auction to identify an investor for the project, which has an estimated total investment capital exceeding VND8 trillion (nearly $309 million).

According to the approved auction plan, a 13.6-ha land plot in Alley 226 Le Lai, May Chai Ward, has been designated for auction.

Within the approved land area: over 6.79 ha are zoned for residential development; more than 1.88 ha for social infrastructure facilities; some 4.8 ha for transportation development; and nearly one hectare for technical infrastructure and parking lots.

The 6.79-hectare residential land portion is divided into four functional zones, including areas designated for villas, townhouses (terraced houses), mixed-use apartment buildings, and social housing.

The auction is tentatively scheduled for April 2025.

Participation conditions require bidders to demonstrate financial capacity to ensure land use according to the project timeline, possess business registration lines suitable for the designated land use, and show experience and capability in project development.