Urban expansion plans in Can Tho propel land prices

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Urban expansion plans in Can Tho propel land prices

Post  mrthought on Sun Aug 28, 2011 12:40 am

Land prices on the outskirts of Can Tho are soaring thanks to the city administration’s urban expansion plans.
On July 21 the People’s Committee approved detailed plans for developing urban areas along Vo Van Kiet Street which has been upgraded to link the city centre with the Can Tho International Airport.
The 692-ha area to be developed will include shopping malls and tourism and residential areas. Its future population is estimated at more than 69,000.
Earlier, the administration also approved a plan to upgrade Nguyen Van Cu Street linking Con Khuong Islet with the rural Phong Dien District, making it the longest and most beautiful road in the city.
Also under this plan, major urban developments will take place along the road.
Tran Thanh Man, Secretary of the City Party Committee, said these roads were the city’s axes, not only enabling transport between inner areas and outskirts but also helping the city’s push to the north and west.
The city’s moves have sent the price of farmland skyrocketing, analysts said.
Le Ngoc Nuoi in Binh Thuy District’s recently sold his land – situated close to National Highway 91 and 10 kilometres from the city centre – for VND1.2 million per square metre, double the official compensation rate fixed by authorities.
Also in Binh Thuy, Bui Phuoc Loc sold his 5,500sq.m farmland at the same price.
Land agents in this area said that agricultural land in Binh Thuy now costs VND1-3 million per square metre, or three or four times the prices obtaining before the city’s expansion plans were announced.
Farmland along Nguyen Van Kiet Street is sold at VND2-4 million per square metre, they said.
Nguyen Quang Thong, deputy director of Hoan My Real Estate Company, said: “Since a bridge linking Con Khuong islet with the city centre was opened, land prices there have doubled to VND3-4 million.
“Though the real estate market around the country, even in Can Tho city, is very quiet because getting bank loans is very difficult, land prices in Con Khuong are constantly rising,” he added.

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mrthought

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