Regular updates on land acquisition, compensation payment and resettlement of people for the construction of Long Thanh International Airport have turned Dong Nai Province into a real estate hot spot.

Efforts to get construction underway in time

On February 24, at a meeting between authorities from Dong Nai, Bien Hoa city and other State agencies, Cao Tien Dung, chairman of the province People’s Committee, instructed Long Thanh District to speed up efforts to hand over land for the first phase of the Long Thanh International Airport by October.

It should keep up efforts to ensure clearance of the remaining land too, he said.

Besides land acquisition, payment of compensation has also been sped up and preparations for other important tasks such as building resettlement areas are being stepped up to ensure can begin in April.

Readying funds for the first phase has also been prioritised. The government has provided funds in two instalments to Dong Nai Province for acquiring land and building two resettlement areas for people moved out to make way for the airport.

A total of VND15 trillion ($652.2 million) was provided, the first instalment in late 2018 and the second in early 2019, or nearly two-thirds of the total capital value.

A number of related infrastructure projects have also been planned by the Government and the Ministry of Transport.

The most significant among them are two arterial roads, Route No.1 connecting National Highway No.51 with the airport, and Route No.2 between the Ho Chi Minh City-Long Thanh-Dau Giay Expressway and Route No.1 (running parallel to National Highway No.51).

In 2018-20 Dong Nai has spent more than VND33.3 trillion ($1.45 billion) to improve transport infrastructure to serve this pivotal airport project.

Since September 2019 Dong Nai has been reporting good news in quick succession, with the provincial authorities and Government approving many important infrastructure works such as the construction of Cat Lai Port to replace a ferry pier and Huong Lo No.2 road between the Long Thanh-Dau Giay Highway and Vam Cai Sut Bridge.

Thorough preparations are being made to ensure that the airport work can begin in 2021.

Airport a wellspring of benefits for real estate in Dong Nai

A major transport project with good connectivity, Long Thanh International Airport is expected to become a key transit hub for the southern economic zone and the region.

Therefore, once the airport and associated major transport works are complete, the southern key economic zone and Dong Nai Province would become big beneficiaries.

Not only is the convenient transportation expected to help trade, the local real estate market is also set to boom with a strong pick-up in demand.

According to Trang Bui, head of markets at leading real estate consultancy firm JLL Vietnam, the Long Thanh airport will usher in remarkable development across the board for the local real estate market, particularly the housing segment around it.

In fact, a number of sizeable, well-invested projects by prestigious developers are being announced in these areas. One of them is Aqua City smart eco-resort developed by Novaland Group.

The project lies to the south of Bien Hoa city, along Huong Lo No.2 route and contiguous with National Highway No.51 and the Ho Chi Minh City-Long Thanh-Dau Giay Expressway. Beside its proximity to Long Thanh Airport, it is only 15 minutes from the Ho Chi Minh City centre and 10 minutes from Bien Hoa city.

Spread over nearly 1,000 hectares Aqua City has perfect planning along with a modern utility system fitting the most demanding green living standards of wealthy residents.

Aqua City will earmark over 70 per cent of its space to greenery and modern utilities such as a shopping mall, indoor and outdoor sports complexes, a five-star marina, a kayak port, and others.

The Long Thanh airport will have an enormous impact on local and national economic development, which explains why the Dong Nai real estate market has turned into an investment hotspot.

It comes as no surprise that well-planned projects with easy connectivity with the airport are always eagerly sought after by investors.