The Da Nang City People’s Committee in Vietnam’s central region has approved the auction of land use rights for a land plot to build a sports, entertainment, and commercial complex.

The auction of the 13.43 ha land plot is scheduled for the second quarter of 2025, with an expected starting price of over VND7.9 million ($309) per sq m on a lease of 50 years.

The Hoa Xuan complex will have estimated investment capital of over VND3.53 trillion ($138 million).

Construction is to last three years, starting from the day the municipal People’s Committee issues the land lease decision.

Local authorities have recently approved the auction of land use rights for 120 land plots, scheduled to take place in November and December.