Hai Phong hikes Cat Ba tourism project price to $124M despite earlier failed auction

By Anh Tu March 2, 2024 | 01:00 am PT

A part of Cat Ba Island in northern Vietnam. Photo by VnExpress/Tran Dat

The Cat Ba Island tourism project will be auctioned with a reserve price of VND3.06 trillion (US$124.2 million), VND900 billion higher than at the first one in November 2022.

It spreads over an area of 45.8 hectares, with 17.3 ha earmarked for commercial and service areas including shophouses, resort villas, hotels, and restaurants.

The winning bidder has to develop the remaining 28.5 ha based on local planning. It is expected to be able to accommodate 6,500 tourists at a time.

The auction will be held on Mar. 21 at the Hai Phong City Property Auction Service Center. Bidders must register and pay a VND600 billion deposit before Mar. 18.

The port city had previously held an auction in late 2022 with a reserve price of VND2.125 trillion, but failed to find a buyer.

Cat Ba is the largest of the 367 islands that form the archipelago of the same name off Hai Phong.

It is over 10,000 ha in area and has recently attracted luxury hotel brands like MGallery and Flamingo.