The project, located near tourist hotspot Hoi An, is being auctioned by Nam A Bank at a starting price of over VND3.58 trillion, almost 10% lower than its purported cost.
Situated 800 meters from Hoi An’s ancient town, it has shophouses, villas and condotels.
Construction began in April 2021 on a 27.5-hectare site with 52 villas, 300 condotels, 202 shophouses, a 272-room five-star hotel, and a 193-room boutique hotel in the blueprint.
But except for the 202 shophouses that were completed in September 2022, the rest of the project remains unbuilt and weed-filled.
The shophouses with three floors and tiled roofs in traditional Hoi An style, have faded over time.
A few of the houses are occupied while the rest show signs of deterioration, with paint peeling and door glass broken.
Fishermen in boats near the project.
Khanh, a local resident, said: “The project has been abandoned for a long time. We locals hope it will soon become operational to develop tourism and bring vibrancy to this area.”
