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Southern bridge boosts real estate, but creates problems at approach roads   2010-05-11 - SGGP

Ever since the Can Tho Bridge, which connects Vinh Long and Can Tho provinces, opened to the traffic, the real estate market there has become bustling. However, the 15km-long safety banisters that line both sides of the road leading up to the bridge have effectively blocked many of the businesses and construction sites in the area.

 

This is a view of the South Can Tho new urban area in Can Tho City, where the real estate market has become bustling after the Can Tho Bridge was opened to the traffic last month.

Land, house prices on the rise

Since the bridge opened last month, the value of houses and land at the South Can Tho new urban area has increased twice.

Nguyen Tuan Linh, director of the 586 Trading Company, the sole investor of the Phu An residential area, said: “We are constructing 100 modern apartments and will offer them to customers soon.”

Vo Thanh Van, director of Thien Loc Co., Ltd., said: “The real estate in Can Tho City has vigorously revived after a long slowdown and the South Can Tho new urban area will certainly be more attractive.”

“We have completed a residential area of more than 100 apartments here and will offer a price cut of 15-20 percent (VND150-200 million) per apartment by the end of this month,” Mr. Van said.

“The bridge has created new lucrative business opportunities. We have sold a number of deluxe apartments at the Tay Nguyen Plaza Building,” said Pham Minh Tuan, head of the Trading Department of the Dream House Mekong, a real estate trading floor in Can Tho.

The South Can Tho new urban area is now home to 23 construction projects covering a total area of 1,370 hectares. Speaking of the prospects for the area, Tran Thanh Man, chairman of the Can Tho City People’s Committee, added: “The city will expand the area by 1,200 hectares in the future.”

Blocked by safety banisters

Meanwhile, many construction projects along the road approaching the bridge from both the Vinh Long and Can Tho sides, have been driven to the verge of bankruptcy as the investors could not continue operating as their construction sites became blocked by the safety banisters along the road.

Nguyen Thanh Vinh, director of Phi Yen Co., Ltd., located Long Binh commune, Binh Minh district, Vinh Long province, said to SGGP: “We are very worried since we have spent more than US$1 million on our project to build a hotel and restaurant close to the road that leads to the bridge.”

“But recently, when our work was about to complete, Can Tho Bridge’s construction units set up the safety banister, blocking the entrance to our construction site.”

“Meanwhile, our project in accordance with the construction development planning of the commune by 2020,” he added.

Suffering the same fate was the large filling station, Tuyet Suong, also in the commune. The station became inaccessible after the bridge’s inauguration and quickly had to cease operating.

Tigon Co, Ltd., a manufacturer of medicines and cosmetics nearby, has been another victim of the changing landscape. The company has operated since 2007 but now faces new difficulties in daily operation, including the transport of goods.

Duong Hung, director of Duong Hung Co., Ltd., located in Can Tho City’s Cai Rang District, said: “I bought this land three years ago and have spent a lot of money on it, including VND2 billion ($105,260) on ground leveling. But now we are stuck.”

Many local residents in both provinces were reportedly removing bars from the safety banisters at random, in an effort to create ways to get in and out of their houses and companies.

Nguyen Thanh Son, deputy chairman of the Can Tho City People’s Committee, called on locals not to remove any parts of the banisters while waiting resolution from the local authorities. He also warned that removing portions of the safety banisters warrants punishment.

In response to the problem, Transport Minister Ho Nghia Dung said: “The ministry will build paths along the safety banisters to facilitate the travel of local people and businesses.”



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