Mediterranean Legend Resort in Lang Co Bay finds new owner

The Mediterranean Legend Resort project, located in the Chan May - Lang Co area of Hue, has been acquired by a new investor following a fifth auction attempt. The project had been abandoned for several years after the original developer, Vicoland Construction and Development JSC, transferred its assets to VietABank to settle debts.

Construction on the nearly 7-hectare site began in 2016 with an initial investment of approximately 750 billion VND. Although the project reached about 80% completion by 2020, work ceased, leading to the deterioration of the villas, hotels, and facilities. The auction included 12 villas with pools, 40 villas without pools, tennis courts, and various service areas. The new investor is currently completing the necessary legal procedures to resume the project.