FLC Group must complete the investment project liquidation procedures and fulfill its obligations as an investor in accordance with legal regulations.
Earlier, FLC Group requested the termination of the project on November 14. The company stated it had paid contractors over VND318 billion (US$12.52 million) or project implementation.
The investor had nearly completed the technical infrastructure and started constructing 55 townhouses, but they remain unfinished and not in use.
The termination was attributed to challenges during the project implementation, including both internal and external factors, which prevented the achievement of investment and construction goals.
To protect the rights and interests of customers and related partners, the investor decided to terminate the project and manage the assets.
Located on Truong Chinh Street, Kon Tum City, the project covers more than 179,600 square meters with a total investment exceeding VND1.7 trillion. It was designed to feature a commercial, service, and entertainment complex alongside townhouses.
Launched in 2019, the project has remained incomplete, with many components halted. Construction sites are now showing signs of degradation, and vegetation has grown extensively.
