While real estate agents are trying to sell land lots around the newly-approved Long Thanh International Airport project, local people are warning potential buyers of the lack of detailed planning.

Advertising along the road

Advertising boards and flyers for real estate project or land lots can be found along Highway 51 in Dong Nai Province and especially in areas near the proposed project.

A real estate agent in Loc An Commune said the government will build a new road that will serve as the main road to the airport and his lot was located on this proposed route.

Another broker named Sinh said, "Two years ago, the average land lot would cost around VND300m. But the prices have gone up to VND500 million just recently. These prices will no doubt increase next month. You should buy now. If you don't want to live here, you still can sell it later for a profit."

Loan, a local at Loc An, however said, "My family and relatives living near this area are miserable. My cousin wanted to sell his land but couldn't find a buyer despite all the claims about hot demand for property. He put his land up as collateral and only received a VND200 million loan from the bank for it."

Long Thanh District vice chairman Ngo The An said Long Thanh Airport would cover 5,000 hectares, with 21,000 hectares nearby urbanised. However, there was no detailed plan yet so predictions of where ‘good’ real estate would be located were premature.

"Buyers should be careful when it comes to buying land now, as while they could pay 6 billion now, they might only get VND2bn in actual compensation when the project gets started," he said.