Close-up of 7 stuck projects being resolved by Ho Chi Minh City

On the afternoon of February 20, Mr. Bui Xuan Cuong, Vice Chairman of the Ho Chi Minh City People's Committee, along with relevant departments and branches, had a direct meeting with investors of 7 projects facing difficulties in Ho Chi Minh City to listen and consider solutions.

Representatives of businesses attending the meeting said that the meeting only recorded information about the bottlenecks of 7 projects. It is expected that next week, the leaders will give further solutions.

The projects that the City People's Committee is considering to remove obstacles include: the commercial center and luxury apartment project on Ben Nghe Street (Tan Thuan Dong Ward, District 7); the Tan Thang sports and residential complex (Son Ky Ward, Tan Phu District); the Cuu Long apartment project (Ward 1, District 4); the Song Viet complex (Thu Thiem new urban area, Thu Duc City), the Thien Ly residential area (Phuoc Long B Ward, Thu Duc City), the 30.2-hectare project in Binh Khanh Ward (Thu Duc City) and the Co Giang apartment project (Co Giang Ward, District 1). These projects mainly encounter obstacles related to apartment sale procedures, obstacles in calculating land tax, construction permits, re-determining land prices, obstacles in inspection and examination, etc. Some projects have encountered obstacles and stagnation for many years and have not yet been resolved.

Accordingly, the project of commercial center and luxury apartment complex on Ben Nghe street (Asiana Riverside, District 7) was invested by Gotec Vietnam Co., Ltd. since 2018.

The project has an area of ​​10,076.6 m2, including 2 blocks, 21 floors high with about 500 apartments; to date, the foundation, basement and first floor have been completed, the next floors are being built but have not been granted a license to be eligible for sale.

The reason is that the enterprise has submitted 3 applications for a notice of eligibility for sale or lease-purchase of commercial housing, but the Ho Chi Minh City Department of Construction has returned the application all the time, citing the review of the transfer of land use purposes. Up to this point, the company's immediate losses have amounted to approximately VND1,052 billion.

The Song Viet Complex Project (Thu Duc City) is invested by Quoc Loc Phat Company (a member of Son Kim Land). The project has a scale of 4.8 hectares, and is stuck in the stage of granting confirmation of eligibility to sell and lease-purchase future housing for the project.

The reason is due to problems with the general planning of the new urban area of ​​Thu Thiem.

The 30.2-hectare project in Binh Khanh Ward (Thu Duc City) invested by 21st Century International Development Company Limited was later acquired by Novaland Group with the commercial name The Water Bay.

The project is currently under temporary suspension for inspection and examination. In 2020, Novaland Group reported that it had invested up to VND6,000 billion in the project but it was not implemented. Therefore, the company has repeatedly asked the Ministry of Construction to continue implementing this residential project.

The Co Giang apartment project (District 1) has been granted investment approval by the Ho Chi Minh City People's Committee. Novaland Group is the project developer with the commercial name Grand Manhattan and has implemented construction up to the 28th floor, but is stuck in the stage of granting an investment certificate and enjoys incentives such as exemption from land use fees for the entire allocated land area. Because this is a project to renovate and rebuild old apartments, the investor must compensate for additional common use areas.

The Tan Thang Cultural, Sports and Residential Complex Project (Celadon City, Tan Phu District) has a scale of 82.5 hectares, approved by the Ho Chi Minh City People's Committee for Saigon Thuong Tin Tan Thang Real Estate Investment Joint Stock Company as the investor. Afterwards, Gamuda Land Joint Stock Company acquired the majority of shares of Saigon Thuong Tin Tan Thang Real Estate Investment Joint Stock Company to own this project.

According to Gamuda Land, when buying back the shares, the old investor said that they would be exempted from taxes and they would only pay the recognized portion. However, the city later asked the new investor to pay more than VND400 billion in taxes because the company did not directly pay compensation and resettlement support but only bought back the shares, so compensation and resettlement costs could not be deducted from land use fees and project land rents. Due to not agreeing to pay taxes, the project has been stalled for a long time, and Gamuda Land was listed as owing more than VND541 billion in taxes, including principal and interest.

Project No. 1 Ton That Thuyet, currently with the commercial name De la Sol, this project was originally owned by Saigon Cuu Long Investment and Production Trading Joint Stock Company, approved for investment in 2017, the project has a land area of ​​1.4 hectares, scale of 870 apartments.

Viet Hung Phu Real Estate Investment and Trading Joint Stock Company has received the transfer of this project. After acquiring 100% of Viet Hung Phu's shares, it continued to transfer it to Capitaland Company. It is known that the project is currently stuck at the construction permit stage.

Thien Ly residential area project, Phuoc Long B Ward, Thu Duc City, invested by An Thien Ly Construction - Service Co., Ltd.

This project has a scale of 17.4 hectares, was allocated land in 2007 and approved for detailed planning 1/500 in 2009. However, in 2016, 4.2 hectares of this project had their detailed planning 1/500 locally adjusted, causing the project to be stuck in legal procedures. It has been nearly 15 years but the investor has not been able to implement it.

ARTICLE: SON NHUNG - PHOTO: HOANG TRIEU
PRESENTED BY: CHI PHAN

Source: https://nld.com.vn/kinh-te/emagazine-can-canh-7-du-an-vuong-mac-dang-duoc-tp-hcm-thao-go-20230221121235748.htm