After 6 years of signing a contract in principle on the right to purchase future apartments at the Gem Riverside project, more than 300 customers had their contracts unilaterally canceled by the investor Dat Xanh.
Dat Xanh unilaterally canceled the agreement with 300 customers buying houses at the Gem Riverside project and plans to develop the project from mid-range to high-end.
Recently, more than 300 customers who bought apartments at the Gem Riverside project (Thu Duc City, Ho Chi Minh City) reported that the investor unilaterally canceled the contract in principle on ensuring the right to buy future apartments at the Gem Riverside project after 6 years of customers paying money to the company.
Dat Xanh unilaterally canceled the agreement with 300 customers.
Responding to Tuoi Tre Online on the evening of October 25, Dat Xanh Group Joint Stock Company (investor of Gem Riverside project) confirmed that it had announced the termination of the Gem Riverside project's principle contract with all previous agreements because it was "no longer in accordance with current legal regulations".
Specifically, Dat Xanh explained that up to now, "the project's products are still not eligible for business under the 2023 Law on Real Estate Business".
According to Dat Xanh, previously, investors put products into business through the form of signing a "principle contract on ensuring the right to purchase future apartments" with customers. By the time the 2023 Real Estate Business Law comes into effect, it is no longer suitable and in compliance with current laws.
With more than 300 customers who have been attached to the project, Dat Xanh has proposed two solutions to handle the situation. In case the customer wants to receive back the payment entrustment amount on the agreement on the termination of the "consulting agreement", 100% of the payment entrustment amount will be refunded.
At the same time, if the customer signs the liquidation before November 1, 2024, they will receive an additional interest rate of 15%/year on the amount of payment entrustment calculated from the date the customer signs the principle contract to October 31, 2024.
If the customer signs the liquidation from November 1, 2024, they will receive an interest rate of 10%/year from the date the customer signs the principle contract until the date the investor issues the first notice of termination of the principle contract.
As for option 2, if the customer wants to continue purchasing the project, the two parties will sign a contract to terminate the contract in principle. At the same time, the customer will receive an additional 15% discount voucher on the product value when the project is eligible for business.
Initially doing mid-level projects, now want to develop into high-end projects
The Gem Riverside project development area (yellow highlighted area) is still an empty lot - Photo: NGOC HIEN
Dat Xanh representative said that by the end of October 25, more than 100 customers had agreed to terminate the contract and receive 100% of the amount paid plus an interest rate of 15%/year.
Due to the long time, customers are still in the process of choosing options. Currently, there are some customers who continue to accompany the project and the investor reduces 15% on the new selling price (when qualified to put into business) through the form of a 15% discount voucher.
According to this person, 6 years ago, when launched on the market, the project belonged to the mid-range segment, but now the structure has changed to match the surrounding infrastructure towards a high-end model.
Gem Riverside project is located in Nam Rach Chiec residential area in An Phu ward (Thu Duc city), adjacent to An Phu roundabout, near the parallel axis of Ho Chi Minh City - Long Thanh - Dau Giay highway; scale of 12 blocks 32 - 34 floors high with more than 3,175 apartments.
In 2018, Dat Xanh used a company to allow customers to deposit a deposit to reserve a place with a "real estate consulting agreement" contract with customers (about 250 million VND/apartment), but was later "whistled" by the authorities and has been "shelved" until now.
At the time of launching the market, the average apartment price was 30 million VND/m². Currently, the price of neighboring projects Gem Riverside is around 100 million VND/m², so financial units predict the new selling price of Gem Riverside to be at least 85 million VND.
Responding to the construction progress, a representative of Dat Xanh said that the Gem Riverside project currently has a construction permit and is continuing to complete legal procedures to be eligible for sale. This person did not answer when the apartments will be put back into business because he said it depends on the progress of the state agencies.
Selling apartments must comply with the lawSource: https://tuoitre.vn/huy-hop-dong-cua-hang-tram-khach-hang-du-an-gem-riverside-dat-xanh-noi-gi-202410252314461.htm
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