Many investors have had their projects cleared or completed legal procedures and are preparing to launch their products to the market.
The Ho Chi Minh City People's Committee recently sent a report to the Ministry of Construction on the real estate and housing market situation in the area in the third quarter of 2024. The report stated that since its establishment (May 2023) to date, the Ho Chi Minh City Working Group has held 10 meetings and issued 15 concluding notices, considering and resolving 30 projects with problems. Of which, 8/30 projects have been completely resolved, 22/30 projects with problems are being consulted by departments, branches, and Thu Duc City to continue to handle according to regulations.
Good news for businesses and the market
Specifically, 8 projects have been completely legally resolved, including: Song Viet Complex (Thu Duc City) of Quoc Loc Phat Joint Stock Company; social housing construction project of VTHouse Joint Stock Company and Tan Giao Joint Stock Company; project of Suntory Pepsico Vietnam Beverage Company Limited; Metro Star Apartment and Commercial Complex (Thu Duc City) of Metro Star Investment Joint Stock Company (a member of CT Group); Tan Thang Sports and Residential Complex (commercial name is Celadon City - adjusted progress, Tan Phu district) of Gamuda Land Joint Stock Company; land area of over 11,000 m2 in Hoc Mon district of Western Saigon Joint Stock Company; Song Da - Thang Long high-rise housing project, district 7 of Hung Thinh Incons Joint Stock Company; Binh Thanh district education area of Tri Tue Company.
As one of the businesses that had their difficulties and problems resolved, a representative of Gamuda Land said that the company had had its tax-related problems at the Celadon City project resolved with an amount of more than 500 billion VND.
"After receiving support and resolving difficulties from the city, our project was able to complete the necessary procedures, including issuing pink books to customers who have received the house. This demonstrates our reputation with customers, affirming that all commitments have been implemented accurately and completely" - Gamuda Land representative shared.
Regarding the Metro Star project, a representative of CT Group said that the project has been approved by the Thu Duc City People's Committee with a Decision approving the updated investment policy and approving investment for the Metro Star project in the second quarter of 2024. According to this decision, the Metro Star project at 360 Vo Nguyen Giap Avenue (Thu Duc City) has a maximum height of 30 floors and 3,453 residents.
"This is great news not only for the investor, but also a great joy for the contractors, distribution agents, staff, workers... who have patiently waited for the documents to go through many rounds for 3 years at departments, inspectors, auditors, the City People's Committee... until they were delivered to the Thu Duc City People's Committee in August 2023 for signing according to decentralization" - this group shared.
According to the Ho Chi Minh City Real Estate Association (HoREA), from 2022 to now, Ho Chi Minh City has 64 real estate projects of 57 enterprises that have encountered legal problems for many years. These projects are divided into 3 groups: social housing projects, commercial housing projects that do not need legal review, and commercial housing projects that must go through the review, inspection, and examination process.
Mr. Le Hoang Chau, Chairman of HoREA, said that the city leaders' active efforts to remove obstacles for projects is a very happy thing for businesses and the market. However, the city still has many projects that have not been resolved. He hopes that the city leaders and departments will continue to propose and find ways to remove difficulties for businesses.
"The Association has made many recommendations and detailed solutions for businesses over the past time. With the new decrees and circulars along with the three real estate business laws being implemented, it is expected that difficulties will gradually be resolved, so that the real estate market will be more positive" - Mr. Chau said.
Ms. Tran Thi Cam Tu, General Director of EximRS Joint Stock Company, said that after a period of facing difficulties and bottlenecks in project legal procedures, recently many investors in the Southern region have had their obstacles resolved or completed project legal procedures and are preparing to launch products, anticipating the year-end cash flow.
However, according to Ms. Tu, the issuance of a new land price list by Ho Chi Minh City, although it will remove procedural difficulties, will increase input land prices and increase sales. "Projects that have paid land use fees before the issuance of new prices will be the choice of current customers. In addition, the fact that investors have also cooperated with banks to offer financial support packages for buyers also contributes to expanding the target customers," Ms. Tu said.
Lavita Garden Apartment (17 Street No. 3, Truong Tho Ward, Thu Duc City - Ho Chi Minh City), residents have moved in for 10 years but still do not have a pink book. Photo: QUOC ANH
Dozens of projects are about to be removed.
Regarding the remaining projects, the Department of Natural Resources and Environment (DONRE) of Ho Chi Minh City plans to submit many projects to fulfill financial obligations and additional financial obligations, including many projects in the group of 156 real estate projects of 121 investors that HoREA proposed to the People's Committee of Ho Chi Minh City in 2023.
Accordingly, it is expected that in November 2024, the Department of Natural Resources and Environment of Ho Chi Minh City will submit to the Land Valuation Council the specific land plot No. 17, Street No. 3, Truong Tho Ward, Thu Duc City (Lavita Garden apartment building) of Hung Thinh Real Estate Investment Joint Stock Company. This land plot is subject to additional financial obligations. People have lived in Lavita Garden apartment building for 10 years but have not been granted a pink book because the investor has not fulfilled its financial obligations.
The project of observation tower complex in Thu Thiem New Urban Area of the Imperial City Joint Venture Company Limited is being reviewed by the Department of Land Lease and Transfer. After the City agrees, the Department of Natural Resources and Environment will hire a consultant to determine the land price.
In addition, some major projects in the city will be cleared in the coming time. In particular, the Thu Thiem Eco Smart smart complex project of Lotte Group, the Department of Natural Resources and Environment submitted a specific land valuation council in October and the state budget revenue is expected to reach VND14,800 billion.
At the socio-economic meeting in early August, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai emphasized focusing on removing obstacles to real estate projects outside the budget, in which if financial obligations are removed to invest in the Thu Thiem Eco Smart smart complex, a huge amount of money can be collected for the budget.
In addition, it is expected that in the fourth quarter of 2024, the Department of Natural Resources and Environment will submit to the City Land Valuation Council to collect financial obligations for the residential area project in Tan Phu ward, District 7 of ACC Aviation Construction Corporation; the land in Phuoc Long B ward, Thu Duc city of Nova Real Estate Joint Stock Company; the project land (14.8 ha) of Nguyen Phuong Real Estate Joint Stock Company...
Next, the Diamond Riverside high-rise apartment project (District 8) of Nam Nam Bay Joint Stock Company, the Department of Natural Resources and Environment is expected to submit to the Land Valuation Council this month. This project is subject to additional financial obligations. Diamond Riverside apartment residents are also waiting for the issuance of pink books even though they have fulfilled their financial obligations as prescribed to the investor.
In the fourth quarter of 2024, the Department of Natural Resources and Environment plans to collect additional financial obligations for 20 projects, such as: Vinh Loc A housing project, Binh Chanh district of An Nhan Investment and Development Joint Stock Company; 8,700 m2 land plot in Tan Tao ward, Binh Tan district of Khang Phuc Housing Investment and Trading Company Limited; NCD An Khang Joint Stock Company's project at 29B Nguyen Dinh Chieu (District 3); land plot in Binh Trung Tay ward, Thu Duc city of Binh Thien An Real Estate Joint Stock Company; land plot in Hiep Binh Phuoc ward, Thu Duc city of Dong Nam Real Estate Investment Joint Stock Company; land plot at 868 Xo Viet Nghe Tinh street, Binh Thanh district of Commercial Construction Joint Stock Company 2; land plot at 256-258 Ly Thuong Kiet (Grand Court apartment building) of Phu Son Thuan Construction Investment Joint Stock Company;...
Collect additional financial obligations for 4 projects
The Department of Natural Resources and Environment of Ho Chi Minh City plans to submit to the City Land Valuation Council to collect additional financial obligations for 4 projects after the Ho Chi Minh City People's Committee issues the adjustment coefficient according to the provisions of Article 63 of Decree 102/2024, including: Tropic 1 project, Thu Duc City of Nova Real Estate Group Joint Stock Company; housing project in Nha Be town of Minh Long House Trading and Service Company Limited; land area of nearly 11,000 m2 in Thao Dien ward, Thu Duc City of Son Kim Real Estate Joint Stock Company; 3 land lots in the new urban area of Nam TP of Linh Phong Conic Investment and Development Joint Stock Company.
Similarly, for the project at 230 Nguyen Trai, District 1, of TNT Trung Thuy Real Estate Company Limited, after the Ho Chi Minh City People's Committee has given its opinion on the time to determine the land price, the Department of Natural Resources and Environment will submit it to the Land Valuation Council for specific information to fulfill additional financial obligations.
Source: https://nld.com.vn/tp-hcm-nhieu-du-an-nha-dat-duoc-go-vuong-phap-ly-196241111211903478.htm
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