After a long pause, the project site began to bustle again.

After a long pause, the project site is starting to get busy again.

After a long period of restructuring, real estate businesses in the South gradually returned to implementing projects, and construction sites of suspended projects began to bustle again.

Efforts to keep the construction site on track

After receiving a commitment from MB Bank to disburse a financial package of up to VND 1,100 billion, Novaland Group and contractor Tesla held a groundbreaking ceremony to complete the technical infrastructure of phase II of the Ever Green 2 subdivision, part of the Aqua City Urban Area Project in Long Hung Commune, Bien Hoa City, Dong Nai Province. The subdivision has an area of ​​64 hectares, with a scale of about 460 apartments in the types of villas, commercial shophouses, and townhouses.

Along with the completion of the above subdivision, Novaland is focusing on building and handing over 891 products; at the same time, restarting the leveling and construction of technical infrastructure for the Cu Lao Phuoc Hung Commercial Service Urban Area, after planning problems are resolved.

After the restructuring process, Novaland has begun to restart many other projects in Ho Chi Minh City and neighboring provinces. The company aims to build and hand over 243 products at NovaWorld Ho Tram ( Ba Ria - Vung Tau ) and 820 products at NovaWorld Phan Thiet (Binh Thuan) by the end of the year.

“We are mobilizing many resources to continue construction of projects, coordinating to speed up the completion of legal documents and related procedures, re-implementing the project and soon completing and putting it into operation,” emphasized a Novaland representative.

Similarly, Phat Dat, after restructuring its bond debt, has also focused on constructing key projects. Accordingly, the construction items of land leveling at Bac Ha Thanh Urban Area (Binh Dinh) have reached more than 95% of the progress of phase I. The project is expected to be charged land use fees in the third quarter; eligible for sale at the end of the third quarter, beginning of the fourth quarter of 2024.

With the Thuan An Project ( Binh Duong ), Phat Dat has received all construction permits for the foundation, piles and body of the Thuan An 1 building (1.8 ha) and Thuan An 2 building (2.65 ha). The company is actively accelerating the construction progress and construction activities, moving towards the land use fee calculation stage. It is expected that the company will complete the land use fee payment in October 2024 and start business in the fourth quarter of 2024.

Mr. Nguyen Van Dinh, Chairman of the Vietnam Association of Realtors (VARS), said that after the Government’s strong efforts, the three laws related to real estate that came into effect early have helped the entire market, including businesses, customers, investors, etc., regain confidence. The market is gradually returning to its normal rhythm, with expectations for a better new cycle.

“The fact that businesses are determined to weather the storm and the Government’s support policies are creating momentum for real estate to recover. Although it is not yet possible to regain its previous form, the efforts of businesses are commendable. The cooperation of all parties in a difficult context further creates confidence in sustainable steps towards a more transparent market than in the previous period,” Mr. Dinh acknowledged.

Ready for new supply

Along with efforts to maintain the construction progress of old projects, many businesses also strive to speed up procedures to soon bring projects to market.

For example, to prepare for the new real estate cycle, Nha Khang Dien is investing significantly in a series of projects that account for the largest proportion in the Company's asset structure. Of which, Tan Tao Urban Area Project accounts for VND 6,560 billion, Green Village Project accounts for VND 1,780 billion, Emeria Project accounts for VND 3,470 billion, The Solina Project accounts for VND 1,540 billion and Binh Trung Project accounts for VND 4,170 billion.

As for The Solina (Binh Chanh District, Ho Chi Minh City), with a total land area of ​​up to 16.4 hectares, the Company has completed land compensation for the entire project; in July 2024, it paid land use fees for phase I with an area of ​​13.1 hectares, and phase I can be opened for sale at the end of 2025.

For the Clarita and Emeria projects (Thu Duc City), after cooperating with Keppel Land, Nha Khang Dien started construction in October 2023. The company is applying for sales licenses for these two projects and is expected to start selling in October 2024.

In addition to Nha Khang Dien, in Ho Chi Minh City, after a relatively quiet period since the beginning of this year, in early September, many businesses are preparing to announce new projects in Thu Duc City. For example, Dien Phuc Thanh Company is preparing a "basket" of 500 apartments in the final phase of the MT Eastmask Project to launch on the market.

In addition, many real estate trading floors have recently started accepting refundable bookings for the luxury apartment segment of The Global City Project, a scale of 27 luxury apartment towers with about 8,000 apartments, expected to launch in the fourth quarter of 2024 with prices ranging from 100 to 150 million VND/m2.

A recently published report by VIS Rating shows that the real estate credit leverage ratio will remain high as businesses in this sector increase the use of debt to develop new projects.

Source: https://baodautu.vn/batdongsan/sau-thoi-gian-dai-tam-ngung-cong-truong-du-an-bat-dau-nhon-nhip-tro-lai-d226128.html