On December 3, the Ho Chi Minh City People's Committee held a Working Group meeting to consider and resolve 5 real estate projects with problems and difficulties in the area at the request of the Department of Planning and Investment, Department of Construction, and Thu Duc City People's Committee, in order to completely resolve the backlog of projects, stop construction, to urgently invest and put them into use, prevent waste, and increase revenue for the budget.
The 5 projects that will have their difficulties resolved are the Smart Complex in Functional Area 2A in Thu Thiem New Urban Area, invested by Lotte Properties HCMC Company Limited.
14.8ha land plot in An Phu ward, Thu Duc city paid for BT contract of Long Thanh - Dau Giay expressway parallel road project, invested by Nguyen Phuong Company.
The Observation Tower Complex is part of the Functional Area in Thu Thiem New Urban Area, invested by Empire City Joint Venture Company Limited.
High-rise residential area in Phu My ward, District 7, invested by Hung Loc Phat Real Estate Investment Joint Stock Company.
I-Home commercial and apartment complex at 359 Pham Van Chieu Street, Ward 14, Go Vap District.
Perspective of Thu Thiem Observation Tower Complex with the iconic 88-storey tower of Thu Thiem Urban Area.
According to calculations, the removal of difficulties for these 5 projects will help increase budget revenue by over 18,000 billion VND. At the same time, it will support investors in completing legal procedures and fulfilling financial obligations to continue construction and complete the project, aiming to develop the city according to the plan.
Along with that, 498 cases that have purchased apartments at the I-Home Commercial Area and Apartment project will be granted Land Use Rights Certificates, ensuring the legitimate and legal rights and interests of the people.
According to the unified plan, the Department of Planning and Investment of Ho Chi Minh City will be the focal agency, continuing to review, synthesize, and classify the obstacles and difficulties of projects in the city.
The Department also monitors and evaluates the implementation of the Working Group's conclusions to report to the Working Group for consideration, holds regular meetings 1-2 times/month, focuses on handling problems arising during the implementation process, and continues to consider and resolve problems related to investment policies, planning, financial obligations, and granting of land use right certificates...
This will also serve as a basis for departments and district People's Committees to proactively handle problems and difficulties in similar projects.
Some buildings of this complex have been completed and put into use. (Photo: Investor)
Thu Thiem Observation Tower Complex Project with the 88-storey tower is a symbol of Thu Thiem Urban Area. In early 2022, in a document sent to the Ho Chi Minh City People's Committee, Mr. Vo Sy Nhan, General Director of the Imperial City Joint Venture Company Limited, said that the company had completed the payment of all land use fees for area 2b since 2017, constructed the infrastructure of the assigned land, completed the construction of 3 complex apartment buildings..., with the total disbursed project investment capital of about 13,000 billion VND.
However, due to waiting for the Government Inspectorate's conclusion on the Thu Thiem New Urban Area to be resolved, the company cannot carry out legal procedures for investment and land to implement phase 2. The company commits to carry out the remaining items of the project as soon as the difficulties are resolved, including the construction of the international financial center office tower and the implementation of the 88-storey tower - Empire 88 Tower as soon as possible.
At the end of June 2015, the Ho Chi Minh City People's Committee granted an investment certificate for the 88-storey observation tower complex project in the Thu Thiem new urban area to the Imperial City Joint Venture Company Limited (a joint venture between Tien Phuoc Joint Stock Company and Tran Thai Real Estate Company Limited with foreign partners Keppel Land (Singapore) and Gaw Capital Partners (headquartered in Hong Kong).
At the time of announcement, the project had an investment capital of 1.2 billion USD.
According to the plan, the project will be built on an area of 14.5 hectares, located along the Saigon River and in the core area of the Thu Thiem new urban area. This is a complex with a high-end commercial center, 5-star hotel, offices, apartments, underground parking... according to international standards. The total construction floor area is 730,000 m2, of which the 88-storey multi-functional building is a highlight in the Thu Thiem new urban area.
In early 2017, the Ho Chi Minh City People's Committee issued a Decision approving the local adjustment of the 1/2000 scale zoning plan for the Observation Tower complex in the Thu Thiem new urban area. Accordingly, the architectural planning criteria for the entire area after adjustment include the total floor area of construction above ground from 730,000 m2 to 763,438 m2, the net land use coefficient from 6.54 to 6.84 times, the number of basements increased from two to three floors, and the number of houses increased from 2,831 to 3,787.
The Working Group to remove difficulties and obstacles of investment projects in Ho Chi Minh City is headed by Chairman of Ho Chi Minh City People's Committee Phan Van Mai. Since the time of personnel restructuring (May 2023), 10 meetings have been held with a total of 33 projects being considered and meetings held to remove obstacles, directing units to review and handle 41 projects that do not meet the conditions for land use rights, in order to be approved in principle for implementing commercial housing projects.
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