Ho Chi Minh City submits 22 land valuation projects, Lotte plans to pay 16,000 billion VND

The Department of Natural Resources and Environment sent a document to the Department of Finance (Standing Council of Specific Land Valuation of Ho Chi Minh City) about 22 real estate projects that need to be appraised in the fourth quarter.

The estimated revenue is about 25,483 billion VND. This is to ensure the city's budget revenue in 2024 from the land areas expected to collect land use fees.

Lotte's Thu Thiem Eco Smart project in Thu Thiem New Urban Area is expected to pay VND16,000 billion in financial obligations for land (Illustration photo: Hai Long).

The largest amount of money to be collected is the Thu Thiem Eco Smart Complex (invested by Lotte Group - Korea), expected to collect 16,000 billion VND, estimated according to the valuation certificate.

This project is a large-scale smart ecological complex located on a 50,000 m2 campus in Thu Thiem New Urban Area. Lotte broke ground in September 2022, planning to invest 900 million USD (about 22,500 billion VND) to build the complex. However, due to financial obligations, the project has not been further implemented.

Next is the 14.8ha land plot in An Phu ward, Thu Duc city of Nguyen Phuong Real Estate Joint Stock Company, expected to need to collect 3,500 billion VND.

NTN Trung Thuy Real Estate Company Limited with the land at 230 Nguyen Trai, District 1, is expected to collect more than 3,286 billion VND.

Nam Bay Bay Investment Joint Stock Company with the Diamond Riverside high-rise apartment project in District 8, is expected to earn more than 729 billion VND.

Hoang Anh Construction and Housing Development Joint Stock Company with land in Tan Hung ward, district 7), expected to collect 623 billion VND.

Dong Sai Gon Real Estate Development and Trading Joint Stock Company with land plot No. 52/1, Street 400, Tan Phu Ward, District 9 also needs to pay more than 316 billion VND.

Two projects related to Novaland Group include Tropic 1, Thao Dien ward, Thu Duc city and Phuoc Long B ward project, Thu Duc city. The enterprise has completed its financial obligations and is determining land prices before changing land use purposes to calculate and deduct financial obligations.

Some enterprises need to fulfill financial obligations and additional financial obligations such as Hung Thinh Real Estate Investment and Trading Joint Stock Company (Tin Nghia) with land plot No. 17, Street No. 13, Truong Tho Ward, Thu Duc City, amount of 136 billion VND; Phu Son Thuan Construction Investment Joint Stock Company with land plot No. 256-258, Ly Thuong Kiet Street, Ward 14, District 10, amount of 281 billion VND.

Recently, hundreds of projects in Ho Chi Minh City have been unable to pay land use fees to continue granting construction permits or issuing pink books to home buyers due to problems with land valuation. This has also caused a decrease in Ho Chi Minh City’s budget revenue.

According to a recent report from the Department of Natural Resources and Environment of Ho Chi Minh City, the city has nearly 200 files with about 80,000 plots of land and apartments that have not been granted certificates because the specific land price has not been determined.

At the September regular meeting on socio-economic issues, Mr. Phan Van Mai - Chairman of the Ho Chi Minh City People's Committee - requested to focus on resolving difficulties and backlogs of investment projects; focus on resolving financial obligations for large projects.

Source: https://dantri.com.vn/bat-dong-san/tphcm-trinh-22-du-an-tham-dinh-gia-dat-lotte-du-kien-nop-16000-ty-dong-20241016150128380.htm