HCMC seeks ways to 'rescue' 7 property projects

Ho Chi Minh City leaders are scheduled to meet business representatives to discuss solutions for seven real estate projects on Monday afternoon.

All these projects have held construction permits for a long time but are on hold due to legal problems. They include two projects developed by Novaland Group, namely the Grand Manhattan Co Giang apartment project in District 1’s Co Giang ward; and the Binh Khanh residential project in Binh Khanh ward, Thu Duc city.

On December 11, 2020, the HCMC People's Committee issued a decision to cancel the plan of converting the 30.2-hectare Binh Khanh area from a resettlement project into a commercial housing project. Five days later, it made another decision terminating the allocation of the land area to 21st Century International Development Co., Ltd, a subsidiary of Novaland.

The company has asked the municipal People's Committee to consider allowing it to continue the commercial housing project because compensation for the land was completed.

The third is the Asiana Riverside commercial center and luxury apartment project on Ben Nghe street, Tan Thuan Dong ward, District 7, invested by Gotec Vietnam Co., Ltd. The project covers an area of 10,076.6 square meters, including two 21-floor blocks with about 500 apartments.

On August 27, 2018, the HCMC People's Committee approved the project investment plan, but so far it has not been completed.

Meanwhile, the 90.8-hectate Celadon City Sports Center project in Tan Ky ward, Tan Phu district was initially invested by Saigon Thuong Tin Real Estate JSC. However, after more than two years, the land has seen its usage purpose changed and now officially belongs to Gamuda Land.

Since 2017, this project has been "stuck" after the Government Inspectorate proposed VND514 billion ($21.67 million) in payment from the investor for a series of violations. Later, the HCMC People's Committee asked relevant departments and agencies not to grant construction and project transfer permits, and carry out procedures for issuing housing ownership certificates for homebuyers.

The 7.6-hectare Metropole Thu Thiem project at Lot 1-17, Thu Thiem New Urban Area, Thu Duc city, has a total estimated investment of VND7,300 billion ($307.82 million). In 2017, Quoc Loc Phat JSC was assigned by the municipal People's Committee to implement the project. Later, Sonkim Land appeared as the project developer.

Located on Thu Thiem peninsula, Metropole Thu Thiem has four subdivisions, with eight towers of 12-24 floors.

Also in the list are the 17.4-hectare Thien Ly housing project in Thu Duc city’s Phuoc Long B ward, invested by An Thien Ly Construction & Services Co., Ltd; and the 14,474-square meter Cuu Long Apartment No. 1 developed by Saigon Cuu Long Business, Production and Investment JSC on Ton That Thuyet street, Ward 1, District 4.