Ho Chi Minh City has set a target of removing legal problems for 50 real estate projects this year, chairman Phan Van Mai told a recent working session with permanent government members.
The city has 156 real estate projects being built by 121 developers who are still waiting for problems to be resolved. Of which, about 70% are related to legal issues, according to the HCMC Real Estate Association (HoREA).
Most of these projects are under legal review related to using public land, handling of public property due to the relocation of polluting factories, unfinished equitization procedures, and fulfilment of land use levies and other financial obligations.
Up to now, 10 projects in the country’s southern hub have had legal obstacles cleared and been given the go-ahead to sell 50% planned housing.
Among them are six projects developed by Hung Thinh Land, namely Moonlight Park View, Moonlight Boulevard and Moonlight Centre Point in Binh Tan district; 9 View Apartment and Moonlight Avenue in Thu Duc city; and 8X Dam Sen in Tan Phu district.
Four other real estate projects have been allowed to sell half of their apartments, including the Shizen Home project by Gotec Land in District 7; Capital Land’s Cuu Long apartment project in District 4; the Thien Ly housing project in Thu Duc city invested by An Thien Ly Construction & Services Co., Ltd; and Novaland’s Grand Manhattan Co Giang apartment project in District 1.
With legal obstables removed for these projects, HCMC will have about 4,000-5,000 apartments up for sale, easing supply pressure.
Recently, the municipal Department of Natural Resources and Environment announced a list of 355 housing projects eligible for land use right certificates or certificates of ownership of houses and other assets attached to land.
The list includes projects developd by large real estate firms including Hung Thinh Land, Novaland, Vingroup, Phat Dat, Him Lam, Gotec Land, Dat Xanh Group, and Gamuda Land.