When will Golden City apartment be completed?

All 4 blocks of Golden City apartment building (phase 1) are surrounded by nets, but construction is slow and sluggish, with many items not yet completed.

Can't wait, forced to terminate contract

In January 2021, Mr. Nguyen Ba Khuong (33 years old, residing in Ward 2, Tay Ninh City) signed a contract to buy apartment B12-11-B2 of the Golden City Social Housing Apartment Project (Golden City) in Ward 2, Tay Ninh City. The investor, Golden City Investment Joint Stock Company, committed to handing over the house in the fourth quarter of 2022. Up to now, after many promises but not being fulfilled, Mr. Khuong has gone to the company's office to request contract termination.

In the minutes of the meeting dated August 21, 2023, Mr. Khuong requested Thanh Pho Vang Company to refund the amount of 869.3 million VND paid, and at the same time, pay 1% interest according to the signed contract, the liquidation date is September 8, 2023. The Company believes that customers who want to terminate the contract early will have to pay a penalty of 10% of the contract value; the refund will only be made after the company sells the customer's apartment to a third party.

The company proposes 2 options: If the customer continues to perform the contract, from July 2023 until the notice of apartment handover, the company will support 3.5 million VND/month, this is the cost for the customer to rent a house while waiting for the apartment handover.

Option 2, customers who terminate the contract early will not be subject to a penalty of 10% of the contract value and the refund will only be made after the company sells the apartment to a third party. Both parties agree to wait for approval from the board of directors until September 8, 2023.

On September 11, 2023, Mr. Khuong was invited to the company office to negotiate the termination of the sales contract between the two parties. Accordingly, the sales contract and the appendices and minutes of agreement attached thereto will be terminated and no longer valid from the date of signing the liquidation minutes (September 11, 2023).

Terms and conditions: Mr. Khuong will only receive 1% of the total amount of fines that Thanh Pho Vang Company has to pay for the delay in handing over the apartment for more than 180 days, equivalent to 17.3 million VND. The payment deadline is no later than 60 days from the date of signing the contract liquidation minutes.

“From 2021 until now, I have paid the company 869.3 million VND, now I have only received more than 886.7 million VND, while the fault lies with them (Thanh Pho Vang Company) for the delay in handing over the house to the customer. It is really impossible to understand their calculation. Since the day of requesting contract termination, the company has not had any friendly actions towards the customer. I want to terminate the contract as soon as possible” - Mr. Khuong was upset.

Golden City Company Explanation

Golden City Apartment Complex is the first social housing apartment project in Tay Ninh province, starting construction in April 2016, accepting home purchase registrations from January 2021. The project consists of 7 15-storey apartment blocks, with a total area of 3.35 hectares, with 1,652 apartments ranging in area from 50m2 - 180m2. The project is implemented in 2 phases, phase 1 will build 4 apartment blocks A1, A2, B1, B2, expected to be completed in the fourth quarter of 2022; phase 2 will start construction of the remaining 3 apartment blocks in the second quarter of 2020 and is expected to be completed in the second quarter of 2023.

According to the reporter's records, 4 blocks of Golden City apartment building (phase 1) are surrounded by nets but construction is slow and sluggish, with no workers, and many items are not completed. At this rate, it is unknown when customers will receive their homes.

This is not only Mr. Khuong's frustration, but also the frustration of many people who have registered to buy social housing in the project for more than 2 years. Customers also want to accompany the investor, but after many promises, the project has not progressed much, many items are sluggish.

In April 2023, in an official dispatch sent to Mr. Khuong, Golden City Company explained: In the past, due to the prolonged epidemic, social isolation many times to prevent the epidemic; the global and domestic economy went through a period of many difficulties and fluctuations; prices of materials and labor increased significantly; credit channels and banks supporting financial plans were tightened to focus on the priority goal of controlling inflation, stabilizing the macro economy... leading to many difficulties and obstacles in the project implementation process.

The investor will focus all resources to complete the project on schedule and hand it over to customers after the project is completed. At the same time, the investor commits to completing the construction of area 1A including 4 blocks A1, A2, B1, B2 to hand over the houses at the end of the first quarter of 2024.

In August 2023, this company continued to state that the Golden City Social Housing Apartment Project is on the list of projects eligible to access the Government 's VND 120,000 billion credit package to support investors and home buyers. However, the project investor has not yet received support according to the general policy. When receiving support, the investor will have more conditions to complete the handover of the house soon. This unit added that the total investment on the unfinished construction value at the construction site is currently more than VND 630 billion.

“I was introduced to social housing for low-income people, with a beautiful, airy location, right in the city center, convenient, so I registered to buy. At first, they worked very hard! The fast progress of the project made us impatient, eager to receive the house. The investor promised in the contract that the house would be delivered in the fourth quarter of 2022, then postponed it to 2023, and continued to promise in the fourth quarter of 2024. We tried to wait but still did not receive notice of the house delivery. Everything went against my thoughts and expectations,” Mr. Khuong expressed.

Tam Giang

On April 19, 2023, the Provincial People's Committee issued Decision No. 929/QD-UBND approving the adjustment of the investment policy of the Golden City Social Housing Apartment Project. Accordingly, the investment project implementation progress will be adjusted no later than the first quarter of 2024 for area 1A (including 4 blocks A1, A2, B1, B2) and the fourth quarter of 2025 for 3 blocks C1, C2, C3. The Provincial People's Committee assigned Golden City Investment Joint Stock Company to implement in accordance with the committed progress and be responsible before the Provincial People's Committee and before the law if it violates the investment progress of the Golden City Social Housing Apartment Project.

Previously, on November 9, 2020, the project's investment policy was adjusted in Decision No. 2732/QD-UBND of the Provincial People's Committee.

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