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Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic

VTC NewsVTC News06/06/2023


Video : Close-up of the unfinished Home Land Paradise Village urban area

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 1

Recently, hundreds of investors who have spent money to buy villas and townhouses at Home Land Paradise Village Urban Area (belonging to Urban Area No. 6 in Dien Nam - Dien Ngoc New Urban Area, Dien Ban Town, Quang Nam Province) have expressed their concern and frustration that this project is "stuck in place".

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 2

According to VTC News reporter's investigation, on November 1, 2019, the People's Committee of Quang Nam province decided to approve the detailed planning and issue construction management regulations according to the detailed construction planning project (1/500) of the Home Land Paradise Village Urban Area project invested by Dana Home Land Urban Development and Investment Joint Stock Company.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 3

On May 8, 2020, the People's Committee of Quang Nam province approved the investment policy of the Home Land Paradise Village Urban Area project in the form of investors investing capital and organizing the implementation of investor tasks. Project objectives: Synchronous investment in technical infrastructure, social infrastructure of residential areas to connect synchronous regional infrastructure according to the approved 1/500 detailed planning; design and construction of houses to form a model green urban area with ancient architecture combined with modern style; with high-class resort villas, commercial streets and scenic walking routes.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 4

Specifically, the population is about 3,200 people; 94 villas, 570 townhouses and 1 apartment block. The total planned area is introduced to 31.43 hectares, with a total investment capital of 4,250 billion VND. The time to complete the remaining land and construction investment procedures to grant a construction permit is no more than 12 months after the Provincial People's Committee approves the investment policy. The time to complete the entire technical infrastructure of the project, acceptance, handover and put into use is no more than 12 months after the construction permit is granted.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 5

However, over the past 4 years, the project investor has been continuously "late" in handing over the project and land use right certificates to investors who have invested money in the project. Currently, many rows of villas and townhouses are still in an unfinished state.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 6

Ms. Nguyen Thu Hien (residing in Hanoi ) said that in 2019, she decided to invest in buying 4 houses in the project for more than 12.8 billion VND. To date, she has paid more than 7 billion VND to the investor. "According to the contract, after 18 months from the date of signing, the investor will carry out the procedures to transfer the land use rights and ownership of the house and other assets attached to the land to me. However, up to now, I have not received the house and land as promised. Witnessing the unfinished construction project, investors like me cannot help but worry and feel frustrated" - Ms. Hien said.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 7

According to Ms. Hien and investors, for many months, this project has been in a "standstill" situation. The construction unit has not implemented any additional items in the project.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 8

The image of an electric pole leaning at a corner of the project looks very dangerous.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 9

Witnessing the project in an unfinished state, many investors expressed their frustration at the stagnation of Dana Home Land Urban Development and Investment Joint Stock Company.

Villas and townhouses worth over 4,200 billion VND 'standstill', causing investors to panic - 10

Notably, recently, the People's Court of Quang Nam province issued a decision to open bankruptcy proceedings against Dana Home Land Urban Development and Investment Joint Stock Company due to the company's inability to pay, causing even more confusion for hundreds of investors.



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