Not yet out of trouble from Celadon City, Gamuda Land still wants to buy new projects

Continue to develop high-end projects

According to information from an article posted on Gamuda's homepage, Gamuda Land Real Estate Company has signed an agreement to buy the project from a Vietnamese company. With this land, Gamuda Land plans to develop a high-end project with types of apartments and commercial townhouses.

“Gamuda Land was able to leverage two key factors in this opportunistic acquisition – to acquire a development-ready site in a prime location with all necessary planning approvals and to quickly sell in-demand products to a market that is short on supply,” Angus Liew, President of Gamuda Land Vietnam, said in a separate statement.

The company representative said that the target price for this project will be from 4,000 - 7,000 USD/m2, depending on location and product quality.

Gamuda Land project location is negotiating to acquire through M&A. (TheEdgeMalysia).

Through investigation, the land in the above agreement is the Tam Luc residential area project, about 3.7 hectares wide. The investor of this project is Tam Luc Real Estate Joint Stock Company (Tam Luc Company). It is known that this project is located in the center of Thu Duc City, directly connecting Hanoi Highway and An Phu intersection, the gateway to Long Thanh - Dau Giay Expressway. Many sources show that this project has enough legal documents to be ready for construction.

Before the news of this deal emerged, business registration documents showed that on July 17, Tam Luc Company increased its capital from VND900 billion to VND3,900 billion. If the above deal of Gamuda Land is successful, this will be one of the most notable real estate mergers and acquisitions in Vietnam since the beginning of 2023.

It is known that Gamuda has been present in Vietnam since 2007, with many large real estate projects being developed in Vietnam such as Gamuda City (Hanoi), Artisan Park ( Binh Duong ), Celadon City, Elysian (HCMC).

Unrepaid illegally mobilized capital at Celadon City

Regarding Gamuda's projects in Vietnam, since early 2023, Gamuda Land Joint Stock Company (Gamuda Land), the investor of the Tan Thang Sports Complex and Residential Area project - Celadon City (Son Ky Ward, Tan Phu District, Ho Chi Minh City) has been reported by many customers regarding the failure to implement the terms and benefits signed in the sales contract.

Specifically, many customers who bought houses in the Diamond Alnata - Celadon City subdivision said that the investor was late in handing over the apartments according to the deadline stated in the sales contract. However, when customers claimed their rights and required Gamuda Land to pay a late handover penalty (18%/year) and a contract cancellation penalty (30% of the paid value) according to the terms signed by both parties, the investor did not respond.

Many customers have come to the investor's office to claim their rights.

In April 2023, due to the discovery that Gamuda Land signed a sales contract at Apartment Complex A5 (including Diamond Alnata and Diamond Brilliant subdivisions) before obtaining a construction permit and not meeting the conditions for selling future housing, the Ho Chi Minh City People's Committee issued Decision 1426/QD-XPHC to fine this investor VND 900 million for violating "Illegal capital mobilization". Gamuda Land is forced to remedy the consequences by refunding the amount of money mobilized illegally, within 10 days from the date the penalty decision takes effect.

Months have passed, but this investor has only paid a fine of VND900 million without taking any remedial measures. Responding to customers, Gamuda Land said it is still waiting for instructions from the authorities to proceed with refunding the mobilized capital.

However, after being fined and the Department of Construction announced the list of apartments eligible for sale on May 8, Gamuda Land continued to send payment notices and hand over apartments that were not on the list of apartments eligible for sale to customers. Although it was not until June 29 that the apartments in the A5 Apartment Complex were approved by the competent authority for acceptance results.

Diamond Alnata subdivision belongs to Apartment Complex A5.

In addition, some customers at A6 Apartment Complex (Diamond Alnata Plus, Diamond Centery subdivision) also provided apartment purchase contracts and apartment purchase agreements signed in 2020, when the project had not yet obtained a construction permit. Many residents at A6 Apartment Complex have also sent petitions to the authorities to review the violations of the investor here to proceed with punishment.

Most recently, many residents at Celadon City filed a collective complaint with the Ho Chi Minh City Police Department to request clarification of the behavior of the investor Gamuda Land, from signing sales contracts with customers at Apartment Complex A5 and A6 when not meeting legal requirements. This has led to many consequences, causing loss of trust and affecting the rights of customers who have purchased houses from this investor.

Source: https://www.congluan.vn/chua-het-rac-roi-tu-celadon-city-gamuda-land-tiep-tuc-thoa-thuan-mua-du-an-hon-300-trieu-usd-tai-tp-hcm-post257551.html