What is the status of the 151-155 Ben Van Don project now?

Project 151-155 Ben Van Don has a prime location with 2 street frontages, adjacent to District 1.

Rever Gate Residence project viewed from District 1, Ben Van Don street

River Gate Residence project started construction in late 2014, early 2015 and basically completed handover in early 2018. The project was developed by the investor as a complex product including apartments - office - commercial area with 2 blocks. The scale includes 4 basements; 2 towers, one tower is 27 floors high and one tower is 33 floors high. Apartment area from 55.7 - 110.29 m2.

River Gate Residence is a new type of investment Officetel (mini apartment for both living and office) with high investment value. This type is of interest to many people with a fairly high rate of return, about 8%/year.

The selling price of apartments in this area is currently around 70-72 million VND/m2. A 2-bedroom apartment of about 70m2 costs nearly 4.6-4.8 billion VND depending on the location. Compared to the time of opening for sale, this price has increased by about 48-50 million VND/m2 (40%).

On the evening of January 16, the Ho Chi Minh City Police Department's Security Investigation Agency said it was investigating the case of "Violating regulations on management and use of state assets causing waste and loss".

At the same time, Ho Chi Minh City Police issued an arrest warrant to temporarily detain Mr. Nguyen Cong Khe - Chairman of the Board of Directors of Thanh Nien Media Corporation, former Editor-in-Chief of Thanh Nien Newspaper and Mr. Nguyen Quang Thong - former Editor-in-Chief of Thanh Nien Newspaper.

The investigation so far has determined that Mr. Nguyen Cong Khe and Mr. Nguyen Quang Thong have committed many violations during the implementation of this project.

In 2008, Thanh Nien Newspaper bought this land from Saigon Tobacco Factory to build its headquarters. Mr. Nguyen Cong Khe, then Editor-in-Chief of Thanh Nien Newspaper, signed a cooperation contract with Thanh Nien Media Group Joint Stock Company (Thanh Nien Newspaper held 51% of the charter capital) and another enterprise to establish Thanh Nien Real Estate Joint Stock Company.

The purpose was to implement the project of office buildings, commercial centers and luxury apartments on the above land. However, the project was later implemented through a famous investor in the real estate industry, Novaland .

The case is being urgently expanded by the Ho Chi Minh City Police Security Investigation Agency to clarify violations and responsibilities of other related individuals and organizations, and recover assets for the State.

Source: https://nld.com.vn/du-an-151-155-ben-van-don-gio-ra-sao-196240117131507613.htm