Metro Star Apartment and Commercial Complex Project Unstuck After 3 Years of Waiting

After more than 3 years of waiting, the People's Committee of Thu Duc City (HCMC) has now approved the update of the investment policy and approved the investment of the Metro Star Project.

Thu Duc City People's Committee has just issued Decision No. 4498 approving the adjustment of investment policy and approving the investor of Metro Star Apartment and Commercial Complex project (No. 360 Vo Nguyen Giap, Phuoc Long A Ward, Thu Duc City, Ho Chi Minh City) of Metro Star Investment Joint Stock Company (under CT Group).

According to the investor, this is great news not only for the investor, but also for the contractors, distribution agents, staff, workers... who have patiently waited for the documents to go through many rounds for 3 years at the Departments, Inspectorate, Audit, City People's Committee... until they were delivered to Thu Duc City People's Committee from August 2023 for signing according to the decentralization of Resolution 98.

“We have been waiting for the day the project receives this decision for many years. Now everything has been resolved, and the difficulties we have faced in the past years will be over,” shared the representative of the investor of the Metro Star Project.

Perspective of Metro Star apartment and commercial project

As previously reported by Investment Electronic Newspaper - Baodautu.vn , Metro Star is a real estate project on the list of 148 projects with legal problems that cannot be implemented or cannot carry out investment and construction procedures in Ho Chi Minh City.

In a previous petition sent to the Ho Chi Minh City People's Committee, Metro Star Company said that the project was transferred from the Public Works and Transport Construction Joint Stock Company since 2015 in accordance with the legal provisions of Decree 76/2015/ND-CP dated September 10, 2015 of the Government .

The enterprise believes that this sale and purchase was officially recognized and approved by the Departments, the City Project Transfer Council, and the City People's Committee in Decision No. 5268/QD-UBND dated October 7, 2016 on Approval for the transfer of the project at 360 Hanoi Highway, Phuoc Long A Ward, former District 9 (now Thu Duc City).

Due to the effective date of the Investment Law 2020, Metro Star Company shall make adjustments in accordance with the adjusted 1/2000 scale zoning plan and submit all documents to update the project investment policy in accordance with the provisions of the Investment Law 2020 at the Department of Planning and Investment.

Regarding this procedure, Metro Star Company has met the conditions for adjusting the investment policy according to the Investment Law 2020 and Decree No. 31/2021/ND-CP dated March 26, 2021 of the Government on detailed regulations and instructions for the implementation of a number of articles of the Investment Law. However, for many years, the project has not been approved for adjusting the investment policy.

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