Many real estate projects have had their legal obstacles removed.

Many developers have had their project legal procedures resolved or completed, and are preparing to launch their products onto the market.

The Ho Chi Minh City People's Committee recently submitted a report to the Ministry of Construction on the real estate and housing market situation in the city during the third quarter of 2024. The report stated that since its establishment (May 2023), the Ho Chi Minh City Task Force has held 10 meetings and issued 15 concluding notices, addressing issues for 30 projects facing obstacles. Of these, 8 out of 30 projects have been completely resolved, while 22 projects with remaining issues are being further addressed by relevant departments, agencies, and Thu Duc City in accordance with regulations.

Good news for businesses and the market.

Specifically, eight projects have had their legal issues fully resolved, including: the Song Viet Complex (Thu Duc City) by Quoc Loc Phat JSC; the social housing project by VTHouse JSC and Tan Giao JSC; the project by Suntory Pepsico Vietnam Beverage Company Limited; the Metro Star apartment and commercial complex (Thu Duc City) by Metro Star Investment JSC (a member of CT Group); the Tan Thang Sports and Residential Complex (commercial name Celadon City - adjusted schedule, Tan Phu District) by Gamuda Land JSC; a land area of ​​over 11,000 m2 in Hoc Mon District by Western Saigon JSC; the Song Da - Thang Long high-rise residential project in District 7 by Hung Thinh Incons JSC; and the Binh Thanh District education complex by Tri Tue Company.

As one of the businesses whose difficulties and obstacles have been resolved, a representative from Gamuda Land stated that the company has had its tax-related issues at the Celadon City project resolved, amounting to over 500 billion VND.

"After receiving support and assistance from the city, our project has been able to complete all necessary procedures, including issuing ownership certificates to customers who have received their homes. This demonstrates our credibility with customers, confirming that all commitments have been fulfilled accurately and completely," shared a representative from Gamuda Land.

Regarding the Metro Star project, a representative from CT Group stated that the project has received approval from the People's Committee of Thu Duc City for an updated investment policy and investment approval for the Metro Star project in the second quarter of 2024. According to this decision, the Metro Star project at 360 Vo Nguyen Giap Boulevard (Thu Duc City) will have a maximum height of 30 floors and accommodate 3,453 residents.

"This is great news not only for the investor, but also a joyous occasion for the contractors, distribution agents, staff, and workers... who patiently waited for the documents to go through multiple stages for 3 years at various departments, inspectorates, auditors, and the People's Committee of Thu Duc City... until they were handed over to the People's Committee of Thu Duc City in August 2023 for signing according to the decentralization," the corporation shared.

According to the Ho Chi Minh City Real Estate Association (HoREA), from 2022 to the present, Ho Chi Minh City has had 64 real estate projects by 57 businesses facing prolonged legal obstacles. These projects are divided into three groups: social housing projects, commercial housing projects not subject to legal review, and commercial housing projects that must undergo review, inspection, and auditing processes.

Mr. Le Hoang Chau, Chairman of HoREA, said that the city's leadership actively removing obstacles for projects is very welcome news for businesses and the market. However, the city still has many projects that have not been resolved, and he hopes that the city's leaders and relevant departments will continue to propose and find ways to overcome difficulties for businesses.

"The association has made many recommendations and resolved detailed issues for businesses over the past period. With the new decrees and circulars accompanying the three real estate business laws being implemented, we expect that difficulties will gradually be resolved, leading to a more positive real estate market," Mr. Chau said.

Ms. Tran Thi Cam Tu, General Director of EximRS Joint Stock Company, said that after a period of encountering obstacles and bottlenecks in project legal procedures, many investors in the Southern region have recently had their issues resolved or completed project legal procedures and are preparing to launch products, anticipating year-end cash flow.

However, according to Ms. Tu, while the issuance of the new land price list by Ho Chi Minh City will remove procedural difficulties, it will increase the cost of land and consequently the selling price of the properties. "Projects that paid land use fees before the new price list was issued will be the preferred choice for customers. Furthermore, the fact that developers have partnered with banks to offer financial support packages for buyers also contributes to expanding the range of potential buyers," Ms. Tu said.

Lavita Garden apartment building (17 Street No. 3, Truong Tho Ward, Thu Duc City - Ho Chi Minh City), residents have been living there for 10 years but still haven't received their ownership certificates. Photo: QUOC ANH

Dozens of projects are about to be deactivated.

Regarding the remaining stalled projects, the Ho Chi Minh City Department of Natural Resources and Environment (TN-MT) plans to submit several projects for fulfilling financial obligations and additional financial obligations, including many projects among the 156 real estate projects of 121 investors that HoREA (Ho Chi Minh City Real Estate Association) recommended to the Ho Chi Minh City People's Committee in 2023.

Accordingly, it is expected that in November 2024, the Department of Natural Resources and Environment of Ho Chi Minh City will submit to the Land Valuation Council the specific land plot at No. 17, Street No. 3, Truong Tho Ward, Thu Duc City (Lavita Garden apartment complex) owned by Hung Thinh Real Estate Investment Joint Stock Company. This land plot is subject to additional financial obligations. Residents have been living in the Lavita Garden apartment complex for 10 years but have not yet received their ownership certificates because the investor has not fulfilled its financial obligations.

The project for a complex of observation towers in the Thu Thiem New Urban Area, undertaken by Imperial City Joint Venture Company Limited, is currently undergoing a legal review of land allocation and lease. After the city government approves the plan, the Department of Natural Resources and Environment will hire a consultant to determine the land price.

In addition, several major projects in the city will have their obstacles removed in the near future. Particularly, the Thu Thiem Eco Smart complex project by Lotte Group, for which the Department of Natural Resources and Environment submitted a detailed land valuation report to the Land Valuation Council in October, is expected to generate state revenue of up to 14,800 billion VND.

At the socio -economic meeting in early August, Chairman of the Ho Chi Minh City People's Committee Phan Van Mai emphasized the need to focus on resolving issues related to non-budgetary real estate projects. He stressed that if financial obligations for the Thu Thiem Eco Smart complex could be resolved, a significant amount of revenue could be collected for the state budget.

In addition, it is expected that in the fourth quarter of 2024, the Department of Natural Resources and Environment will submit to the City's Land Valuation Council for the collection of financial obligations for the following projects: the residential area project in Tan Phu ward, District 7, owned by ACC Aviation Construction Corporation; the land plot in Phuoc Long B ward, Thu Duc City, owned by Nova Real Estate Joint Stock Company; and the project land plot (14.8 hectares) owned by Nguyen Phuong Real Estate Joint Stock Company…

Next, the Diamond Riverside high-rise apartment project (District 8) by Nam Nam Bay Joint Stock Company is expected to be submitted to the Land Valuation Council by the Department of Natural Resources and Environment this month. This project is subject to additional financial obligations. Residents of Diamond Riverside apartments are also waiting anxiously for their ownership certificates despite having fulfilled their financial obligations to the developer as required.

In the fourth quarter of 2024, the Department of Natural Resources and Environment anticipates 20 projects requiring additional financial obligations, including: the Vinh Loc A housing project in Binh Chanh district by An Nhan Investment and Development Joint Stock Company; the 8,700 m2 land plot in Tan Tao ward, Binh Tan district by Khang Phuc Housing Investment and Business Company Limited; the project of An Khang NCD Joint Stock Company at 29B Nguyen Dinh Chieu (District 3); the land plot in Binh Trung Tay ward, Thu Duc City by Binh Thien An Real Estate Joint Stock Company; the land plot in Hiep Binh Phuoc ward, Thu Duc City by Dong Nam Real Estate Investment Joint Stock Company; the land plot at 868 Xo Viet Nghe Tinh street, Binh Thanh district by Construction and Trading Joint Stock Company 2; the land plot at 256-258 Ly Thuong Kiet (Grand Court apartment building) by Phu Son Thuan Construction Investment Joint Stock Company;…

Collect additional financial obligations for 4 projects.

The Ho Chi Minh City Department of Natural Resources and Environment plans to submit to the City's Land Valuation Council for the collection of additional financial obligations for four projects after the Ho Chi Minh City People's Committee issues the adjustment coefficient as stipulated in Article 63 of Decree 102/2024. These projects include: the Tropic 1 project in Thu Duc City by Nova Real Estate Group Joint Stock Company; the housing project in Nha Be town by Minh Long Trading and Service Company Limited; a nearly 11,000 m2 plot of land in Thao Dien ward, Thu Duc City by Son Kim Real Estate Joint Stock Company; and three plots of land in the Southern Ho Chi Minh City New Urban Area by Linh Phong Conic Investment and Development Joint Stock Company.

Similarly, for the project at 230 Nguyen Trai Street, District 1, by TNT Trung Thuy Real Estate Co., Ltd., after the Ho Chi Minh City People's Committee gives its opinion on the timing of land price determination, the Department of Natural Resources and Environment will submit a specific land price appraisal to the Land Valuation Council to fulfill additional financial obligations.

Source: https://nld.com.vn/tp-hcm-nhieu-du-an-nha-dat-duoc-go-vuong-phap-ly-196241111211903478.htm