LEGAL REMOVAL: MANY NEW MOVEMENTS AT NOVALAND'S PROJECTS IN HCMC

Recently, Novaland 's central Ho Chi Minh City project cluster is actively resolving legal issues. This is the basis for Novaland to soon complete its financial obligations in the projects, achieving the goal of issuing nearly 7,000 pink books to residents in 2025. Currently, Novaland has prepared cash flow to fulfill financial obligations.

\ On March 18, 2025, the Government Inspectorate issued Conclusion No. 82/KL-TTCP on state management of planning and implementation of construction planning of the Ho Chi Minh City People's Committee (2015 - 2022 period). With the spirit of this Conclusion, it will help Ho Chi Minh City's agencies and branches have more legal basis to speed up land valuation work at many projects that are still stuck in the city, including Novaland's Richstar project (Tan Phu District). Accordingly, after the Ho Chi Minh City People's Committee approved the land price for the project, the estimated value that must still be paid for land use of the Richstar project is about 446 billion VND. For many years, Novaland has expected this additional payment obligation in the project's business plan.

Richstar project (Tan Phu District) is speeding up land valuation.

Richstar is a project whose planning was adjusted by the Ho Chi Minh City People's Committee but did not calculate the additional land use fee to be paid, but agreed to allow Novaland Group to temporarily pay the land use fee in the amount of 242.5 billion VND as requested by the Department of Natural Resources and Environment of Ho Chi Minh City. Implementing this policy, the Company paid the above amount to the state budget and recorded this financial obligation in the accounting books in 2017.

Thus, although there has not been a Decision approving the land price plan, Novaland, with its responsibility, has proactively paid a part of the land use fee for the project. At the same time, during the past time, the Company has actively contacted the Department of Natural Resources and Environment of Ho Chi Minh City to organize the appraisal of land use fees for the land plots implementing the project, so that the Company can soon fulfill its financial obligations and carry out the procedures to issue certificates to residents.

Regarding the project at 108-112B-114 Hong Ha Street, Ward 2, Tan Binh District (Botanica Premier project) implemented by Sasco in joint venture with Novaland. According to Conclusion Notice No. 2414/TB-TTCP dated November 22, 2024, the Government Inspectorate has requested the Ho Chi Minh City People's Committee to review the procedures for project implementation, determine land use fees for the Botanica Premier project and complete within 06 months from the date of public announcement of the Conclusion. Currently, Novaland is making efforts to urge Ho Chi Minh City agencies to quickly review the project's legality and speed up land valuation procedures so that businesses can pay land use fees for the project.

Botanica Premier project (Tan Binh District) is undergoing legal review and accelerating land valuation procedures.

It is expected that in the second quarter of 2025, another Novaland project, Victoria Village (Thu Duc City), will also have an official decision on additional land use fees. Thus, Victoria Village will soon "close the book" legally, in parallel with accelerating the construction of the high-rise subdivision, expected to be completed by the end of 2025 and start handing over from the first quarter of 2026. By the end of the first quarter of 2025, the project has been granted certificates for 80/92 low-rise subdivision products and is handing over certificates to residents, the remaining will complete the issuance of certificates in 2025.

Regarding the 30.1-hectare Nam Rach Chiec project in Thu Duc City (Lakeview City project), according to Resolution No. 170/2024/QH15 of the National Assembly and Decree No. 76/2025/ND-CP of the Government effective from April 1, 2025, the Lakeview City project has officially resolved problems regarding land use fees.

Accordingly, the total land rent and land use fees payable for the Lakeview City project is nearly VND 5,176 billion based on the tax authority's announcement on January 8, 2021, which will be re-determined. This is also the basis for Novaland to issue certificates to project residents as soon as possible. In particular, the provision of VND 4,369 billion for the Lakeview City project for the 2024 audited financial report period of Novaland, according to the auditor's own opinion, will be adjusted and reversed when eligible in 2025.

Lakeview City project (Thu Duc City) has been cleared under Resolution 170 and Decree 76, effective from April 1, 2025.

In the spirit of Resolution 170 and Decree 76, another Novaland project that has had its problems resolved is the 30.2-hectare Binh Khanh Ward project (The Water Bay project). Accordingly, the time to determine the land price for the swapped area of ​​this project is when the land acquisition and compensation are completed on November 20, 2008. The project will soon be considered for implementation by Ho Chi Minh City.

Sharing about the positive legal movements in recent times, the representative of Novaland Group said: “The Government is resolutely implementing the work of finding solutions to remove difficulties for businesses, promoting socio-economic development, not wasting assets and money of the State, businesses, people and society. With the spirit of recent Resolutions, Decrees and Conclusions, problems related to land use fees at Novaland projects in Ho Chi Minh City will soon be resolved. This is also the basis for competent authorities to quickly carry out work according to the approved general policy, at the same time Novaland has the basis to complete financial obligations and speed up the process of granting land use right certificates to customers at the projects. Currently, Novaland has prepared cash flow to fulfill financial obligations when requested by state agencies.”

Novaland aims to issue nearly 7,000 pink books to residents of projects in Ho Chi Minh City.

With positive information in legal settlement, the process of granting pink books for thousands of products in many Novaland projects has been promoted. In 2025, the Group aims to grant nearly 7,000 pink books at projects such as Sunrise Riverside (Nha Be), The Sun Avenue (Thu Duc City), Kingston Residences (Phu Nhuan District), Orchard Garden (Phu Nhuan District), Lucky Palace (District 6), Sunrise City North (District 7) ...

Accordingly, recently, Novaland has continuously sent notices to residents of projects about registering information to carry out procedures for issuing certificates such as residents of The Sun Avenue, residents of Kingston Residences... Currently, The Sun Avenue project has received the first batch of certificates and is carrying out procedures for handing over certificates to customers. Sunrise Riverside project has been granted nearly 880 pink certificates by the end of March 2025 and is continuing to hand over certificates to customers.

Ideal living space in Palm City Riverside Resort Villas (Thu Duc City).

As for the Tropic Garden 1 project (Thu Duc City), Novaland plans to complete the procedures related to financial obligations in the second quarter of 2025. Accordingly, in the third quarter of 2025, the company will send a letter inviting customers to provide documents to register for the issuance of certificates at the project. Novaland is also coordinating with the authorities to promote the issuance of certificates for 178 low-rise apartments at the Palm City project (Thu Duc City), which is expected to be implemented soon in the near future.

Source: https://www.novaland.com.vn/tin-tuc-1/thong-tin-novaland/tin-du-an/thao-g-phap-ly-nhieu-chuyen-dong-moi-tai-cac-du-an-o-tphcm-cua-novaland