Ho Chi Minh City removes obstacles for 5 more real estate projects, expected to collect over 18,000 billion VND

Removing obstacles for 5 real estate projects will help increase revenue for the Ho Chi Minh City budget by over 18,000 billion VND.

Removing obstacles for 5 real estate projects will help increase revenue for the Ho Chi Minh City budget by over 18,000 billion VND.

Chairman of Ho Chi Minh City People's Committee Phan Van Mai has just chaired a meeting of the Working Group to remove obstacles and difficulties for investment projects to consider removing obstacles for 5 real estate projects.

The projects that are being considered for resolution this time include: Lotte Eco Smart City Complex project in Functional Area 2a in Thu Thiem New Urban Area of Lotte Group ; 14.8 ha of land in An Phu Ward, Thu Duc City, payment for the BT contract of the Long Thanh - Dau Giay Expressway Parallel Road project invested by Nguyen Phuong Company;

The Observation Tower Complex in the Functional Area in Thu Thiem New Urban Area is invested by Empire City Joint Venture Company Limited; the high-rise residential area in Phu My Ward, District 7 is invested by Hung Loc Phat Real Estate Investment Joint Stock Company; the I-Home commercial and apartment area at 359 Pham Van Chieu Street, Ward 14, Go Vap District.

Lotte Eco Smart City Complex Project of Lotte Group with expected land use fee collection according to valuation certificate is 16,000 billion VND.

Notably, of the 5 projects that have just been resolved, 2 projects are in the group of 22 projects with land valuation in the fourth quarter of 2024.

Specifically, the Lotte Eco Smart City Complex project of Lotte Group, with an estimated revenue according to the valuation certificate of 16,000 billion VND. This project was broken ground in September 2022 by Lotte Group (Korea) as the investor. However, due to financial obligations, it has remained dormant until now.

The second largest project is a 14.8-hectare land plot in An Phu Ward, Thu Duc City, to be paid for under the BT Contract for the Long Thanh - Dau Giay Expressway Parallel Road Project of Nguyen Phuong Real Estate Joint Stock Company. The estimated revenue from this project is VND 3,500 billion according to the valuation certificate.

The City People's Committee said that the results of resolving the above 5 projects will help increase budget revenue by over 18,000 billion VND, support investors in completing legal procedures related to investment, construction licensing, financial obligations to implement construction and complete projects to develop urban areas according to planning, avoiding land waste.

At the same time, remove obstacles to resolve the granting of land use right certificates for 498 cases that have purchased apartments at the I-Home commercial and apartment project, ensuring the legitimate and legal rights and interests of the people.

According to the agreed plan, the City Department of Planning and Investment will be the focal agency to continue reviewing, synthesizing, and classifying the obstacles and difficulties of projects in the City, monitoring and evaluating the implementation of the conclusions of the Working Group to report to the Working Group for consideration and periodic meetings 1 to 2 times a month to focus on handling the obstacles arising in the process of implementing the conclusions of the Working Group.

At the same time, continue to consider resolving problems related to investment policies, planning, financial obligations, granting land use right certificates, etc. to serve as a basis for the City's departments, branches and People's Committees of districts to proactively handle problems and difficulties in similar projects during the process of receiving and processing administrative procedures.

It is known that this is the 10th meeting of the Working Group with a total of 33 projects being considered and meetings being held to resolve issues, and directing units to review and handle 41 projects that do not meet the conditions for land use rights to be approved in principle for implementing commercial housing projects.

The previous report of the Ho Chi Minh City People's Committee sent to the Ministry of Construction on the housing situation and real estate market in the third quarter of 2024 said that from May 2023 to the end of the third quarter of 2024, the City considered resolving 30 projects with problems. Of which, 8 projects have had their legal problems completely resolved.

The 8 projects that were cleared include: Song Viet Complex of Quoc Loc Phat Joint Stock Company; Social housing area of VTHouse Joint Stock Company and Tan Giao Joint Stock Company; Project of Suntory Pepsico Vietnam Beverage Company Limited; Metro Star Apartment and Commercial Complex of Metro Star Investment Joint Stock Company;

Tan Thang Sports and Residential Complex (commercial name is Celadon City) of Gamuda Land Joint Stock Company; Land area of over 11,000 m2 in Hoc Mon district of Western Saigon Joint Stock Company; Song Da - Thang Long high-rise residential project, District 7 of Hung Thinh Incons Joint Stock Company; Binh Thanh DistrictEducation Area of Tri Tue Company.

Also in the first 9 months of 2024, the City approved the investment policy of 12 commercial housing projects (including 1 social housing project); 2 projects were licensed for construction with a scale of 31,000 commercial apartments under implementation...

The city assessed that the real estate market in the area has gradually recovered, from a negative level in 2023 to positive growth since the beginning of this year. The growth rate is still slow but there are positive signs.

Source: https://baodautu.vn/batdongsan/tphcm-go-vuong-them-5-du-an-bat-dong-san-du-kien-thu-tren-18000-ty-dong-d231685.html