HCM City chair orders swift review of seven property projects

11-Jan-2019 Intellasia | The Saigon Times | 6:00 AM Print This Post

HCM City Chair Nguyen Thanh Phong on January 8 told the local media that he had urged the relevant departments and agencies to accelerate a review of the legal documents of seven projects developed on prime land sites in Phu Nhuan District. The city government had earlier put on hold the conversion of the land use purpose at these sites in line with the State Audit of Vietnam’s request.

These sites, with a combined area of nearly 50,000 square meters, cover a land lot at 119 Pho Quang Street, two land lots on Hong Ha Street, two others on Nguyen Van Troi Street, one on Hoang Minh Giam Street and another on Truong Quoc Dung Street.

They have been used to develop complexes for commercial and service facilities, offices, officetels and apartments by subsidiaries of Novaland Group.

Chair Phong confirmed that the city temporarily suspended the change of the land use purpose at these sites and would cooperate with the investor of these projects, Novaland Group, to remove legal obstacles for each project, adding that the city’s decision would not affect the benefits of owners of apartments in these projects.

On January 7, HCM City vice Chair Tran Vinh Tuyen said that the municipal government had assigned the Department of Natural Resources and Environment to review the legal foundation for the suspension and report the results to the city today, January 9.

If there is no regulation supporting the suspension, the decision should be canceled, Tuyen added.

Meanwhile, Novaland Group stated in a press release that it holds the construction licenses for these projects and is handing over the apartments to customers. Some customers have already been granted certificates of land use rights and ownership for the houses and other land-attached assets.

This means that the competent State management agencies have recognised the legality of these projects.

The firm called on the city to reconsider its decision.



Category: Business, Vietnam

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