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HCM City ensures to eliminate barries to property developers

13:52 | 21/04/2020

Ho Chi Minh City People Committee Chairman Nguyen Thanh Phong has held a meeting to discuss how to save real estate projects that have been delayed due to various hurdles.

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hcm city ensures to eliminate barries to property developers
Dam Sen Complex Project (Photo: Thueban)

Chi Minh City People Committee Chairman Nguyen Thanh Phong has held a meeting with the heads of various government departments to discuss how to rescue real estate projects that have been delayed due to various difficulties.

They considered the difficulties faced by the Dam Sen Complex Project in district 11, licensed in 2014.

It has a land area of 54,568.3sq.m, and apartment towers, a hotel and office buildings will be built by C & T International Joint Stock Company.

hcm city ensures to eliminate barries to property developers
Water Bay project (Photo: Thueban)

The project was called to invest by the Department of Construction of Ho Chi Minh City under Decree 71 of the Government. Land clearance compensation lasts until August 9, 2018, according to CafeF.

It has been caught up in long delays related to compensation payment and site clearance. Currently the infrastructure of the project area is degraded, households in this area all wish the city to delete the plan so that people are allowed to build houses.

District 11 and other related authorities offered to assist with those and resettlement of people living in the area so that the construction could begin implemented soon.

hcm city ensures to eliminate barries to property developers
Van Phuc City (Photo: GKG)

The Water Bay, a project being developed by Novaland Group, and Van Phuc City by Van Phuc Group, both in district 2, have been delayed because of legal difficulties. Van Phuc Group plans to continue selling the commercial street phase 3 of Van Phuc City project with a scale of 198 hectares in Thu Duc district, according to Vietnamnet.

Le Hoang Chau, Chairman of the HCM City Real Estate Association, said most developers with delayed projects are big players who have been waiting for years to resume work.

They only need approval from authorities and nothing more, he said.

Phong promised that from now through the end of this month the city would consider and resolve all difficulties faced by projects and developers since property has been identified as a key sector that contributes significantly to the city's economic development but has been plagued by difficulties, lost revenues and failed to meet targets.

The city would draft plans to support the industry and focus on developing large property corporations to improve their competitiveness, reported by Vietnam Plus.

This is in fact one of the major orientations to stimulate the city’s development, he added.

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