Property project management

HCMC chairman orders swift review of seven property projects The Saigon Times Daily Novaland's Kingston Residence project on Nguyen Van Troi Street in Phu Nhuan District - PHOTO: NOVALAND HCMC - HCMC Chairman 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 … [Read more...] about HCMC chairman orders swift review of seven property projects

Fake property projects take center stage at Ba Ria-Vung Tau Province’s meeting The Saigon Times Daily A piece of farmland in Ba Ria-Vung Tau Province. The province has seen 192 farmland lots get turned into property projects - PHOTO: VIETNAMPLUS HCMC – The director of the provincial Department of Natural Resources and Environment was grilled over the illegal division of farmland into small lots for sale and fake property projects at the provincial People’s Council meeting on July 17, the local media reported. The province has seen 192 farmland lots get turned into property projects, with only 62 projects having obtained licenses, according to the provincial People’s Council. Phu My Town had the largest number of illicit property projects, at 113 projects, followed by Ba Ria City and Long Dien District. Le Ngoc Linh, director of the provincial department, attributed the rising number of fake property projects to land fever, where traders have taken advantage of … [Read more...] about Fake property projects take center stage at Ba Ria-Vung Tau Province’s meeting

HoREA proposes an increase of loan interest cap on property The Saigon Times Daily A view of Phu My Hung urban town in HCMC’s District 7 – PHOTO: QUOC HUNG HCMC – The HCMC Real Estate Association (HoREA) has proposed that the Government consider raising the loan interest cap to 25%, from the current limit of 20%, the local media reported. Under Decree 20/2017/NDCP prescribing a tax administration for enterprises engaged in transfer pricing, the total deductible loan interest for enterprises, which must not exceed 20% of their net profits, is low and unsuitable for the country’s development of its economy and real estate market, according to a HoREA report written for the prime minister and the Ministry of Finance. HoREA said that the regulation is aimed at increasing the transparency of transactions, encouraging firms to access various sources of funding besides bank loans, and boosting the efficiency of loan usage. Further, the regulation is considered to be an … [Read more...] about HoREA proposes an increase of loan interest cap on property

CEO: Novaland guarantees customers’ interests, projects’ normal operations Novaland CEO Bui Xuan Huy Over the past few days, many customers have expressed concern about the HCMC government’s decision to suspend the conversion of the land use purpose of seven land lots in Phu Nhuan District where Novaland has developed commercial and housing projects. These projects have either been completed or neared completion, and some customers have even received certificates of land use rights and ownership of houses and other landed assets. This interview with Novaland CEO Bui Xuan Huy helps clarify this issue. The HCMC government has put on hold the process of changing the land use purpose of seven land lots where Novaland has developed projects, can you talk about this problem? Bui Xuan Huy: The HCMC government had suspended changing the land use purpose of seven land lots to review the legal documents of these projects at the State Audit of Vietnam’s request. The move is … [Read more...] about CEO: Novaland guarantees customers’ interests, projects’ normal operations

High-end property remains attractive to foreign investors: Savills Vietnam By Vu Dung The interior of a high-end apartment - PHOTO: SAVILLS HANOI - The Vietnamese real estate market, especially the high-end segment, will still attract the interest of foreign investors this year as the local housing market will grow further thanks to the country’s promising economic growth prospects and new infrastructure projects, said Savills Vietnam Managing Director Neil MacGregor. In addition, HCMC and Hanoi are seeing significant development and can be considered on par with other cities in the region. The abundant capital resources, the increasing number of foreign investors and appropriate policies from the Government will also encourage the development of the domestic real estate market, MacGregor noted. MacGregor stated that the prices of apartments in HCMC and Hanoi remain lower than those in Kuala Lumpur and Bangkok despite HCMC’s higher growth rate. The average … [Read more...] about High-end property remains attractive to foreign investors: Savills Vietnam

Disputes over condo management rise By Viet Dung Delegates at the seminar “Apartment buildings and knotty problems.” Disputes over condo management are on the rise - PHOTO: VIET DUNG HCMC - Disputes between apartment building developers and residents as well as building management boards are on the rise, mainly due to the opaque use of apartment management and maintenance fee revenue, stated attendees at a seminar held in HCMC over the weekend. At the seminar, titled “Apartment buildings and knotty problems,” which was jointly held by the Building Management Club and Doanh Chu School, a member of the 2030 Businessmen Club, under the Saigon Times Club, participants remarked that disputes between condo investors and buyers of apartments in unfinished projects typically involve the project’s progress and quality, while pressing issues affecting operational projects relate to apartment management and maintenance fees. In particular, investors should share with … [Read more...] about Disputes over condo management rise

HCMC avoids using State funds for resettlement projects By Le Anh File photo of a housing project in HCMC’s District 2. HCMC will not tap State funds for resettlement projects – PHOTO: LE ANH HCMC - Authorities in HCMC will not use the State budget to invest in resettlement projects but commercial and social housing to accommodate residents who have to relocate to make room for the city’s adjusted zoning plans. For projects requiring much land or urban projects in downtown HCMC, investors must ensure enough resettlement homes are available for residents. In addition, priority for making land ready for social housing will be given to the city’s five outlying districts, such as Hoc Mon, Cu Chi and Binh Chanh. Also, the city will bolster the use of available State-owned houses and land to accommodate these residents or offer temporary residences in cases of emergency, including fires, land erosion or deteriorating residential buildings. According to a plan passed on … [Read more...] about HCMC avoids using State funds for resettlement projects

NA orders solutions to prevent transfer of property to foreigners By Thuy Dung High-rise condo buildings in HCMC are seen in this file photo. Solutions to prevent the transfer of properties to foreigners are needed - PHOTO: THANH HOA HANOI – The National Assembly’s (NA’s) supervision delegation has asked the Government to issue policies to prevent the Vietnamese people from buying land lots and apartments and transferring them to foreigners. At a discussion today, May 27, as part of the NA’s seventh sitting, Vu Hong Thanh, head of the NA's Economic Committee, delivered a report on the deployment of policies and laws on the planning, management and use of land in urban areas since the 2013 Land Law took effect. Although there are no official statistics on the ownership of Vietnamese property by foreigners, the demand has surged, according to real estate insiders. A report by property service provider CB Richard Ellis (CBRE) showed that foreigners, especially … [Read more...] about NA orders solutions to prevent transfer of property to foreigners

Projects using public land face obstacles By Le Anh Vo Van Hoan, vice chairman of the HCMC People’s Committee, talks about solutions to manage housing projects that use public land, at a press briefing on June 20 in HCMC – PHOTO: LE ANH HCMC - Real estate projects that use public land in HCMC are now facing multiple obstacles as no specific measures or regulations are available to guide them. The municipal government has had to consult with competent agencies on problematic projects on a case-by-case basis. The municipal government had to seek suggestions from the Department of Natural Resources and Environment on ways to manage housing projects that had completed investment procedures or were under construction, Vo Van Hoan, vice chairman of the municipal government, told a press briefing on June 20 in the city. For projects that have not begun, the department will suggest multiple procedures, such as selling part of the public land to project investors while the … [Read more...] about Projects using public land face obstacles

Red cross members practise to evacuate residents during a storm in the central province of Hà Tĩnh. — Photo VNRC Viet Nam News HÀ NỘI — The Việt Nam Red Cross in collaboration with the American Red Cross launched the second phase of a project on building resilience to natural hazards. The project, launched in the central provinces of Việt Nam at a ceremony on September 28 in Hà Nội, aims to support vulnerable groups and local authorities to increase the capacity of coping with natural disasters, and reduce the risk of damage to people and properties due to climate changes. With a total budget of nearly US$1.54 million, the project will be implemented in 33 communes/wards in four central provinces of Quảng Nam, Quảng Ngãi, Hà Tĩnh and Quảng Trị. It is expected to benefit 37,000 residents, directly, and more than 200,000, indirectly, in the project areas. The project will focus on establishing technical support groups and community groups and organising trainings on … [Read more...] about Second phase of project on building resilience launched