De Vuong City Joint Venture Company Limited, the investor of the Thu Thiem observation Tower Complex project (HCMC), has sent a document to Chairman of the HCMC People's Committee Nguyen Van Duoc requesting to re-determine additional financial obligations for the above project.
This enterprise said that on September 5, 2016, Ho Chi Minh City issued a decision to hand over to the company more than 11 hectares of land with land use fees collected for a period of 50 years, starting from June 23, 2015 to implement the project. By early 2017, the company had fulfilled its financial obligations for the above project of nearly VND 3,600 billion.
The city's decision at that time clearly stated that investors do not have to pay additional financial obligations when adjusting the form of land use from one-time land lease to land allocation with land use fees. On that basis, the company has built and handed over 3 clusters of works with nearly 1,200 apartments to residents for stable living.
However, from 2019 to now, the project has been stalled due to not yet fully resolving additional financial obligations according to the conclusion of the Government Inspectorate, causing great waste of time, costs and resources for both the state and investors.
Notably, the authorities have recently proposed an additional financial obligations plan for the project of more than VND 8,800 billion, an increase of 246% compared to the land use fee paid. At the same time, it is necessary to include additional content: in case the competent state agency later concludes that it must fulfill additional financial obligations, the company is responsible for doing so.
Therefore, this enterprise proposed that the competent authority consider determining additional financial obligations in accordance with the spirit of the Conclusion of the Government Inspectorate, based on the time frame for land allocation in 2015 and applying legal documents effective at that time, Circular 36/2014.
Incorporate the planning adjustment factor into the process of determining additional financial obligations this time, avoiding having to do it many times, causing waste of time and resources for both management agencies and businesses.
Currently, the plan to determine additional financial obligations only depends on the conclusion of the Government Inspectorate, without taking into account the planning adjustment factor that may affect the value of land use rights (the project has adjusted the area structure between land lots to comply with traffic planning and 1/2,000 planning, but the total planning quota remains unchanged).
It is known that De Vuong City Joint Venture Company Limited is a joint venture between Vietnamese investors and foreign investors such as Gaw Capital Partners Group (Hong Kong - China), Keppel Group (Singapore) and Swire Properties Financial Group (UK).
According to the plan, the Thu Thiem observation tower complex project is located along the Saigon River and in the central core area of the Thu Thiem new urban area. The project is designed as a complex including a high-end shopping mall, 5-star hotel, office, apartment, underground parking lot... according to international standards. The total construction floor area is 730,000 m2, of which the multi-functional building is 88 floors high, a highlight project in the new urban area of Thu Thiem.
In February 2017, the Ho Chi Minh City People's Committee issued a Decision approving local adjustments to the 1/2,000 scale zoning plan of the observation tower complex in the new urban area of Thu Thiem. Accordingly, the architectural planning indicator for the entire area after adjustment includes a total floor area built on the ground from 730,000 m2 to 763,438 m2, the pure land use coefficient from 6.54 increased to 6.84 times, the number of basements increased from two to three floors, the number of houses increased from 2,831 apartments to 3,787 apartments.
