For example, the project of Central Public and Residential Park Area 13A (commercial name is Hong Quang Residential Area) is about to be restarted when the investor, Hong Quang Real Estate Company, joins hands with Dong Duong Real Estate Joint Stock Company (member of Hoang Quan Group) to jointly implement.
The project covers an area of 37 hectares, located in Phong Phu commune, Binh Chanh district, and has been implemented since 2000 with nearly 2,000 apartments, townhouses, and land plots. In the first phase after the restart, Dong Duong Company will provide 1,750 billion VND to develop a high-rise subdivision consisting of 5 commercial apartment blocks, with a scale of about 600 products. The investor said that the project has completed its financial obligations regarding land use fees and is preparing procedures to start construction in early 2025.
Another project is the NBB Garden III High-rise Apartment Complex (District 8). After 16 years of pursuing, Nam Bay Bay Investment Joint Stock Company was finally officially approved by the Ho Chi Minh City People's Committee for investment policy and investor approval.
NBB Garden III project is planned on a land area of 81,550 m2, of which construction land area is 19,087 m2; green land and traffic area is 52,036 m2; public works land area is 10,426 m2. The total investment capital of the project is 2,706 billion VND.
According to the report of the Ho Chi Minh City People's Committee, since its establishment in May 2023, the Working Group to remove difficulties for real estate projects of the city has held 10 meetings and issued 15 notices of conclusions, considering and resolving legal problems for 30 projects. As a result, 15 projects are being completely resolved, while 22 other projects are still being handled by departments, branches and Thu Duc City according to regulations.
In addition to the above projects, the market is waiting for a series of other projects to be restarted after the land use fee is resolved in this fourth quarter. Among them, the Lotte Eco Smart City Thu Thiem Smart Complex project of Lotte Group (Korea) with expected financial obligations of up to VND16,000 billion.
The Eco Smart City project has a total estimated investment of VND 20,100 billion, built on a land area of about 7.45 hectares. Of which, the project development land area is more than 5 hectares to build multi-functional commercial and service facilities and residential areas. The project will break ground in September 2022.
In addition to resolving legal issues, Ho Chi Minh City leaders also said they will continue to implement other solutions such as planning and shortening project implementation processes...
Ho Chi Minh City has requested the Department of Construction to coordinate with relevant departments and branches to speed up implementation, help projects quickly re-implement and bring products to the market to catch the recovery wave.
Mr. Le Hoang Chau - Chairman of the Ho Chi Minh City Real Estate Association (HoREA) assessed that the active direction of the Ho Chi Minh City leaders to remove obstacles for projects is a very happy thing, contributing to increasing the supply of new products for the real estate market. However, there are still many projects that have not been removed, so it is expected that the city leaders and departments and branches will continue to speed up the process of removing difficulties.
“If each of the projects facing difficulties has 1,000 apartments, the city will have at least 148,000 more products when 148 projects facing legal difficulties are resolved. These projects not only help increase housing supply, but also unlock business resources,” said Mr. Chau.
