Customers fall into a matrix of joint ventures and then... joint ventures again.
Ms. Nguyen Ngoc Linh (residing in Thanh Xuan ward, Hanoi) is one of hundreds of customers in the northern provinces who signed a petition to the Khanh Hoa provincial government, requesting intervention to protect the rights of customers buying houses at the Tan Lap Islet Residential Area project.
Because her house is in Hanoi, Ms. Linh initially did not intend to invest in buying a project house in Nha Trang. However, when she invested in the project of Song Da - Thang Long Joint Stock Company (Song Da - Thang Long), she had no choice but to agree to transfer the contract.
Ms. Linh said that in 2010, she bought and sold an apartment at the Usilkcity project (Hanoi) from Song Da - Thang Long for a total amount of more than 2 billion VND - equivalent to 50% of the contract value.
After 5 years of waiting, Ms. Linh failed to get her money back because the investor complained of financial difficulties. The investor suggested that Ms. Linh continue to sign a debt offset record between three parties on the Butterfly TM1 Project in Tan Lap Islet Residential Area under the legal entity of Song Da - Nha Trang Joint Stock Company (Song Da - Nha Trang).
“We are home buyers, so when the investor draws up a new project in Nha Trang City with a prime location and high liquidity, everyone hopes to get their money back,” said Ms. Linh.
The Tan Lap Islet Residential Area project was initially owned by Song Da - Thang Long, but later (in 2012), Song Da - Thang Long entered into a joint venture with Song Da - Nha Trang at a ratio of 40-60.
At the time of signing the capital contribution contract to buy a house at Butterfly TM1 Project, customers like Ms. Linh once again fell into a dilemma because the legal representative was now Song Da - Nha Trang.
But Song Da - Nha Trang did not carry out the project progress as committed but instead transferred about 24,000m2 of land to other investors, including lot TM1 (Butterfly TM1 Project).
From here, the fate of customers buying houses at lot TM1 continues to be pushed to a new investor named HP Hospitality Company.
It is worth mentioning that this joint venture does not include the obligations of customers who have contributed capital (some customers have filed lawsuits with the People's Court of Khanh Hoa province).
The investor has not resolved the customer's complaint.
By the end of 2023, Mr. Tran Hoa Nam - Vice Chairman of Khanh Hoa Provincial People's Committee signed a document deciding the fate of the Tan Lap Islet residential area project. On behalf of the locality, Mr. Tran Hoa Nam agreed to extend 12 months for the investor to overcome the project's slow progress.
Notably, in the request, Mr. Tran Hoa Nam requested the investor to resolve the complaint related to capital contribution to the TM1 component project... In case of failure to resolve the issue, the locality will consider terminating the project or terminating part of the project.
Although the project implementation time has been set, the story of the investor of Tan Lap Islet Residential Area has not yet come to an end because this project is still stuck in land clearance and contract disputes with customers.
Ms. Nguyen Thi My Phuong - a buyer of the TM1 project, said that from the end of 2023 until now, the investor has not yet resolved the petitions of the people related to the need to withdraw capital. Resolving the petitions is one of the contents that the People's Committee of Khanh Hoa province requested the investor to implement before extending the progress for the last time.
On October 7, 2024, Mr. Le Minh Tien - Deputy Director of the Department of Construction of Khanh Hoa province responded to customers buying houses at the TM1 project in Tan Lap Islet Residential Area.
The representative of the Department of Construction assessed that the investor's purchase and sale relationship and transaction were civil, so he suggested that the customer contact the court to resolve the matter.
