Obstacles being removed from real estate projects in HCMC
According to the Ho Chi Minh City People’s Committee, 52 petitions with respect to 44 real estate projects out of 189 relating to 148 projects in the southern city had been resolved as of early November.
As a result, 50 per cent of apartments from the Gotec Land Group’s Shizen Home project in District 7, Gamuda Land’s Celadon City project in Tan Phu district, and Quoc Loc Phat’s The Metropole project in Thu Duc city have been accepted for sale, as agreed upon by the municipal People’s Committee.
Obstacles in the investment policy for the CT Group’s Metro Star projects in Thu Duc city have also been removed.
Regarding 30 petitions for land use right certificate issuance with respect to 30 other projects, the municipal Department of National Resources and Environment will soon push forward the process of resettlement under the supervision of the municipal People’s Council.
For easy consideration, the unsettled petitions will be divided into five groups, in accordance with issues filed. Group 1 consists of petitions relating to investment procedures; Group 2 of petitions for removing entanglements in inspections from the legal framework; Group 3 of petitions relating to public land and State-owned enterprises that have been subject to equitization; Group 4 of petitions in relation to documents for settlement that competent State agencies have issued; and Group 5 of petitions with respect to projects where construction of housing has been completed but land use right certificates have not yet been granted, due to certain entanglements.
Under a directive from the Ho Chi Minh City People’s Committee, petitions from Groups 1 and 5 will be considered first for settlement. Those from other groups must wait for conclusions from municipal functional agencies or opinions from centrally-run agencies.
As for 70 petitions with respect to 70 projects that have been transferred to the city from the Prime Minister’s Working Group, 31 have been taken into consideration and some of them have been settled in favor of petitioners.
Earlier, the Ho Chi Minh City Real Estate Association proposed that the Prime Minister’s Working Group and relevant centrally-run agencies take into early account those projects that have been temporarily suspended since 2017 due to using public land or due to State-owned enterprises being subject to equitization or moved to other locations for environmental protection purposes. Among such projects, 64 belong to the southern city.
Regarding the city’s real estate market, according to the municipal Department of Construction, housing supply in the first eleven months of this year increased 16.8 per cent year-on-year, with 16 commercial housing projects comprising 16,063 units meeting all conditions for sale or for rent.
According to JLL Vietnam, Ho Chi Minh City’s real estate market has posted average annual growth of 11.8 per cent in the past ten years, with supply leading demand. The price of apartments on the primary market has reached VND68 million (nearly $2,900) per sq m on average.
