Commitments Must Be Honored
The People’s Committee of Thu Duc City has recently issued an official dispatch to Hiep Phu Land JSC, the investor of Saigon Gateway apartment building in Hiep Phu Ward, regarding the handover of the maintenance fund to the apartment management board.
Earlier, on April 4, the People’s Committee of Thu Duc City issued Decision No. 4638/QD-XPHC on administrative fines and Decision No. 8186/QD-CCXP on compulsory enforcement of remedial measures.
On August 8, representatives of the People’s Committee of Thu Duc City, the People’s Committee of Hiep Phu Ward, the investor, and the management board held a meeting. During this meeting, the investor committed to finalizing the settlement of the maintenance fund within August 2024.
The investor has not handed over tens of billions of dong in maintenance funds for the Saigon Gateway apartment building to the management board.
To prevent discontent among residents and ensure security and order at the Saigon Gateway apartment complex, the People’s Committee of Thu Duc City requested that the investor urgently coordinate with the management board to complete the settlement and handover of the maintenance fund as per the commitments made during the meeting and in accordance with Decisions No. 4638/2024 and No. 8186/2024.
The People’s Committee of Thu Duc City emphasized, “In case the investor fails to comply, the People’s Committee of Thu Duc City will direct relevant units to coordinate and take compulsory measures to hand over the maintenance fund of the apartment building in accordance with the 2023 Housing Law and the Government’s Decree No. 95/2024.”
Prior to this, the residents of Saigon Gateway apartment building had sent a petition to competent authorities, local governments, the Ho Chi Minh City Inspectorate, and the media, requesting an inspection and examination of the project’s legal procedures, with a particular focus on the handover of the apartment maintenance fund.
The project comprises over 930 apartments, and more than 3,200 people have been residing there since 2019. From 2022 until now, the apartment management board has sent multiple documents to the investor, Hiep Phu Land JSC, requesting the handover of the maintenance fund for common property as stipulated by law, amounting to over VND 30 billion (excluding interest).
A Monthly Payment of VND 100 Million
In April 2024, the Chairman of the People’s Committee of Thu Duc City issued Decision No. 4638/2024 on administrative sanctions against Hiep Phu Land JSC, imposing a fine of VND 180 million and requiring the handover of the apartment maintenance fund within 10 days.
Prior to the issuance of the administrative sanction decision, the investor had a meeting with the apartment management board and proposed a roadmap for the handover of the maintenance fund due to financial difficulties and lack of revenue sources. The investor committed to handing over any sudden income to the management board.
The investor also stated that when the residents receive their pink book (land use right certificate), the company will receive 5% of the remaining value of the apartment purchase contract, providing them with the necessary funds to pay the management board.
In the absence of unexpected income, the investor proposed to hand over VND 150 million to address issues related to periodic maintenance of the fire protection system, settle a portion of the debt to the contractor, and cover other related expenses.
Subsequently, on a monthly basis, the investor would contribute VND 100 million to the management board’s maintenance fund, right after receiving payment from the parking lot contractor.
Following the meeting in August, the investor sent a document to the management board regarding the maintenance fund of Saigon Gateway apartment building, stating a total collection of over VND 32 billion, accrued interest of VND 145 million, and expenses of over VND 5 billion.
The management board has requested the investor to provide detailed information on the maintenance fund contributions made by the residents, bank interest rates, and documents supporting the expenses incurred.
The management board will invite the investor to a meeting to clarify the actual income and expenses of the maintenance fund to ensure a transparent calculation and agreement on the figures.
Crowds Demand Answers for the $90 Million Hoi An Apartment Project
Citadines Pearl Hoi An Resort has been the center of attention as numerous customers gathered with banners, demanding that Tri Viet Hoi An JSC hand over their apartments.
Steadfast Through the Storm
While the big players in the real estate industry are grappling with a slew of issues, from high-level personnel problems to financial constraints and bank credit woes, one property developer has quietly and steadfastly weathered not one but two major crises in the Vietnamese real estate market.
The Perils of Purchasing: Đà Nẵng Issues Warning on Buying into the Three Housing Projects
On August 25th, the Danang Department of Construction announced that it had notified future homeowners that their homes under construction were eligible for sale.
The Bank Seizes Apartments in the Cherry Apartment Project
The Saigon Central Branch of Agribank has just announced the auction of 6 debts of 6 customers, with collateral assets being apartments in the Cherry Apartment project, located in Thanh My Loi ward, Thu Duc city.
A mouth-watering opportunity for investors, this auction offers a chance to acquire prime real estate in a desirable location. With the debts secured against these apartments, the potential for a profitable venture is high.
