GP.Invest Responds to the Ministry of Construction’s Findings on the Palm Manor Viet Tri Project.

According to GP.Invest, the inspection of the state management of housing and real estate business in Phu Tho Province by the Ministry of Construction took place from December 4, 2023, to December 8, 2023. Therefore, the inspection results announced on October 31, 2024, in Official Dispatch No. 273 reflect the situation at the time of the inspection in December 2023.

Regarding the information that the Palm Manor Urban Area Project (also known as “Southwest Viet Tri New Urban Area”) is not eligible for sale, GP.Invest stated that the Palm Manor Project was approved by the Phu Tho People’s Committee in Decision No. 523/QD-UBND dated February 28, 2013, with a land use area of 58.5 hectares (mentioned in Official Dispatch No. 273 as “actual project scale”) and the investor being Global Oil and Gas Investment Joint Stock Company – the former name of Global Property Investment Joint Stock Company in 2013.

On August 19, 2015, Global Oil and Gas Investment Joint Stock Company officially changed its name to Global Property Investment Joint Stock Company (GP.Invest) without changing the enterprise code according to the Enterprise Registration Certificate, registered for change on August 19, 2015.

According to Decision No. 2292/QD-UBND dated October 30, 2023, the detailed planning at a scale of 1/500: The approved land area for investment is 56.4 hectares. Based on this, GP.Invest, as the investor, has been and is implementing the project in accordance with the approved planning and decisions.

Regarding real estate business activities in the project: At the time of December 2023, GP.Invest’s report sent to the Phu Tho Department of Construction confirmed that the Palm Manor Project had not conducted real estate business transactions, reflecting the actual situation at that time.

“However, on April 4, 2024, the Palm Manor Project received a written announcement from the Phu Tho Department of Construction on meeting the conditions for selling future houses as per Document No. 509/SXD-QLN&PTĐT. GP.Invest commits to implementing the project in accordance with legal regulations, ensuring construction quality and progress,” the announcement from GP.Invest stated.

Earlier, the Ministry of Construction issued Official Dispatch No. 273 to the People’s Committee of Phu Tho Province on the inspection results of the state management of housing and real estate business. This dispatch mentioned several prominent projects in Phu Tho Province, including Palm Manor.

Specifically, according to the conclusion of the inspection team from the Ministry of Construction, the land area of Palm Manor approved by the authorities is inconsistent with the actual project area, with a difference of more than 2 hectares (the actual area is 58.5 hectares, while the approved area is 56.46 hectares). The project investor approved by the People’s Committee of Phu Tho Province in Decision No. 523 in 2013 was Global Oil and Gas Investment Joint Stock Company, but in subsequent Decisions No. 117 and 3151 of the People’s Committee of Phu Tho Province, the project investor was stated as Global Property Investment Joint Stock Company.

Regarding real estate business activities in the project, Document No. 1800 dated October 18, 2023, of the Department of Construction announced that the project investor is eligible to mobilize capital through the form of capital contribution within the scope of land area allocated in the first phase. However, according to the provided documents and reports from the investor, the project has not carried out any real estate transactions (including future real estate) as of yet.