The Sun Avenue, a mixed-use complex located at 28 Mai Chi Tho, An Phu Ward, Thu Duc City, Ho Chi Minh City, has announced that it is initiating the process of issuing land use right certificates, also known as “pink books,” for its residents. Gia Phu Real Estate Joint Stock Company (Gia Phu), the project’s investor, informed customers that they are in the process of obtaining the necessary documents to grant ownership certificates for the purchased apartments.
Gia Phu requested that residents complete their information, after which the company will send out notifications inviting customers to provide the necessary documents for the registration of the pink books.
Victoria Village Project, Thu Duc City
The Sun Avenue, developed by Gia Phu Real Estate Joint Stock Company and marketed by Novaland Group Joint Stock Company, was launched in 2015-2016 with an initial price of only VND 26-28 million/sqm. Currently, apartment prices have increased to VND 65-68 million/sqm.
The project comprises eight towers ranging from 26 to 30 floors, offering a variety of apartment types, offices, and shophouses. With over 2,800 apartments, the project was handed over between 2018 and 2019. However, due to legal entanglements and outstanding financial obligations, residents have been awaiting their pink books for several years.
It was only in 2024 that some progress was made, with the submission of necessary procedures and documents by the investor to the authorities, along with the fulfillment of tax obligations.
Mr. Nguyen Nguyen, a resident of The Sun Avenue, expressed his delight at the news of the pink book registration. In the past few months, since the announcement of the pink book issuance, transaction prices for apartments in the complex have increased by 10-15%. Rental prices for shophouses, serviced apartments, and residential units have also shown an upward trend.
According to a source from Novaland, the company had also handed over pink books to residents of Victoria Village, a low-rise project in Thu Duc City, the previous week. Additionally, construction has resumed on the apartment area of Victoria Village after a temporary halt due to financial issues. The project is expected to be completed by the end of 2025.
Spanning over 4.2 hectares, Victoria Village is strategically located in the center of Thu Duc City (formerly District 2). It comprises a low-rise villa area, shophouses, and over 1,000 apartments, with construction commencing in July 2020.
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