Regarding the legal complications at the investment project for the construction of 1,330 apartments in the 38.4-hectare area of Binh Khanh Ward, Thu Thiem New Urban Area, Thu Duc City (commercially known as New City), according to our information, from April 1st onwards, the Ho Chi Minh City People’s Committee will apply special mechanisms and policies to address this issue.
New City is being constructed on a 2.7-hectare area fronting Mai Chi Tho Street in Thu Duc City. This condominium is developed by a joint venture between TTC Land, a well-known real estate company, and two other reputable companies, Thu Viet Construction and Commercial Joint Stock Company, and Thanh Thanh Cong Production and Trading Joint Stock Company.
 New City Condominium. Photo: T.L |
The apartments in New City are among the over 5,600 surplus apartments that the Ho Chi Minh City People’s Committee no longer needs for resettlement purposes for residents relocated from the Thu Thiem New Urban Area.
The Ho Chi Minh City People’s Committee has negotiated with the joint venture to waive the project investment cost reimbursement and not purchase the housing fund. In return, the investors are allowed to continue the project as planned, with the goal of developing commercial housing.
The determination of land use rights value is based on market prices, in alignment with the land usage purpose. Additionally, the Ho Chi Minh City People’s Committee agreed to allow the investors to temporarily pay approximately VND 712 billion in land use fees to the state budget, equivalent to a rate of VND 26 million per square meter.
Despite the completion of construction and handover to homebuyers, the issue of land use fees at New City has remained unresolved for many years.
According to the conclusion of an inspection by the Government Inspectorate on June 26, 2019, the investors of the New City project had unilaterally changed the design from resettlement housing to commercial housing and transferred 1,228 apartments.
Furthermore, the Ho Chi Minh City People’s Committee’s termination of the construction contract for the resettlement area without the approval of the Prime Minister was deemed inappropriate.
Moving forward, the Ho Chi Minh City People’s Committee will determine the land price at two different points in time to collect land use fees from the New City condominium investors.
Specifically, for the area equivalent to the temporarily paid land use fee, the land valuation date will be the date of the Ho Chi Minh City People’s Committee’s contract termination with the investors, which is February 28, 2018.
For the area where land use fees have not yet been paid, the land valuation date will be the date when the competent authority issues the land allocation decision, which is December 11, 2020.
Anh Phuong
– 16:23 19/02/2025
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