Usilk City is a large-scale project located on To Huu Street in Ha Dong, Hanoi. Initiated in 2008, the project consists of 13 high-rise buildings ranging from 25 to 50 floors, offering approximately 2,800 luxury apartments with a total investment of VND 10,000 billion.
According to the initial plan, the developer, Song Da Thang Long JSC, was supposed to hand over the apartments to buyers between 2012 and 2013. However, after more than 16 years, only four buildings, CT1-101, CT1-102, CT1-103, and CT2-105, have been completed and delivered to customers.
Meanwhile, several apartment blocks remain unfinished, with rusty rebar and concrete structures left abandoned for over a decade, turning the project into a real estate “graveyard” and shattering the dreams of thousands of homebuyers in the capital city.
Due to years of neglect, the inside of Usilk City is overgrown with vegetation, stagnant water, and scattered construction materials, leaving passersby feeling regretful for the wasted potential of the project.
Thousands of customers have been left disappointed after investing in apartments in this project due to continuous construction delays. According to buyers, from 2009 to 2012, the developer raised over VND 4,000 billion from them, yet the apartments have not been delivered to date.
Fortunately, some buyers were able to receive their apartments in the completed buildings CT1-101, CT1-102, CT1-103, and CT2-105, although it was a challenging journey. To rescue the project, some of these buildings had to be sold to new developers.
In late 2015, HPC Landmark 105 (formerly CT2-105) was taken over by Hai Phat Thu Do JSC, a member of Hai Phat Investment JSC. In March 2017, the Hanoi People’s Committee approved the transfer of CT2-105 from Song Da Thang Long to Hai Phat Investment JSC. The building, consisting of 50 floors and a basement, was finally handed over to customers at the end of 2018.
In 2019, BIDGroup JSC took over and restarted the construction of CT1-104, which had only its foundation and five floors completed, under the new commercial name BID Residence.
According to our observations, the BID Residence building has completed its structural work and is currently undergoing exterior painting on several floors.
The Government Inspectorate has recently announced a plan to conduct a specialized inspection of projects that face difficulties, delays, or low efficiency, with a high risk of waste and loss. Usilk City, developed by Song Da Thang Long JSC, is one of six real estate projects in Hanoi on the list for direct inspection by the Government Inspectorate.
The inspection will focus on identifying signs of violations and potential for waste and loss in various aspects, including investment approval, project planning and appraisal, investor selection, contract negotiation, capital allocation and settlement, land allocation and lease, land price determination, and land-related financial obligations. Additionally, the inspection aims to uncover the root causes of delays, stagnant capital, low efficiency, and potential for waste and loss.
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