Previously, the Da Nang Department of Construction received feedback from residents regarding The Legend City Danang project.
According to the feedback, the project is developed by Vipico Limited Liability Company. However, on the website https://thelegendcitydanang.com.vn and several other platforms, ROX Signature is listed as the official developer. Residents are concerned about whether the change in developer complies with regulations and if the project is eligible for presales.
Additionally, residents questioned the legality of ROX Signature and various real estate agencies accepting booking deposits ranging from VND 50 million to VND 500 million per unit for several months. They also inquired about the pricing registration with authorities and its public disclosure. If the agencies are accepting deposits unlawfully, will they face penalties?
The Legend City Danang Project.
The Da Nang Department of Construction stated that The Legend City Danang, developed by Vipico Limited Liability Company, does not currently meet the requirements for future housing sales as per the Law on Real Estate Business.
Therefore, the Department of Construction mandates that Vipico Limited Liability Company may only engage in real estate transactions for The Legend City Danang once the property complies with the Law on Real Estate Business. The company is permitted to collect a maximum deposit of 5% of the property’s sale price from buyers only when the property is eligible for sale.
Vipico Limited Liability Company is prohibited from authorizing any other entity or individual to sign deposit agreements, sales contracts, transfers, or lease-to-own agreements as outlined in the Law on Real Estate Business. The company must also publicly disclose project information as required.
The Da Nang Department of Construction has requested Vipico Limited Liability Company to review and report on the project’s progress, real estate sales activities, the number of deposit agreements, reservations, and sales contracts (if any) by November 15.
The Da Nang Construction Management Authority has also instructed ROX Signature to review and report on its involvement in providing information, accepting deposits, reservations, and sales contracts (if any) for The Legend City Danang project by November 15.
The Department of Culture, Sports, and Tourism has been asked to investigate and address the dissemination of false information regarding the developer of The Legend City Danang on the aforementioned website and other platforms.
The Legend City Danang project spans over 11,400 square meters on Vo Van Kiet Street (An Hai Ward), near Dragon Bridge, with a total investment of over VND 3 trillion.
Earlier, the Da Nang Department of Construction published a list of capital-raising projects in the area, including Vipico Limited Liability Company’s The Legend City Danang complex, which raised VND 1,764 billion.
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