Hundreds of billions of dong apartment project in Ho Chi Minh City is unstuck after 6 years of "freezing"

(NLDO) - The Binh Dang Commercial - Service Apartment Project of Saigon 5 Real Estate has officially had its procedural problems resolved.

On July 1, Saigon 5 Real Estate Development Joint Stock Company (Saigon 5 Real Estate) said it had just received a notice from the Ho Chi Minh City People's Committee regarding the removal of difficulties and obstacles related to the Binh Dang Commercial Service - Apartment Project (old District 8) invested by the company.

Accordingly, the Ho Chi Minh City People's Committee has agreed to allow the company to continue implementing the Binh Dang Commercial Service Area - Apartment project, based on legal documents previously appraised and approved by competent authorities. This ensures the continuity and legality of the project, creating conditions for the enterprise to focus resources on completing the next phases.

The Ho Chi Minh City People's Committee assigned relevant agencies to urgently update the content of the approved 1/500 scale detailed planning project at the project into the 1/2000 scale zoning planning project. This work is required to be completed in June 2025, to ensure synchronization between the project's detailed planning and the city's general planning until 2040, with a vision to 2060 in the spirit of the Government .

The HCM City Department of Construction was assigned to consider granting a construction permit for the project based on the approved 1/500 scale detailed planning project and the instructions of the City People's Committee. The licensing must be completed before July 20.

Commercial service area - Binh Dang Apartment (District 8)

The Department of Finance was assigned to urgently review, appraise, report and propose to the City People's Committee to consider extending the project investment progress, and at the same time update the investor's progress in investment approval decisions, based on the land use right certificates granted to investors before July 5.

In case of difficulties or problems beyond the authority, it is necessary to report and propose to the Chairman of the Ho Chi Minh City People's Committee for consideration.

As reported by Nguoi Lao Dong Newspaper , the Binh Dang Commercial Service - Apartment Project with an investment capital of hundreds of billions of VND, after completing phase 1 6 years ago, encountered some difficulties and problems with legal procedures such as name adjustment after equitization, planning adjustment... leading to stagnation since then.

The procedural problems put the company in an extremely difficult situation, employees quit, had to pay 1 billion VND in bank interest every month and had no money to pay off bank loans...

Source: https://nld.com.vn/du-an-can-ho-hang-tram-ti-dong-o-tp-hcm-duoc-go-vuong-sau-6-dung-hinh-196250701162341315.htm