HCMC – The HCMC Real Estate Association (HoREA) has proposed the Department of Finance and other agencies of HCMC add more than 70 stalled real estate projects in HCMC to a list eligible for special handling mechanisms.
According to HoREA, most of the projects have been put on hold for between five and 10 years, or even longer. The association said the main problems are not related to developers’ implementation capacity but administrative procedures, overlapping regulations, prolonged inspections and reviews, and delays in determining land-related financial obligations.
HoREA data showed that the obstacles fall into three main categories.
The first are protracted legal reviews. Among the projects cited was the Saigon Venice social housing development in the former Binh Chanh District, covering more than 63 hectares, which has been stalled for over six years pending a broader review related to the Lang Le agricultural area.
Another example is the Vinh Loc Cultural Ecological Lake project, spanning 423 hectares, which has remained frozen for more than a decade after authorities suspended its implementation in 2011.
The second involves delays in calculating land use fees. The lack of approved land prices or delays in determining additional financial obligations following planning adjustments has left thousands of residents unable to obtain home ownership certificates.
Projects such as Léman Luxury in the former District 3 and Saigonres Plaza in the former Binh Thanh District were cited as examples. Although both projects have been operating for nine years and developers have already made provisional payments to the State budget, nearly 2,000 residents have yet to receive home ownership certificates.
The third concerns planning conflicts and fragmented public land plots embedded within project sites. Several large-scale developments have been delayed because small public land parcels have not been handled consistently or because of planning adjustment procedures dating back to 2018, including the Cu Chi cemetery park project.
To address the issue, HoREA proposed HCMC authorities quickly classify projects based on specific bottlenecks and resolve them under specialized mechanisms.
The association also called for priority to be given to projects that have largely completed legal procedures, social housing developments, and projects where residents have already moved in and settled.
