In addition to accelerating the construction progress to soon hand over shop houses and apartments from the third quarter of 2022 before Metro Line 1 is completed and put into operation, the Metro Star project has also achieved important progress in legality, which affirms that the project site is no longer public land. This is the firm foundation for Metro Star to create a great attraction in Thu Duc City as well as in the East Saigon area.
Not only drastically fighting the pandemic, Metro Star Company of CT Group is also a bright spot of the business community to rebuild the post-lockdown economy in Thu Duc City. Right from the beginning of October, the Metro Star construction site has been busy again with the close supervision of Apave – a famous French consulting company.
Simultaneously, Metro Star Company, together with ACBR General Agent and four strategic partners namely Saigon Property, HitechLand, Duyen Hai Mien Nam and Saigon Sun have just held a kick-off ceremony for the second reservation stage of the Metro Star project with two main product lines of shop houses and mid- to high-end apartments, warming up Thu Duc real estate market than it has ever been.
With the superior advantage of being uniquely located right at the largest roundabout on Hanoi Highway, on the most beautiful Boulevard in the East of Saigon, connecting to Ring Road 2 via Pham Van Dong and Mai Chi Tho Boulevards, it is very fast and convenient to go to the directions of East, West, South and North. In particular, Metro Star is also a rare project with a pedestrian bridge that connects directly with Metro Station No. 10 to central stations of District 1. Moreover, Metro Star also possesses a great attraction when it converges Singaporean design quintessence inspired by Gardens by the Bay and a green living space of Singapore – the lion island nation, which is very effective and close to Vietnamese people; there is a unique shopping – entertainment – food street according to the model of Meyongdong Street (Korea) which is to appear for the first time in Vietnam, etc. All of them promise to create the most outstanding feature for the young city of Thu Duc and the East of Saigon.
Because of many eye-catching highlights above, Metro Star is always carefully scrutinized. The investor always pays great attention to the legal aspect of the project. Metro Star has made new advance with the completion and satisfaction of all the inquiries from authorities and customers to ensure that the project site is no longer public land.
Specifically, Transportation and Public Works Company Limited was assigned to implement this project on July 25, 2005, according to Steering Committee 80 of the Prime Minister. The project was licensed for construction in 2008 and the foundation was completed in 2012. According to the process of equitization approved by the State in Decision 3246/QD-UBND dated July 2, 2015 of the People’s Committee of Ho Chi Minh City, the project has undergone enterprise valuation for equitization and held an auction to sell shares widely to people and businesses. Right after that, it was passed on to Ho Chi Minh City Stock Exchange (HOSE) for listing appraisal. From that time, the project site is no longer public land.
After that, in 2016, Metro Star Investment Joint Stock Company was transferred the project from Transportation and Public Works Joint Stock Company, which became a private company under the State’s equitization process. According to Decision No. 5268/QD-UBND dated October 7, 2016 of the People’s Committee of Ho Chi Minh City, the transfer of the Project between the two private companies has complied with the following regulations: The project has been granted a land use right certificate in accordance with the master plan; has a construction permit; the foundation has been approved and completed. The transfer of the Project must be announced on the mass media, specifically on three consecutive newspaper editions 15 days before the transfer and without any complaints.
Land legality is currently the most important thing, and the Metro Star project has also fulfilled its financial obligations for the entire land area, and was re-issued the long-term residential land use right certificate by the Department of Natural Resources and Environment with Certificate No. CT80499 on June 15, 2020.
In addition, the project has also been approved in the housing development plan in Document No. 1757/QD-UBND dated May 8, 2019 by the People’s Committee of HCM City, with 1,468 apartments recorded in the Metro Star project; The Department of Industry and Trade also approved the model contract in document 7234/TB-SCT dated December 24, 2020. Notice No. 218/TB-VP dated March 30, 2021 of the People’s Committee of Ho Chi Minh City clearly stated that the project is eligible to be sold or leased in the future with the number of houses of the project according to the planning targets, and the project has also completed financial obligations.
The receipt of the deposit for the reservation is subject to an agreement under the Civil Code. Recently, the Departments have also reported the process of review of land and equitization to report to the People’s Committee of HCM City.
Currently, Metro Star Company is also a bright spot in economic reconstruction after the social distancing. The construction site is very active all days and nights and is preparing to complete the ground floor for Christmas this year. With the commitment of construction of a floor every six days by the contractor CC14 (under Construction Corporation No. 1) and with legal documents having been completed, the project will hand over the shop houses and apartments from the third quarter of 2022 before Metro line 1 is completed and put into operation, promising to create a great attraction for investors and residents.