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Tuesday, July 16, 2024

HCMC sets deadline for removing hindrances to four realty projects

The Saigon Times

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HCMC – The HCMC People’s Committee has told relevant authorities to work out plans this month to eliminate regulatory bottlenecks for four of seven real estate projects facing legal issues in the city.

The city government has announced a conclusion by Bui Xuan Cuong, vice chairman of the city, following a meeting held in February over obstacles for realty projects in the city.

Accordingly, they approved the units-in-charge, plans and time limits for removing the regulatory bottlenecks of the following four projects.

First, for the commercial center and hi-end apartment project located on Ben Nghe Street, Tan Thuan Dong Ward, District 7, developed by Gotec, the Department of Natural Resources and Environment was assigned to review problems with the land use purpose conversion and propose coping measures to the city government prior to March 10.

For the Cuu Long apartment project, with its transaction name De La Sol, developed by CapitaLand in District 4, the vice chairman assigned the Department of Finance and Corporate Finance Sub-department to review and report the result to the city government before March 5.

The Department of Construction was asked to give feedback on the above matter to the city People’s Committee before March 10.

Cuong also designated the Department of Construction to work with the Urban Development Agency under the Ministry of Construction to guide the Thien Ly housing project investor to complete the necessary procedures for its remaining categories. The results need to be submitted to the city government by March 10.

Regarding the Co Giang apartment building project with its transaction name as Grand Manhattan, developed by Novaland in District 1, due to its complexities, the Department of Construction was told to review the ministerial-level guiding documents, work out plans for removing hurdles and submit the report to the city government before March 15.

According to Le Hoang Chau, chairman of the HCMC Real Estate Association, the bottlenecks faced by these projects were common, so if they are solved, the city would have a precedent for resolving over 70% of regulatory obstacles facing many property businesses in the city in the coming time.

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