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Wednesday, October 5, 2022

One more investor wants to cancel contract for land lot in Thu Thiem

The Saigon Times

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HCMC – After Tan Hoang Minh Group, Binh Minh Trading and Development Investment Co. Ltd., which won the auction for the land lot coded 3-9 in the Thu Thiem New Urban Area in HCMC’s Thu Duc City on December 10 last year, has proposed canceling a contract to buy the land lot.

According to Le Duy Minh, director of the HCMC Tax Department, Binh Minh sent a document to related agencies on February 8, proposing canceling the deal to buy the land lot that covers over 5,000 square meters in Thu Thiem.

The land lot was successfully auctioned at VND5.026 trillion, or 6.9 times higher than the reserve price.

Prior to Binh Minh’s proposed withdrawal, Tan Hoang Minh Group, whose subsidiary Viet Star Real Estate Investment Co., Ltd won the auction for the land lot coded 3-12 in the Thu Thiem New Urban Area, officially canceled a contract to buy the land lot late last month and lost its deposit of nearly VND600 billion.

Tan Hoang Minh and Binh Minh were among four companies that won the auctions for four land lots in Thu Thiem, together with Dream Republic Corporation and Sheen Mega Joint Stock Company.

They were subject to a total land use entitlement cost of nearly VND37.4 trillion and a registration fee of VND1.5 billion.

Dream Republic Corporation, which won the auction for the 3-5 land lot with an area of some 6,400 square meters, owed a land use cost of VND3.82 trillion and a registration fee of VND500 million.

Sheen Mega JSC, which won the auction for the 8,600-square-meter 3-8 land lot, is subject to a land use cost of VND4 trillion, but was exempted from the registration fee.

Binh Minh and Viet Star were told to pay a land use cost of more than VND5 trillion and VND24.5 trillion, respectively. The two companies were also asked to pay a registration fee of VND500 million each.

The enterprises must complete the payment of the registration fee and half of the land use cost no more than 30 days since the announcement on the cost, which was issued by the HCMC Tax Department on January 6. The remaining land use cost must be submitted within 90 days of the announcement.

The record high auctions of four land lots in Thu Thiem have stirred up controversies, including that they have driven up the land prices.

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