A mass of reviews and inspections of real estate ventures across Ho Chi Minh City has caused a serious backlog of delays Photo: Le Toan Khai Thinh Real Estate JSC was given more than 77,000 square metres of land to develop a complex of residential area and trading centre in District 7. More than 1,700sq.m of the space, mainly set aside for road infrastructure, is in public hands, occupying 2.2 per cent of the total. Due to the lack of guidelines, Khai Thinh cannot process the scheme, perhaps for many months. Similar delays are being suffered across many projects in the city, especially those which consist partly of publicly-owned land. According to official figures released by Ho Chi Minh City Department of Construction, only 26 per cent of projects have their entire land area flagged for building residences. The rest are projects across Ho Chi Minh City which contain many different types of land, combining land for residences with land for agricultural … [Read more...] about City real estate in need of jumpstart
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HCM City real estate investor complains about red tape
A real estate investor in HCM City has complained that time-consuming administrative procedures have prevented them from getting a project done properly. 110 villas at the Green Star Sky Garden Project in Phu My Ward, District 7 in HCM City Authorities in HCM City's District 7 on May 22 decided to suspend the construction of the Green Star Sky Garden Project in Phu My Ward after the investor failed to show a construction permit for the project. According to local authorities, the investor, Hung Loc Phat Company, has not been given legal right to use the land for construction by the HCM City People's Committee but they have completed 110 villas at the site. A lake, some roads, and the foundation of a 27-floor apartment building are also being built. District 7 authorities have asked the investor to stop the construction work and complete all the legal papers within 60 days. Meanwhile, a representative from Hung Loc Phat Company said that they have been given … [Read more...] about HCM City real estate investor complains about red tape
HCM City real estate market set for recovery
The HCM City housing market is expected to recover again after being flat for over one year with support from the local government. Developers said authorities remove hindrances that had been faced by 124 real estate projects, and this would help significantly increase the supply of apartments. In the first five months of the year, the market did not see the same feverishness that was evident in the last three years. Developers are expecting the market to look up after five months in the doldrums. Authorities’ efforts to resolve the problems faced by the property market bring a “positive” sign. This is also a boost to the real estate market, with demand for new accommodation set to surge.-VNA … [Read more...] about HCM City real estate market set for recovery
Hanoi ranks 3rd most global dynamic real estate city: JLL
The Hanoitimes - Hanoi is pulling in expanding levels of investment from large multinational technology firms. Why is Vietnam's real estate a magnet for international investors? (P.2) Why is Vietnam's real estate a magnet for international investors? (P.1) More reforms urged to encourage foreign investment in Vietnam’s real estate market Hanoi real estate market ends up 2018 with bright picture Foreign investment fuels industrial real estate in Vietnam Hanoi is listed the third in JLL’s City Momentum Index (CMI), indicating a highest level of socio-economic and commercial real estate dynamism. Part of Hanoi. Photo: Internet The CMI, which measures momentum for 131 of the world's most commercially active cities, identifies the urban economies and real estate markets which are currently undergoing the most rapid growth. Hanoi, behind Indian cities Bengaluru and Hyderabad, has strong links to the technology and innovation … [Read more...] about Hanoi ranks 3rd most global dynamic real estate city: JLL
HCM City real estate market lopsided, unsustainable: HoREA
The HCM City housing market showed signs of unsustainability in 2018 due to an imbalance between supply and demand. — Photo cafeland The HCM City housing market showed signs of unsustainability in 2018 due to an imbalance between supply and demand, a property industry business group said. In a review of the market in 2018 and forecasts for 2019, the HCM City Real Estate Association (HoREA) said there was excess supply in the high-end segment, it said. While low-end condos accounted for only 24.7 per cent of total supply, the high end accounted for 30 per cent. The association’s chairman, Le Hoang Chau, said this made the market top-heavy and unstable, explaining there is equilibrium only when the low-priced segment is the most dominant followed by the mid-priced segment and then the high-end segment. In 2018 there was a shortage of housing for low-income people, he said. But he assured that a bubble was not forming and there has in fact been a slowdown in new projects, … [Read more...] about HCM City real estate market lopsided, unsustainable: HoREA