HCMC to handle half done projects in downtown area

SGGP
The HCMC People’s Committee has required the Department of Construction to review and handle half done property projects in District 1.

Saigon One Tower (R) at 34 Ton Duc Thang has been half done since 2011 (Photo: SGGP)

Saigon One Tower (R) at 34 Ton Duc Thang has been half done since 2011 (Photo: SGGP)

The committee has assigned the agency to send a document requiring investors of these projects to resume construction within six months starting from the date the announcement was made.
If investors do not restart construction beyond the above time limit, the agency will base on regulations in the construction field to consider and handle each specific case.
According to the city People’s Committee, three incomplete projects have affected urban landscape comprising Saigon One Tower at 34 Ton Duc Thang street. Eighty percent of the work volume has completed but it has been immovable since 2011 because of internal conflict.
The second project locates at 23 Le Duan street, successfully auctioned by Tan Hoang Minh Company in 2015 with the price of VND1,430 billion (US$62.91 million).
While the project was waiting for investment certification, the city People’s Committee’s Decision 09 on construction of essential works became invalid. Therefore, the project has delayed until now. The city is assisting land use right certificate granting for the investors to carry out the project.
The third project at 8-12 Le Duan has been halted because of an inspection decision.

By NHUNG NGUYEN – Translated by Hai Mien

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