Both Hanoi and Ho Chi Minh City are being affected by construction grounding to a halt, Photo: Dung Minh After being contacted by several frustrated homebuyers at Manhattan Tower (formerly Thanh An Tower) in Hanoi, VIR contacted both the investor and relevant parties to clarify the reasons behind the delay in construction. Truong Hoang Vu, CEO of Landmark Holding, the developer of the project, confirmed that the project is delayed indefinitely because of disagreements among the parties. Landmark Holding (LMH) had signed a contract with project owner Ba Dinh Construction Consultancy-Investment JSC (Ba Dinh JSC) and the main contractor Vinaconex. “At the end of 2018, LMH was asked to transfer the money directly to Ba Dinh JSC so that they can directly pay Vinaconex,” Vu said. “However, Ba Dinh JSC did not comply with the agreement and did not pay the main contractor, so the project has stopped.” Vu said that both LMH and homebuyers are victims in this case. LMH tried to initiate discussions with Ba Dinh JSC but was given the cold shoulder. “We did not manage to secure a deal to buy the entire project from Ba Dinh JSC,” he added. CenLand, the distributor of the project… Read full this story
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