Ho Chi Minh City is the largest real estate market with hundreds of projects in delay Projects from many giant developers were on the list, including Novaland Group, Him Lam Land, Quoc Cuong Gia Lai, SonKim Land, SaigonRes, and Hung Loc Phat which have been in a prolonged deadlock for various reasons. Novaland had the largest number of projects under discussion by the central and local authorities, with 10 of the 32 projects bearing their logo. These projects include Co Giang apartment building in District 1, the officetel and apartment building at 151 Ben Van Don Street in District 4, a 30 hectare project in Binh Khanh commune of District 2, and seven other projects in Phu Nhuan district. The Co Giang apartment building in District 1 was handed over land by Ho Chi Minh City People's Committee and the local Department of Construction has granted a construction licence for the project. The officetel and apartment building at 151 Ben Van Don Street in District 4 has already been approved for land use right taxation. In the 30ha project in Binh Khanh commune of District 2, legal procedures are being reviewed together with the larger project of Thu Thiem New Urban Area (where this project is located). At the same time, the local authorities are looking for solutions to help achieve a breakthrough at the project. Seven other projects are being reviewed by local authorities. Him Lam Land's Him Lam residential project in District 9 (Thu Duc City) and Saigonres' two projects were also on the agenda for having legal difficulties. Le Thanh Construction-Trading Co., Ltd. and Phu Long Real Estate Corporation have two projects each. According to Le Hoang Chau, chairman of the Ho Chi Minh City Real Estate Association, the key problems of those projects are mainly related to the slow process of calculating land use rights. Because of this, developers cannot pay tax and be approved for construction and granting red books to buyers. Representing the developers, …
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