HCM City property firms fail to meet green commitments

May 30th at 12:55
30-05-2012 12:55:50+07:00

HCM City property firms fail to meet green commitments

Several property developers in HCM City have used the mandatory green space meant for planting trees and building parks for other purposes, and authorities have warned that they would be penalised if they do not set it right.

An inspection team from various agencies recently verified 55 projects developed between 2006 and 2009 in Districts 7, 9, 12, and Binh Chanh and found 15 of them violating green space norms.

Him Lam in District 7, a 583,291-square-metre apartment block built by Him Lam Joint Stock Company, for instance, should have earmarked 47,000sq.m, but has instead used this space to build staff houses, toilets, an exhibition centre, and a parking lot.

At the luxury Hoang Anh apartment in District 7, developed by the Hoang Anh Housing Construction and Development Joint Stock Company, there is a swimming pool of 160sq.m in the area meant for green space.

The inspection team, which had officials from the Departments of Construction, Planning and Architecture, Transport, and Natural Resources and Environment, also found 17 other projects completed and ready for sales but without the green space.

They include Ngoc Lan, Huynh Tan Phat and BMC apartments in District 7, and Hiep Phu Ward and Pho Dong Hoa Sen apartments in District 9.

Developers who violated the rules would be penalised and have to restore their projects' green space, Nguyen Tan Ben, director of the Department of Construction, warned.

Some of the alleged offenders told Sai Gon Tiep Thi (Sai Gon Marketing) newspaper that they would restore the green space when ordered to do so.

Le Hung, general director of Hoang Anh Housing Construction and Development Joint Stock Company, said his company has sought permission to retain the pool and would find another piece of land to build a park.

"But if the inspection team orders the construction of the park at the originally designated place, Hoang Anh would carry it out," he added.

The inspectors also found 16 other real estate projects remaining on paper because their developers lacked funds, and Ben said the department would evaluate their financial capacity and recommend revocation of their licences if required

vietnamnews



NEWS SAME CATEGORY

In hard times, directors’ houses turn into businesses’ offices

In order to cut down on expenses in the context of economic downturn, businesses tend to leave high-rise buildings and set up offices at apartment blocks, designed...

Gloves off as fight is on to hook deals

An increasing number of apartment developers in Hanoi have resorted to discounts as they are in direct competition with buyers who have been slashing prices over...

Gloves off as fight is on to hook deals

An increasing number of apartment developers in Hanoi have resorted to discounts as they are in direct competition with buyers who have been slashing prices over...

Southern hub firms urged to act now

Tenants are encouraged to quickly move for Grade A offices in Ho Chi Minh City’s central business district (CBD) to capitalise on a tenant’s market.

Investors fleeing from resort real estate projects

The investors, who believed that resort real estate, unlike other property market segments, would never fall into decay, have changed their thoughts and tried to...

FDI property figures just a mirage

A huge amount of foreign investment registered in real estate sector fails to tell the true story of developers’ confidence in Vietnam.

Southern market still caught in the rough

There is no light at the end of the tunnel for Ho Chi Minh City’s residential housing market.

Ministry delays plan for property market

The Ministry of Construction (MoC) has proposed to delay the submission of a development plan on foreign direct investment for the real estate industry to the...

Ministry delays plan for property market

The Ministry of Construction (MoC) has proposed to delay the submission of a development plan on foreign direct investment for the real estate industry to the...

Policies aim to boost rental housing

Residential developers will likely be required to set aside at least 10 per cent of their projects to build apartments for rent if a draft decree from the Ministry...

Real estate stocks

Construction stocks


MOST READ


Back To Top