Khang Gia Tan Huong condo building faces risk of foreclosure
Nam A Commercial Bank has announced it will seize the Khang Gia Tan Huong apartment building, used by Khang Gia Investment and Development Real Estate Corporation as collateral, to write off the company’s debt from 2011.
The bank has written to grassroots authorities in HCMC’s Tan Phu District and the relevant agencies informing them of the decision to foreclose on the land and land-attached assets, located in Tan Phu District. The big problem is that apartments there had been sold to individual homebuyers for years.
Accordingly, the seizure will occur on April 15. The bank will put up the property for auction in line with prevailing regulations.
If Khang Gia Corporation fails to hand over the property, the bank will work with the competent agencies to handle the seizure.
On the other hand, if the firm clears its debt prior to the foreclosure of the property, it will have the right to take back ownership of the condo building.
Nguyen Manh Hung, chief manager of the building, noted that the announcement of the seizure had raised concerns among the hundreds of residents living in the building, which was put into service in 2014.
It is known that the initial design of the building was created in 2008, with 323 units. In 2010, the project was introduced to the market with 338 apartments. However, the number of apartments was increased to 409 in 2014, when residents moved into the building. As such, the 71 apartments were built illegally.
Besides this, Khang Gia Corporation encroached on several public areas, including public toilets and parking lots, while constructing the building.