Ho Chi Minh City to axe encroaching ventures

Dec 23rd at 09:54
23-12-2019 09:54:58+07:00

Ho Chi Minh City to axe encroaching ventures

A number of projects located on the bank of the Saigon River in the second city could face the axe from next month after an inspection by Ho Chi Minh City People’s Committee found that they violated building regulations.

According to Decision No.22/2017/QD-UBND dated April 18, 2017, construction must take place at least 30m from the river bank, but several projects have failed to adhere to it. Those at fault include Saigon Riverside joint venture’s Riverside project, which has 13 structures located a mere 7.5m from the river, and Van Minh Co., Ltd., which has buildings 10m from the bank.

Others developers listed include Hai Vuong Co., Ltd., The Minh Construction Co., Ltd., SSG JSC, and Geleximco South.

A working group made up of officials from Ho Chi Minh City People’s Committee is inspecting more than 100 projects accused of encroaching on the river banks. According to the committee, half of these have previously been notified of violating the rules, yet construction continued.

A source from the committee said, “All illegal uses of land for improper purposes or causing harmful effects or landslides, affecting the safety and stability of construction works, are strictly prohibited.”

The group will scrutinise the developers’ actions, their construction permits, and project approvals, reaching a verdict on their adherence to land regulations.

The projects are located along the bank in nine districts, including inner city districts 1, 2, 4, 7, 12, and Binh Thanh, and the outskirt districts of Cu Chi, Hoc Mon, and Thu Duc. The final results will be sent to Ho Chi Minh City People’s Committee by January 15, 2020.

According to Ho Chi Minh City Department of Construction, by April, 116 land plots were judged to have had a negative impact on the river bank. Of this, 76 were completed, 13 had been put into operation, and the remainder were still under construction.

In 2017, Sapphire JSC, the developer of Holm Residences, received a fine of VND40 million ($1,740) for infringing on the no-go area next to the Saigon River.

Establishing urban areas alongside rivers can be advantageous, but regulations exist governing population density and the constructions’ height and distance from the river bank. If these rules are not followed, it could lead to traffic jams, flooding, and water pollution. The Saigon River is 256km in length, and passes several districts. Up to July, more than 60 violations had been identified.

vir



RELATED STOCK CODE (1)

NEWS SAME CATEGORY

Hanoi’s real estate sphere skyrockets

With Hanoi retaining its spot as the top foreign direct investment destination in the country, premium real estate for non-nationals is becoming hotter, especially...

CapitaLand Vietnam and Surbana Jurong partner for sustainable and smart city solutions

CapitaLand Vietnam and Surbana Jurong on December 19 signed an MoU with the aim to collaborate and develop sustainable and smart city solutions for CapitaLand...

Domestic property market to have enough capital next year

Viet Nam's real estate market will not be short of capital next year but will still face many challenges from policies and administrative procedures, experts said...

State agency or company should manage apartment buildings in Ha Noi: expert

An enterprise or the State agency should be responsible for the management of apartment buildings and the building’s maintenance fund with the participation of...

X2 Hoi An Resort & Residence wins International Property Awards 2019

Following the success of the Asia-Pacific Property Awards 2019 in Bangkok earlier in the year, X2 Hoi An Resort & Residence was honoured to be nominated and awarded...

Tougher market for office for lease in coming time

Delays to approvals for new office developments, along with proposed land price hikes, are unsettling the prospects for the Ho Chi Minh City office segment heading...

Novaland has chosen for itself a different way to mobilise Capital

Real estate developer Novaland Group has opted for an unusual way to mobilise capital.

HCMC’s property investment procedures discourage Japanese investors: JCCH

Many Japanese investors have had to carry out cumbersome legal procedures to invest in real estate projects in HCMC, resulting in delayed projects and substantial...

Condotels: risky yet promising property segment

Investment in condotels remains appealing despite defaults in profit commitments by property developers, but a clear legal framework is needed to protect investors’...

Land prices set far higher

Many localities have raised their land prices by up to 70%, while on the national scale the Government is expected to issue a new price framework, driving up prices...

Real estate stocks

Construction stocks


MOST READ


Back To Top