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A 1,500-APARTMENT PROJECT IN HO CHI MINH CITY HAS RESOLVED REGULATORY INVESTMENT OBSTACLES.

CT GROUP

The People’s Committee of Thu Duc City has just approved the decision to adjust the investment orientation and to approve the investor of the Metro Star apartment and commercial complex project on Vo Nguyen Giap Street.

The decision, numbered 4498, approves the adjustment of the investment orientation and the investor of the Metro Star project (located at 360 Vo Nguyen Giap Street, Phuoc Long A Ward, Thu Duc City).

According to the decision, the People’s Committee of Thu Duc City adjusts the investor’s name, project implementation location, land use scale, project scale, project investment capital, and implementation progress… Specifically, the total project investment capital is adjusted to 1,600 billion VND with the investor’s contribution of 320 billion VND (20%), and the mobilized capital of over 1,280 billion VND (80%).

The project implementation progress is set at 24 months from the date of issuance of the decision to approve the adjustment of the investment orientation and to approve the investor (April 3).

The investor of the Metro Star project expressed that overcoming these obstacles is good news not only for the investors but also for contractors, distributors, and businesses that have been waiting for years.

Metro Star is a real estate project listed among the 148 projects facing legal obstacles in terms of implementation or unable to carry out investment construction procedures in Ho Chi Minh City.

In a petition to resolve the obstacles in June 2022, this enterprise stated that Metro Star Company purchased the project from the Civil Construction and Transport Company, which was publicly auctioned in 2015.

Since the Law on Investment 2020 has come into effect, Metro Star Company has adjusted its plans to comply with the 1/2000 zoning plan adjustment and submitted updated investment orientation documents in accordance with the provisions of the Law on Investment 2020. However, the adjustment of the investment orientation has not been approved yet.

Therefore, the enterprise has petitioned the relevant authorities to approve the adjustment of the investment orientation so that the project can proceed with construction.

According to regulations, after the adjustment of the investment orientation is approved simultaneously with the approval of the investor, the investor of the Metro Star project will proceed with the legal procedures to adjust and update the construction permit in order to continue developing the project and mobilizing capital.

According to the investor, the Metro Star project comprises 1,468 apartments and 76 shophouses.

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