Language:

(+84) 911 807 668 - (+84) 911 807 667

info@ctgroupvietnam.com

Search
Close this search box.

AFTER YEARS, METRO STAR PROJECT HAS NOW BEEN REMOVED LEGAL BOTTLENECK

CT GROUP

The Chairman of the People’s Committee of Ho Chi Minh City has issued directives to resolve issues with the Metro Star project in Thu Duc District and, at the same time, to terminate the implementation of two apartment projects in District 5.

The Ho Chi Minh City People’s Committee Office has just released the announcement of Chairman Phan Van Mai’s conclusions at the meeting of the Disassembly Team to remove difficulties and obstacles for investment projects within the city’s jurisdiction (the 4th meeting, on August 1st).

Removing legal obstacles for the Metro Star project 

At this meeting, Mr. Phan Van Mai expressed his opinions regarding the adjustment of the Metro Star residential and commercial project located at 360 Hanoi Highway, Phuoc Long A Ward, Thu Duc City. This project is owned by Metro Star Investment Joint Stock Company, a subsidiary of the CT Group.

Renderings of the Metro Star residential and commercial project

In the proposal previously submitted to the People’s Committee of the city, Metro Star Company stated that the project had been transferred from the Department of Transportation and Civil works Company in accordance with the legal regulations outlined in Government Decree 76/2015/ND-CP dated September 10, 2015.

Metro Star Company states that this buying and selling process was officially recognized and approved by the relevant departments, the City Project Transfer Council, and the People’s Committee of the city in Decision No. 5268/QD-UBND dated October 7, 2016, which approved the transfer of the project located at 360 Hanoi Highway, Phuoc Long A Ward, former District 9 (now part of Thu Duc City).

With the effectiveness of the 2020 Investment Law, Metro Star Company has made adjustments in accordance with the 1/2000 zoning plan and has submitted all the required documentation for updating the investment proposal as per the provisions of the Investment Law 2020 to the Department of Planning and Investment.

Regarding this procedure, Metro Star Company has fulfilled the conditions for adjusting the investment proposal in accordance with the Investment Law 2020 and Government Decree No. 31/2021/ND-CP dated March 26, 2021, which provides detailed regulations and guidelines for implementing certain provisions of the Investment Law. However, as of now, the project has not yet received approval for the adjusted investment proposal.

Therefore, the company is proposing to the People’s Committee of the city and the Department of Planning and Investment to approve the adjustment of the investment proposal for the project so that it can continue to be implemented based on fairness and legal regulations. They also suggest considering placing the project on the list of projects with delayed implementation due to complications at the Department of Planning and Investment.

Currently, the State Audit’s conclusion document has been reviewed, and it has been agreed not to re-determine the land use rights value for the land at 360 Hanoi Highway under the circumstance of determining enterprise value for equitization.

Departments, including the Department of Natural Resources and Environment, the Department of Construction, the Department of Finance, and The Sub-Department of Corporate Finance also reviewed and gave specific opinions on the legal aspects, procedural steps, and relevant authorities regarding land use changes, project transfers, and the legal process of the project implementation in accordance with the applicable legal regulations at the time of issuance.

Therefore, the Chairman of the People’s Committee of the City has assigned the Department of Planning and Investment to seek the opinion of the Department of Justice, advise, and propose to the People’s Committee of the City the adjustment of the investment proposal for this project in accordance with the current regulations, and to submit this proposal to the People’s Committee of the City before August 20th.

Terminate the implementation of two old apartment projects in District 5. 

Regarding the construction project at 926 Vo Van Kiet (formerly 402 Ham Tu, Ward 5, District 5) and the building at 727 Tran Hung Dao (Ward 1, District 5), Chairman of the People’s Committee of the City, Phan Van Mai, has agreed to terminate the implementation of these projects as per previous legal documents (Decision No. 2204/QD-UBND dated May 6, 2016, Decision No. 245/QD-UBND dated January 18, 2017, etc.).

Mr. Mai has also instructed the Department of Planning and Investment to provide recommendations and propose procedures for termination and the retrieval of all legal documents related to the project, ensuring strict compliance with the legal regulations.

At the same time, the Department of Planning and Investment presides over and coordinates with the Department of Natural Resources and Environment, Department of Finance, Department of Construction, District 5 People’s Committee, and relevant units to review the legal aspects of land, old apartments, resettlement, state assets, planning, current status, and legal aspects of the constructions on the land, in accordance with the existing legal regulations. They will propose a plan for conducting tenders to select investors or auction land use rights, ensuring strict compliance with the legal provisions.

The Chairman of the People’s Committee of the City has also tasked the Department of Construction with leading and coordinating with the Department of Finance, District 5 People’s Committee, and Tam Duc Company Limited to review, determine, and agree with Tam Duc Company on reasonable expenses incurred during the project implementation, such as the costs associated with relocating and temporarily housing residents of the 727 Tran Hung Dao apartment building, construction expenses, etc., in accordance with the regulations that the company has adhered to during the project execution on the two parcels of land.

This is done as a basis to determine the costs that need to be reimbursed to Tam Duc Company and the additional costs required for project implementation in the documentation for selecting an investor, to be completed before August 25, 2023.

Simultaneously, the District 5 People’s Committee and Tam Duc Company Limited have been tasked with organizing meetings and communication with the units that contributed capital to Tam Duc Company regarding the city’s decision to select an investor for the two projects and the repayment plan to Tam Duc Company in the event the enterprise does not participate in the selection or is not chosen as the investor to carry out the projects.

The Department of Planning and Investment has also been assigned to coordinate and provide recommendations for the People’s Committee of the City to report to the City Party Committee Executive Board on the city’s decision to implement the two projects, to be submitted before August 31, 2023.

TIN TỨC LIÊN QUAN

REALCOIN ATTRACTS ATTENTION AT BLOCKCHAIN EXPO

Blockchain expo events are booming in Silicon Valley, California, USA and Realcoin Global is attracting attention! Realcoin’s launch event at 14:30 (US time), June 5, 2024 here brings energy and

REALCOIN ENTERS US MARKET

DUBAI, the United Arab Emirates, June 03, 2024 – Dubai-based Realcoin Global Tech, a member of CT Group Vietnam, today announced its expansion into the US market. Realcoin meeting potential