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Ho Chi Minh City will remove bottlenecks for the development of the real estate market in March

0603-2023

Ho Chi Minh City will remove bottlenecks for the development of the real estate market in March

Ho Chi Minh City People's Committee requested departments and branches to solve difficulties in projects of Novaland and 3 real estate enterprises in March; Re-auction of 3,790 apartments and land lots in Thu Thiem; Ninh Thuan land prices in 2023 will increase for this reason; In 2023, construction will begin on the 2,600 billion VND road under Belt 3 through Nhon Trach... which was hot news last week.

Nóng trong tuần: Dứt điểm gỡ vướng dự án bất động sản tại TP.HCM trong tháng 3

Ho Chi Minh City will re-auction 3,790 apartments and land plots in Thu Thiem

It is expected that on the afternoon of February 28, Vice Chairman of Ho Chi Minh City People's Committee Bui Xuan Cuong will hear a report on the detailed plan and procedures to organize the auction of land lots and 3,790 apartments in Thu Thiem's new urban area.

3,790 resettlement apartments in Binh Khanh ward, Thu Duc city with a total area of 38.4 hectares. It is part of the 12,500 apartment resettlement program in Thu Thiem that was completed in 2015 but has been abandoned for many years. These apartments have been auctioned by the city for many years but there are still no buyers.

Ho Chi Minh City People's Committee requests departments and branches to solve difficulties in projects of Novaland and 3 real estate businesses in March

Accordingly, for the Co Giang Apartment project (District 1), Vice President Bui Xuan Cuong assigned the Department of Construction, Department of Natural Resources and Environment, District 1 People's Committee, and related agencies. The purpose is to study the opinion of the Department of Natural Resources and Environment in the official dispatch dated December 16, 2022, the opinion of the People's Committee of District 1 on February 13, and review documents of relevant ministries and branches.

Co Giang Apartment Project, Co Giang Ward, District 1 was awarded investment approval decisions by the People's Committee of Ho Chi Minh City in 2017 and 2018. The investor is Dat Viet Development Joint Stock Company, total area of more than 14,000 m2, and 1,415 apartments. Novaland is currently the developer of the project with the trade name Grand Manhattan. This project has been constructed up to the 28th floor but encountered problems related to financial obligations regarding land use rights.

Ninh Thuan land prices in 2023 will increase for this reason

The People's Committee of Ninh Thuan Province has just issued regulations to adjust land prices in 2023. It involves collecting land use fees, and land rent, and determining land use rights to calculate the asset values of agencies in the province.

Agricultural land: In Phan Rang - Thap Cham city, the adjustment coefficient is 1.3 (in 2022 it will be 1.1); Towns: The adjustment coefficient for Phuoc Dan town and Khanh Hai town is 1.3; Tan Son town equals 1.2; In rural areas: The adjustment coefficient for communes in districts in the province is equal to 1.1.

Long An also wants to straighten Ring Road 4

Ring Road 4 - Ho Chi Minh City section passing through Long An will be longer than the original plan but will save costs. The reason is to travel through less populated areas and increase connections to provincial road systems.

The route still basically follows the plan. However, the section from the intersection of National Highway N2, DT.825 to before the intersection of Ho Chi Minh City - Trung Luong Expressway is studied to be straightened to the west of Vam Co Dong River because it will avoid 26 km of existing roads and the residential area. The adjustment must be made to 78 km (74.5 km is in this province and nearly 4 km is in Ho Chi Minh City). The Department of Transport believes that this option will save more money because it reduces site clearance costs and limits the impact on people's lives.

The Prime Minister requested to remove bottlenecks in the real estate market

In the coming time, the Prime Minister wants to be consistent and persistent in maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.

The Ministry of Construction completes the Government's resolution on removing difficulties for the real estate market. All subjects must be responsible, do not blame anyone, no one can do it alone, do not create sudden changes; Promote the program of 1 million worker housing apartments and social housing. The head of the Government also requested the Ministry of Finance to strengthen revenue and expenditure management, ensuring correct collection to deploy tax collection from food services and retail stores. They also need to urgently submit to the authorities policies on exemption, reduction, and deferral of taxes, fees, charges, and land rent to remove difficulties for businesses and people.

In 2023, construction will begin on the 2,600 billion VND road under Belt 3

With a total investment of 2,600 billion VND, the project of component 3, Ring Road 3 - Ho Chi Minh City has a total length of about 11.5km located entirely in Nhon Trach district (Dong Nai). It connects to Tan Van-Nhon Trach and started construction in September 2022.

Component 3 project has a total investment of nearly 2,600 billion VND, and a total construction length of 11.2km. The project's starting point is located in Vinh Thanh commune, Nhon Trach district, the ending point is at Nhon Trach bridge connecting Thu Duc City (HCMC). The project will build 5 km of expressway and connect project component 1A. It is located in the Tan Van - Nhon Trach section at the intersection of provincial road 25B, with 8 lanes, and a speed of 100 km/h.

The project constructs 2 parallel routes with a length equivalent to the main route (11.2km), including 2 bridges over the Rach River. The project will be completed, the road will be 74.5 m wide and the speed will be 60 km/h. The project also builds intersections with two routes: Ben Luc - Long Thanh expressway and provincial road 25C. In phase 1, the 4-lane highway and 2-lane parallel road will be constructed. The project is expected to start construction in June 2023 and be completed in 2026.

Experts reveal when the real estate market will improve

With efforts from the Government to overcome difficulties, the real estate market is forecast to improve from the end of the third quarter of 2023.

At the seminar "Policy highlights for Vietnam's real estate market" recently organized by the Vietnam Association of Real Estate Brokers (VARS), Dr. Can Van Luc said "support", and " rescuing the real estate market" has never appeared more often than it does today. That shows the abnormality of the real estate market which can cause consequences for the economy.

Mr. Luc believes that we need to draw experience, learn from international sources, and take a multi-dimensional approach, from which we will propose two groups of policies, short-term and long-term. Regarding the group of short-term solutions, Mr. Luc said that policies need to focus on removing legal issues and capital. These two things are of most concern to the market.

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