Seal Saigon One Tower: The Projects Is Being Offered For Sale At A Very High Price…6600 USD/SQM

One week after the press reported that VAMC seized Saigon One Tower, many customers said that they had to buy for 5720-6600 per square meter.

As reported, the Asset Management Company (VAMC) has seized the security asset of the Saigon M & C Building Complex project for the purpose of processing and recovering the debt. The seizure of assets is the above-mentioned project implemented by VAMC in accordance with Resolution 42 of the National Assembly on the pilot of bad debts of credit institutions, effective from August 15, 2017.
Before seizing the project, VAMC signed a debt purchase contract valued at more than 308 million USD by some credit institutions, including Sai Gon One Tower Company, formerly known as Saigon M & C Real Estate Company. This unit has also repeatedly reminded Sai Gon One Tower Company as well as companies to fulfill their debt repayment obligations. However, these companies failed to come up with a viable repayment plan.
On that basis, VAMC has asked Sai Gon One Tower Company to hand over the property to guarantee the debt repayment but the company also did not perform. Finally, VAMC seized the Saigon One Tower project to recover the debt.

A week after the press reported that VAMC seized the Saigon One Tower building to clear the debt, many customers said they had to buy from $ 5720-6600/ sqm.
A customer who has paid 748 000 USD to buy an apartment in this project said that in the past few years, the project ceased to be implemented, he asked the investor to liquidate the contract, return the principal and interest but the company no money to pay. Therefore, he used the owner to court to claim benefits. The court claimed he had won the case, forcing the owner to repay the principal and interest. Currently, the file has passed the execution of the sentence to handle a project that is stuck forever cannot be implemented. A customer named H. said that in the past, she signed a contract to buy apartment number 08 floor 29 at Saigon One Tower project with an area of over 250 sqm. The real value of this apartment is 1.76 million USD but at the time of the real estate market freeze, the project also lazily project owners to sell her cheap, for only 704 000 USD. Currently, Mrs. H. has paid the investor 572 000 USD to buy the apartment.
According to Ms. H., for many years, she and many other customers have repeatedly sought out investors to work out the solution, but they avoid.

According to research, about 100 customers buy apartments in this project with the amount of each person tens billion. Now the VAMC announces the seizure of the building to handle the debt, unknown how the customer will be processed.

Relating to the guarantee of the interests of customers after the project was revoked, talking with Realtime’s, lawyer Pham Cong Ut, Lawyer Association HCMC said that in the interest of customers buying a house for the project, pursuant to the provisions of Article 10 of Resolution 42, when the project is transferred to a new investor by the bank, the new investor must meet the conditions prescribed by the law on real estate business, inherit the rights and obligations of project investors and carry out procedures for continuing the project implementation according to law provisions on investment, construction, so the interests of customers are still guaranteed.

But in the case of auctioning this property, when recovering the amount owed, credit institutions will be given priority to pay customers who are buyers of apartments in the project but VAMC will still have to protect to balance these benefits between credit institutions and people.

One week after the press reported that VAMC seized Saigon One Tower

“In order to best guarantee their interests, customers before buying a home in these projects (which mortgage their bank for infrastructure investment) need to review information capture. Regarding whether the apartment needs to be purchased has been disowned by the investor or not (when signing the capital mobilization contract investors have to release), so that when the project is revoked the mortgage has not been disowned. Affects rights”, lawyer Pham Cong Nhu advised.

According to lawyer Pham Cong Ut, in cases where the house has not been released but the investor still sells, the fault is that the bank has loopholes in managing the problem if the customer still benefits guaranteed according to regulations.

“In the immediate future, to ensure their benefits when these projects are revoked, customers should disclose their trading information to VAMC to ensure that VAMC balances the balance between customers and credit institutions. Use when recovering and disposing of recovered assets. This is the immediate way to the National Assembly or other competent agencies have guiding documents on the protection of customers in the implementation of this Resolution 42”, said lawyer Pham Cong Ut.

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