Alibaba real estate is warned in the Northwest Cu Chi project

H0REA has issued emergency warnings about the operation of Alibaba Real Estate Joint Stock Company and Northwest Alibaba Joint Stock Company in Ho Chi Minh City in the project “Cu Chi Northwest Area of ​​Region VIII – 3 “.

Specifically, HoREA advised consumers and investors of secondary real estate businesses need to be alert and alert to avoid damage before the untrue information about the North West Alibaba Joint Stock Company. Ho Chi Minh City and Alibaba Real Estate Joint Stock Company declare to be the investor, announce the sale of the house floor, collect the customer’s reservation deposit at the project “Urban Area North West Cu Chi Region VIII – 3” (Tay Bac urban area, Tan Phu Trung commune, Cu Chi district, HCMC).

Project map of the Northwest Urban Area Cu Chi Region VIII – 3

Leading information from the Investment Management Board – Construction of the Northwest Urban Area, HoREA said the project “Low-rise residential and urban services in Zone VIII – 3” is one of 133 projects announced in Conference to promote investment in Ho Chi Minh City on 11 October 2017.

Accordingly, the project covers an area of ​​91.45 hectares, part of Zone VIII, Tay Bac urban area, Tan Phu Trung commune, Cu Chi district. The east side of the project is adjacent to Zone VIII – 2, to the west, to Zone VII, to VIII – 4 to the south, and to Highway 22 on the north.

The project is designed to build low-rise housing, urban services, health care with a height of 1-4 floors, density of construction from 40 to 75% and coefficient of land use from 0.8 to 3 times.

Currently, the land has not been implemented for compensation and ground clearance; There is no technical infrastructure and transport infrastructure connected to other projects being called for investment.

The selected investor will finance the development of urban planning in accordance with the orientation of the city for the project area, and at the same time implement compensation and site clearance (if any). The technical infrastructure and social infrastructure in this land.

After completion of the technical infrastructure within the area will be handed over to the city management without requiring the city to repay the investment capital.

As such, it can be concluded that the project of low-rise housing and urban services in Zone VIII – 3 in the Northwest Urban Area is being called for investment by the city. The project has not been cleared, there is no detailed plan 1/500 scale, so it is not possible to have a map of floor plot for sale.

This project has not yet carried out procedures for selection of investors so Alibaba Northwest Joint Stock Company in Ho Chi Minh City and Alibaba Real Estate Joint Stock Company do not have the status of self-proclaimed investor.

Alibaba Real Estate Joint Stock Company (“Alibaba Real Estate Joint Stock Company”) has clearly stated: “Note: This is an expected map with information awaiting approval. Cu Chi is in the process of handing over to Alibaba Real Estate Joint Stock Company as an investor so expect Q1 / 2018 to be implemented as infrastructure.

This means that Alibaba Real Estate Joint Stock Company, Northwest Alibaba Joint Stock Company in Ho Chi Minh City is not the investor of the project.

HoREA emphasized: This project has not yet approved the 1/500 detailed plan, has not been cleared, has not been used for infrastructure, has not been approved by the Department of Construction to qualify for mobilization. When selling ground floors in the future under the Law on Real Estate Business, Urban Planning Law, Alibaba Real Estate Joint Stock Company, Alibaba Northwest Joint Stock Company in Ho Chi Minh City do not have right to announce the project, no right to raise funds, including deposit.

Therefore, investors need to be very alert when they intend to transact in the Northwest Cu Chi urban area that Alibaba is claiming to be investor.

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