AZ Lam Vien Project Was Fully Transferred After Nearly A Decade Of Discontinuation

The Hanoi Department of Construction has just announced that the Hanoi People’s Committee allowed Lam Vien Investment and Construction Joint Stock Company to transfer the entire AZ Lam Vien mixed-use project to AZ Real Estate Joint Stock Company.

Specifically, on August 21, 2017, the Hanoi People’s Committee issued Decision 5771 / QD-UBND on permitting Lam Vien Investment and Construction Joint Stock Company to transfer the entire mixed-use building project named AZ Lam Vien (trade name is AZ Lam Vien Complex) located at 107 Nguyen Phong Sac, Dich Vong Hau Ward, Cau Giay District, Hanoi to AZ Real Estate Joint Stock Company (AZ Land).

The land use area is 2,467square meters , 1,954square meters  of which is the area outside the red line for the construction of a mixed-use building, yards, internal roads, trees, transformer stations, parking lots and basements;  513square meters  of which is the land in the red line for sidewalks and roads used for the area. After the construction is completed and handed over to specialized agencies for management, and use for public purposes.

After several re-launches, the project is still in motion on the 13th floor

Scale of construction investment project is 1,954square meters; construction area is about 1,155.6square meters, and total floor area is about 28,782square meters  (excluding basement);

The project has an average 29-floor height (excluding 2 basements), of which the basement is for car parking and technical facilities for the building; 1st floor is used for commercial functions, public service, community living room and a kindergarten; 2nd to 6th floor is used for office function; 7th floor is used for the space of services, and technical equipment; From the 8th to the 23rd floor is arrange for apartments; From 24th to 29th floor, the apartments are layout in the organization of cascading; a total of units are 137 apartments.

The project has a total investment of 30 million dollars, of which 6 million dollars is owner’s equity (representing 20% of the total investment); 24 million dollars is mobilized capital (making up 80%). The project progress lasts from the IV quarter of 2013 to the second quarter of 2018.

The Hanoi People’s Committee requested that Lam Vien Investment and Construction Joint Stock Company was responsible for a timely, adequate and public announcement and proper solution for the rights and legitimate interests of its customers and some parties associating with the transfer project (if any).

From that day the project continued to build to the 13th floor and then continue to “hibernate” to date

In case that customers or related parties have comments on their interests related to the project, the Lam Vien Investment and Construction Joint Stock Company shall be responsible for settlement these problems in accordance with the law before signing the transfer contract for the whole project.

The construction of AZ Lam Vien project started in 2009. However, after completing the 4th floor, they have suddenly stopped and remained motionless for 4 years.

By the beginning of 2014, Vinaconex 1 contractor unexpectedly discontinued instead of the appearance of another contractor, Lac Hong Investment JSC.

From that day the project continued to build to the 13th floor and then going into “hibernation” to date.

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