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Integrating Many Condominiums Into The Renovation Investment Package

condominiums into the renovation investment package

District People’s Committees subdivide and integrate advantageous and unfavorable condominiums into the renovation packages, replacing the damaged old ones to call for investment.

On 24th November, the People’s Committee of Ho Chi Minh City has requested the Department of Construction to quickly complete the plan to renovate and build new apartment buildings in replacement of the damaged old apartment in the city in period 2016 – 2020.

At the same time, it was decided to delegate and authorize the People’s Committees of the districts to renovate and build new apartment buildings in replacement of damaged and dangerous old apartment buildings and relocate households living on and along the canals.

In addition, the Department of Construction of Ho Chi Minh City will assume the prime responsibility and coordinate with the Department of Architectural Planning to check and accurately determine the number of damaged and degraded old condominiums which need to be renovated or newly constructed. Make a list of dangerous, severely damaged condominiums and residences.

condominiums into the renovation investment package
Nguyen Thien Thuat apartment, District 3 where Novaland Group wants to renovate 11 lots

Ho Chi Minh City People’s Committee also requested the Department of Planning and Architecture to coordinate with the Department of Construction guiding the District People’s Committees to subdivide and integrate the advantageous and unfurnished apartments into the same package of investment to renovate , replacement of the old apartment is badly damaged, degraded to call for investment.

In particular, the HCM City People’s Committee noted that it is necessary to avoid the situation of investors in areas with high profitability and not invest in areas of inefficient exploitation.

Ho Chi Minh City has 474 apartment buildings built before 1975 with a total of 565 apartment blocks, accounting for over 59ha with 26,362 apartments. There are 24 real estate companies wishing to renovate old condominiums in HCMC, especially those in District 1, 3.

In District 1 there are 98 lots of old apartment blocks, Group C.Tan registered to renovate to nearly 90 lots. There are other real estates companies such as Tan Thuan Industrial Development Company Limited, Tuan Loc Construction Investment Joint Stock Company, Phu My Development Company Limited Hung, Gia Bao Investment Development Joint Stock Company and Vinaconex – Hoang Son – Quan Anh Joint Stock Company.

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In District 3, 35 out of 45 old blocks were of interest to investors. Novaland Group wants to renovate all 11 blocks of Nguyen Thien Thuat apartment building.

condominiums into the renovation investment package
In Binh Thanh, Thanh Da Residence also received special attention from many investors.

In Binh Thanh, Thanh Da Residence also received special attention from many investors. In which, the joint venture NHO – VPG – TAG – NIBC – Binh Thanh RESCO and Vietracimex Construction Trading Joint Stock Company are interested in all blocks marked by numbers of Thanh Da Residences.

Particularly in Lot 4, apart from the above two companies, Thien An Energy JSC also wants to invest. A total of 15 apartment blocks marked with letters of the residence received the attention of Quan Trung Trading and Production Company Limited.

Older buildings in the remaining districts such as District 5 (203 lots), District 6 (32 lots), District 11 (30 lots), Tan Binh (30 lots) … received little interest from investors. Even, no county has any business that wants to invest.

From now until 2020, HCM City aims to clear and build 50% of this apartment building. However, the effect of moving and renovating old apartment buildings in the city is still very modest.

According to HCM City Department of Construction, from 2006 up to now, Ho Chi Minh City has dismantled 32 old condominiums with the dismantled floor area of 204,000 square meters, relocating 4,000 households living in apartment buildings. Ho Chi Minh City also built much new resettlement housing with a total floor area of 482,000sqm.

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Integrating Many Condominiums Into The Renovation Investment Package
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