Is there a great opportunity for the Charmington Iris project to be restarted soon?

The housing project of 76 Ton That Thuyet District 4 (the so-called Charmington Iris project) has been recently mentioned by the Ho Chi Minh City People's Committee Chairman- Mr. Nguyen Thanh Phong to accelerate its restart process.

On February 22nd, at the meeting and discussion between leaders of the city and real estate enterprises, the Ho Chi Minh City Real Estate Association (HoREA) has proposed the Ho Chi Minh City People's Committee to coordinate with the central agencies to make conclusions as soon as possible for the projects subject to inspection and investigation in order for the investors to comply with. Then, they will be able to continue to implement the project to reduce difficulties for enterprises as well as to add supply of products to the real estate market to meet housing demand of multi classes.

In counter feedback, the Chairman of Ho Chi Minh City People's Committee-Mr. Nguyen Thanh Phong said that: projects, which have been inspected or investigated and allowed to "run" already by authorities until now, must be also supported by the departments and industries for investors to complete the procedures.

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Charmington Iris’s project location viewed on google map

“For example, the project 76 Ton That Thuyet, District 4 has been received the announcement by the authorities and now must be restarted", the Chairman of the Ho Chi Minh City People's Committee emphasized.

Previously, in the end of January 2019, the Vice Chairman of Ho Chi Minh City People's Committee- Mr. Tran Vinh Tuyen also had a meeting with departments relating to the commercial center, service and apartment project with the trade name of Charmington Iris (76 Ton That Thuyet, Ward 16, District 4, Ho Chi Minh City) to review and revise the investment policy in this project to allow the project to restart when it complies with compulsory conditions.

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Charmington Iris project has been completed the foundation and built up floors

The “restart” of projects helps release the shortage of housing supply

According to HoREA, from October 2015 to the end of 2018, up to 126 commercial housing projects with mixed land funds were suspended in construction investment procedures and 158 real estate projects (real estate) originated from the fund land under the management of the state must be reviewed legal procedures. Particularly, there are in some cases subject to inspection and investigation.

In March 2019, the leaders of Ho Chi Minh City and the central authority decided to allow 124 projects to be back to normal operation, but in fact most of these projects still have not been operated.

Most real estate enterprises have experienced recession due to no sales or no product to sell in the past two years. By the end of fiscal year of 2019, many of listed real estate enterprises had an average revenue growth of 7% and an after-tax profit of only 11%, which is much lower than the growth rate of 47% in 2018.

According to experts, the decline in supply has been a major bottleneck of the real estate market in Ho Chi Minh City in the past 2 years. This year, the Covid-19 epidemic with its severe affect has made the situation even more difficult.

Therefore, the determination to solve difficulties for a series of projects located on golden land in Ho Chi Minh City will help release the shortage of housing supply in Ho Chi Minh City. This is also good news for many enterprises that they can restart a series of frozen projects in the past 2 years.

The relating ones can be mentioned such as: Quoc Cuong Gia Lai Joint Stock Company with 6 pending projects, especially the Phuoc Kien project in Nha Be district with a scale of 91 ha. Him Lam company with a component project of Him Lam Housing Area and Bac Rach Chiec new urban area project located at Phuoc Binh Ward, District 9. Le Thanh company is the investor of social housing projects (NOXH) with two projects that have pending for many years, including: Le Thanh An Lac and Le Thanh Tan Kien. Thao Dien Real Estate Joint Stock Company also proposes to the relevant authorities to see solutions for problems in the Nam Ly social housing project (Phuoc Binh ward, District 9).

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Limited supply in the context that housing demand is still very high

It is known that the project that 76 Ton That Thuyet was introduced with the scale of 2 blocks, 35 floors, including 1,438 apartments developed by TTC Land Company and Sabeco Investment Company

Source: Dan Tri

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Charmington Iris

Charmington Iris

Ton That Thuyet Street, District 4

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