The Metropole Thu Thiem 2026: Developer Fined for Late Reporting of 272 Apartments Sold to Foreigners — What Buyers Should Know
Short answer: Ho Chi Minh City’s People’s Committee has fined Quoc Loc Phat JSC, the developer of The Metropole Thu Thiem (Functional Zone 1 of the Thu Thiem new urban area, now An Khanh ward), for late notification of 272 apartments sold to foreign individuals and organisations — 62 at The Crest, 104 at The Galleria and 106 at The Opera (VnExpress, Thanh Nien, Vietstock, 15–16 October 2026). Thanh Nien puts the fine at VND 300 million.
Realtique’s reading of the 2026 record: this is the sixth developer in HCMC penalised this year for the same lapse — not reporting, or reporting late, sales to foreigners — and the largest case by unit count. Below: what happened, whether existing owners are affected, whether 272 units means the project is ‘full’, and what to check before buying a resale unit.
The Metropole Thu Thiem — As of 16 October 2026
Table of Contents
What Happened: 272 Units, Three Phases, One Reporting Lapse
According to Vietstock (late on 15 October), VnExpress, Thanh Nien and VietnamNet (16 October 2026), the HCMC People’s Committee issued an administrative penalty against Quoc Loc Phat JSC for sending late the email and written notices to the Department of Construction listing the buyers and addresses of homes sold to foreign individuals and organisations — a duty every developer selling to foreigners carries. The decision covers three land lots:
| Lot | Phase | Units sold to foreign buyers |
|---|---|---|
| 1-13 | The Crest Residence | 62 |
| 1-16 | The Galleria Residence | 104 |
| 1-17 | The Opera Residence | 106 |
| Total | 3 phases | 272 |
The fine: Thanh Nien reports VND 300 million (about USD 11,400); other outlets did not state an amount. The company must pay within 10 days of receiving the decision or face enforcement. The decision number, signing date and legal article have not been published. The fourth phase, The Amaris Residence, is not named.
Graphic: Realtique · Data: HCMC People’s Committee penalty decision (VnExpress, Thanh Nien, Vietstock, 15–16 Oct 2026)
What Is The Metropole Thu Thiem?
The project’s legal name is the Song Viet Complex; buyers know it as The Metropole Thu Thiem. It covers about 7.6 ha in Functional Zone 1 of Thu Thiem, at the foot of Thu Thiem 2 Bridge facing the old District 1, with four phases and roughly 1,300 apartments — The Galleria, The Crest, The Opera and The Amaris — plus retail, services and offices. Planned investment is VND 7,300 billion (VnExpress).
The developer of record is Quoc Loc Phat JSC, in which Singapore’s Keppel Land was a major shareholder when the land was allocated in 2017; after Keppel exited, SonKim Land took over as project developer from mid-2018 (VnExpress, Viettimes). For the wider district, see our Thu Thiem foreign buyer’s guide.
On price: VietnamNet cites asking prices of VND 265–320 million/m², with some Opera units listed at close to VND 700 million/m². These are asking prices from a single outlet with no collection date — not transaction prices — and we treat them only as a reference.
Illustration: Terrazzo · Wikimedia Commons · CC BY 2.0 (Realtique image kit, taken 2017 — not a photo of The Metropole)
Are Existing Owners at The Metropole Affected?
Read the decision for what it is: it targets the developer’s reporting duty, not buyers’ contracts. None of the reports mention any finding that the 30% cap was exceeded or that units went to ineligible buyers. In the similar Gateway Thao Dien case in September 2026, SonKim Land also stated the lapse was purely in reporting.
Why does a ‘reporting-only’ lapse still matter? The developer’s notice to the Department of Construction is the ledger that records how many foreign slots each tower has used. When the ledger lags, the next buyer — and the office issuing ownership certificates — cannot easily tell how many slots remain. The mechanism is explained in our guide to Vietnam’s 30% foreign-ownership quota.
For current owners: keep the sale contract, handover minutes and certificate (if issued) together; if your certificate is still being processed, ask the developer in writing whether your sale has now been notified. That is a check, not a sign your ownership is at risk.
The Sixth Case This Year: HCMC Developers Fined for Not Reporting Foreign Sales
Realtique has tracked penalties for this exact lapse in HCMC since early 2026. The Metropole is the sixth and the largest by units:
| Date | Developer · Project | Units | Fine |
|---|---|---|---|
| 19 May 2026 | CapitaLand – Vista · The Vista An Phu | 87 | VND 280m |
| 2 Jul 2026 | Nassim JV · The Nassim (30 Street 11) | 62* | not disclosed (Decision 4053/QD-XPHC) |
| 12 Aug 2026 | City Garden · City Garden | 148 | VND 280m |
| 7 Sep 2026 | SonKim Land · Gateway Thao Dien | 136 | Viettimes: VND 280m (Decision 5252/QD-XPHC) |
| 2026 | Ngan Thanh · CC-III/CC-IV Long Binh | — | details not disclosed |
| Oct 2026 | Quoc Loc Phat · The Metropole Thu Thiem | 272 | VND 300m (Thanh Nien) |
* 62 is the number of units Nassim JV had signed with foreigners according to the 12 October 2026 list; the penalty decision did not state a unit count. Disclosed cases cite Decree 16/2022/ND-CP, Article 64; reports on The Metropole do not yet cite a legal basis.
Two things stand out: (1) fines sit at VND 280–300 million regardless of unit count — an administrative sanction, not a clawback mechanism; (2) all six projects are in areas where foreigners live and buy most (Thao Dien – An Phu, Thu Thiem, Nguyen Huu Canh), which suggests the city is cleaning up the quota ledger exactly where slots are used most. That is Realtique’s reading of published data, not an official explanation.
Graphic: Realtique · Data: HCMC People’s Committee penalty decisions in 2026, via the press; fines shown only where disclosed
Does 272 Units Mean The Metropole Is ‘Full’ for Foreigners?
The 2023 Housing Law caps foreign ownership at 30% of apartments in each building, counted per tower. Dividing 272 by the project’s ~1,300 units gives about 21% (Realtique’s own calculation) — but that says little about any single tower, because:
- The 272 units sit in three phases (Crest, Galleria, Opera); the 1,300 total includes The Amaris.
- Each phase has several towers, and the decision does not say which tower each unit is in.
- The decision lists only units that were reported late; total foreign-owned units may differ.
The cautious conclusion: at The Metropole, foreign slots have been used substantially, especially at The Opera and The Galleria (over 100 units each). The right question when viewing a unit is: ‘how many foreign slots does this tower have left, and who will confirm that in writing?’
Buying a Resale Unit at The Metropole: 5 Checks
Most units at The Galleria, The Crest and The Opera already have owners, so for foreign buyers a purchase is usually a resale. The sequence we follow with clients:
- Confirm the tower’s remaining foreign quota in writing, via the developer or the housing authority, before paying a deposit.
- Check the seller’s certificate: owner name, area, mortgages, disputes — and, if the seller is a foreigner, the remaining ownership term shown on it.
- Check your own eligibility: foreign individuals need lawful entry into Vietnam; overseas Vietnamese who still hold Vietnamese nationality buy as citizens and do not count toward the quota.
- Check any existing tenancy: remaining lease term and who holds the tenant’s deposit — write it into the sale contract.
- Taxes, fees and registration: typically 2% personal income tax paid by the seller and 0.5% registration fee paid by the buyer; a foreign individual’s certificate carries a term of up to 50 years, renewable.
Rates and processing times can vary over time. Comparable cases: Gateway Thao Dien; general rules: can foreigners buy property in Vietnam?
Frequently Asked Questions
Can foreigners buy an apartment at The Metropole Thu Thiem?
Yes. The October 2026 penalty decision shows the developer sold 272 units at The Crest, The Galleria and The Opera to foreign individuals and organisations. Foreigners may own up to 30% of the apartments in each building, so confirm your chosen tower still has quota before paying a deposit.
Why was The Metropole Thu Thiem’s developer fined?
Quoc Loc Phat JSC sent late the email and written notices informing HCMC’s Department of Construction of the buyers and addresses of 272 apartments sold to foreigners. Thanh Nien reports a fine of VND 300 million, payable within 10 days of receiving the decision.
Do foreign owners lose their ownership because the developer was fined?
The reports mention no finding of over-quota sales or ineligible buyers; the lapse concerns the developer’s reporting duty. Owners should keep their contract, handover minutes and certificate, and ask the developer in writing if their certificate is still in process. This is not legal advice.
Does The Metropole Thu Thiem still have foreign quota available?
It cannot be inferred from the decision: the 30% cap is counted per tower, while the decision only gives units per phase (Opera 106, Galleria 104, Crest 62). The only reliable way is a written confirmation of the remaining slots in the specific tower before you pay a deposit.
Do overseas Vietnamese count toward the 30% quota at The Metropole?
Overseas Vietnamese who still hold Vietnamese nationality buy and own as domestic citizens, outside the 30% quota and without the 50-year term. People of Vietnamese origin who hold only a foreign nationality are treated as foreigners.
⚠️ Note: Penalty details are compiled from press reports of 15–16 October 2026 (Vietstock, VnExpress, Thanh Nien, VietnamNet, Viettimes); the decision number, date and legal basis have not been published, and the VND 300 million figure currently has a single source (Thanh Nien). Asking prices are listings, not transactions. Percentages are Realtique’s own calculations. This article is not legal or investment advice — before paying a deposit, get written confirmation of the foreign quota remaining in your specific tower.
Looking at a unit in The Metropole or elsewhere in Thu Thiem?
Send Realtique the phase, tower and unit you are considering. We confirm the foreign quota left in that exact tower, check the seller’s certificate and cost out every tax and fee, so you know you can hold title before paying a deposit.
📞 Hotline: +84 866 810 689
KC Pham
KC Pham advises foreign buyers and overseas Vietnamese on luxury apartments in Thu Thiem and Thao Dien — confirming how many foreign slots a tower still has, checking the seller’s certificate and staying with the buyer until the new certificate is issued in their name.
