Revoking Launch License of 750 Aqua City Villas?
Completed 100% of construction schedule, nearly sold out and about to hand over, over 750 villas at Aqua City (Bien Hoa, Dong Nai) have been revoked launch license.
Why?
Aqua City in Long Hung, Bien Hoa City, Dong Nai Province
Used To Be Approved For Launching
Dong Nai Department of Construction has just revoked launch approval on 752 villas of the Aqua City. Worth mentioning, these villas have been approved for property transactions in 2020.
Aqua City is an eco-urban project invested and developed by Aqua City Ltd. The project is a complex of townhouses, villas, shophouses with a green ecosystem and hundreds of diverse utilities, attracting a lot of attention. Therefore, the case is incident and quite rare in the southern real estate market.
752 villas in Phase 1 and V are no longer eligible for sale
Having No Financial Guarantee Commitment
After reviewing the project, Dong Nai Construction Department found out that the developer of the Aqua City has not been financially guaranteed by any credit organization.
Specifically, PVcombank has committed to review credit granting documents and provide financial guarantees for 752 villas until handover. However, according to PVcombank, Aqua City did not provide enough required documents for approval, then the bank refused to provide financial guarantee.
According to Vietnamese Law, a project that is eligible for launching must have financial guarantee commitment with the bank which is officially confirmed by a written consent.
How Do Developer & Authority Say?
Aqua City Ltd. confirmed that the project has fully met the conditions of sales approval since 2020. In addition, the developer said the financial guarantee is only for ensuring the rights of customers when hand-over processing is late. Meanwhile, the project has sold 670 units, completed 92-100%, also, the traffic and technical infrastructure has reached 100% of the progress which minimizes the risks.
Actual progress of villas at Aqua City
Mr. Ha Van Ha – Director of Dong Nai Construction Department affirmed that Aqua City has followed a decent progress. However, it is compulsory to provide the bank’s financial guarantee in accordance with the law.
Solutions
According to Lawyer Dang Hoan My – Ho Chi Minh City Bar Association, the current solution for Aqua City is for sold units, quickly provide adequate documents for the bank financial guarantee. As for the unsold units, it is forced to cancel launching and wait until the documents are fully approved.
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