foreign ownership in vietnam,land management,vietnam property market

Scenia Bay Complex became the first housing project in Khanh Hoa Province allowed to sell apartments to foreigners. — Photo baodautu.vn

Located at No. 25, 26 Pham Van Dong Street, Vinh Hai Ward, Nha Trang City, the project was developed by Nha Trang Bay Joint Stock Company covering an area of more than 7,660sq.m with 42 storeys and 704 apartment units raining from 40sq.m to 107sq.m each.

Foreigners were allowed to own a maximum of 30 per cent of the total apartment units at Scenia Bay Complex, meaning that a maximum of 211 apartment units could be sold to foreigners.

The provincial Department of Construction banned foreign buyers from reselling their properties at Scenia for profits. Any transactions with foreigner buyers must be reported to the provincial construction department the day of signing the contract via email or paper documents.

Tran Nam Binh, deputy director of the provincial Department of Construction, said that some commercial housing projects in Khanh Hoa were conducting procedures for the permission of selling apartments to foreigners.

 

He said that the provincial department would study the projects’ legality carefully together with agreement from relevant ministries and agencies to allow sales of apartments to foreigners.  

In October last year, two companies, one headquartered in Long An and one in Khanh Hoa, were found to have illegally sold a total of 65 apartments at Gold Coast and Napoleon Castle projects in Nha Trang to foreigners.

The two above projects were located in areas which had not been clarified whether foreigners could own homes or not.

The provincial construction department asked these two companies to terminate the illegal contracts with foreigners.  VNS

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