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VietNamNews

Work halted on luxury complex

Update: March, 05/2012 - 10:38

HCM CITY — Construction of six apartment blocks in HCM City's most upscale residential area in District 2, Diamond Island, has been suspended for various violations, local authorities are quoted by Tuoi Tre (Youth) newspaper as saying.

District 2 construction inspectors confirmed Thursday that the Binh Trung Tay Ward's People's Committee had suspended construction of the buildings in the Diamond Island project.

Each of the buildings, invested in by the Binh Thien An Real Estate Company, has one or two stories exceeding what was approved by the local Department of Construction.

According to the approval, signed on June 26 2009, the residental area at the Sai Gon – Giong Ong To junction in District 2 would be built on eight ha of land.

The approval allowed the six apartment blocks to have 16 to 25 stories. The blocks would have a total of 313 apartments and parts of the project will be used for hotels and trading centres.

Officials said they had arranged staff to closely monitor the suspension of the project. District officials would work with inspectors from the Department of Construction to discuss appropriate follow up action.

During a site inspection on February 21, inspectors from the municipal Department of Construction had asked investor to stop work on the entire project. However, the construction continued until February 28.

Leaders of Binh Trung Tay Ward's People's Committee said their inspectors had conducted regular visits to the site. However, due to the insufficient manpower, they had not been able to spot the violation in time.

The violation has been reported to the director of the Department of Construction. A source said the project's investor was preparing to petition the Ministry of Construction for permission to adjust the project's design.

Diamond Island is the only real estate project in HCM City that "dares" to increase its selling prices amidst a stagnant market.

Each apartment is being sold at between half million and more than a million US dollars.

At the end of 2009, apartment prices were announced at between US$300,000 and $3 million. Each wharf on the VND2-trillion ($95 million) island is being sold at $500,000. — VNS

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