The front view of the Artemis building complex in Hà Nội. Residents of the building last year protested the building's developers for mismanagement of the project. — VNA/VNS Photo Nguyễn Thắng
HCM CITY — Investors in apartment building projects need to maintain the service quality promised to buyers, experts have said.
If the pledges are not met, prolonged disputes often arise, General Director of Đại Phúc Land Company told Đầu tư (Investment) newspaper.
For two years, the developer is responsible for building maintenance, but after that period, residents can elect a board to manage affairs.
But because these boards are made up of just residents, few have management experience.
Nguyễn Hương says the time is right for the State to reconsider regulations on management and operation of multi-ownership real estate projects like apartment buildings.
She says this is key for townhouse, villas and apartment buildings in new urban areas at large-scale complexes where there are many public facilities that need managing correctly.
Resident boards, she says, should only a ‘go-between’ to connect investors and those who live in projects, and should not be responsible for more technical issues like building upkeep.
Hương said in high-end residential schemes investors must be on top of their responsibilities as the buyer expects a five-star service for their investment.
Hương added that the State should have clear regulations on the roles and responsibilities of the partners in the operation to maintain the service quality.
According to Lê Hoàng Châu, chairman of HCM City Real Estate Association, although the management board now has legal status, enforcing the law is not straightforward.
This causes issues when it comes to making key decisions, and causes rifts between residents and investors.
The association has been working with the Ministry of Construction but there are no clear solutions.
"Regulations need to be clear, and responsibility of the board’s role needs to be spelt out better," he said, adding that board members should also have a basic knowledge of construction and building issues. — VNS