Monday, January 20 2020

VietNamNews

Owners of Cocobay Đà Nẵng condotels propose solution to profit problem

Update: January, 06/2020 - 17:40

 

Many owners of products at the Cocobay Đà Nẵng condotel project have proposed to convert their units in lieu of profits. — Photo vietnammoi.vn

HÀ NỘI — Many owners of units at the Cocobay Đà Nẵng condotel project have proposed to convert profits owed by Thành Đô Company into land or houses at Cocobay, according to a statement from Thành Đô.

At the end of November, Cocobay Đà Nẵng announced that the company had terminated the payment of committed profits of up to 12 per cent each year signed with customers due to cashflow difficulties.

The customers at Cocobay Đà Nẵng had twice received notice from the investor about their options going forward. 

One of the options is to transform their holdings from condotel apartments to condominiums, and the owners must pay an additional 15 per cent on the original price. 

The owners have not accepted Thành Đô’s option, so they countered with the above proposal.

“If Thành Đô Company agrees and SHB Bank approves the plan, we will negotiate with Thành Đô Company on the price, conversion method and related legal issues,” said Nguyễn Hải Long, an owner who has invested tens of billions of đồng in Cocobay Đà Nẵng, representing a group of 700 owners of condotel products at the project.

“An independent evaluation unit, approved by SHB Bank, will objectively assess assets that Thành Đô can use for the conversion,” he said.

Solutions for this issue are under discussion between the group of 700 owners and Thành Đô, with representatives being Nguyễn Hải Long and Mai Huy Tân, Chairman and Director of Vietnam-Germany Bridge Co, Ltd, who has invested up to VNĐ600 billion in Cocobay Đà Nẵng, including a VNĐ400 billion loan from SHB bank.

Tân said the 700 customers are the owners of high-value assets such as Nam An villas, adjacent seven-storey boutique hotels and hundreds of five-star apartments. They hold over 50 per cent of the total value of sold real estate products at Cocobay Đà Nẵng. — VNS

 

 

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