A view of Vũng Tàu CIty. Bà Rịa - Vũng Tàu Province urges the issuance of ownership certificates for condotels to be sped up. — Photo diendanbatdongsan.vn

HÀ NỘI — The People’s Committee of Bà Rịa – Vũng Tàu Province has urged relevant departments to speed up issuance of ownership certificates for condotels to ensure the healthy development of the segment.

The municipal Department of Natural Resources and Environment would be in charge of providing detailed instructions for granting land and house ownership certificates for condotels.

Bà Rịa – Vũng Tàu People’s Committee also asked the Department of Construction to tighten the management on construction planning and urban development related to condotels. In addition, inspections on adjustments of planning and conversion of real estate projects must be strengthened to prevent violations.

The provincial authority also urged caution about proposals to convert condotel projects into housing projects, stressing that the conversion must comply with established regulations about investment, urban planning and construction as well as be appropriate for the approved land use and housing development planning.

Under-construction condotel projects in Vũng Tàu include a five-star Pullman hotel and international conference centre complex developed by DIC Corp with hundreds of condotels, the Sóng Vũng Tàu condotel project with a total investment of VNĐ1.4 trillion (US$60 million) and more than 1,500 condotels and Vietpearl Unit Hotel on Trần Phú Street with an investment of more than VNĐ475 billion.

In mid-February, the Ministry of Natural Resources and Environment issued a document providing guidelines to local departments for granting ownership certificates for non-residential works like condotels and officetels.

The ministry’s guidelines are expected to promote a healthy condotel market development which has been off-track for years due to an unclear legal framework which has discouraged both developers and investors.— VNS