The southeast coastal province has issued a document requesting the owner of Thanh Long Bay project to stop all transactions related to the property as it has not fulfilled the necessary investment procedures.
The Binh Thuan provincial Department of Construction has lately called on Trung Son Bac Co., Ltd., the owner of the Hon Lan Tourist Complex, also known as Thanh Long Bay project, to set its business activities right, or in other words to cease all the buying, selling and transferring transactions related to the resort.
According to the authority, while the investment procedures are currently being carried out, the project owner has already put its future products for sale via different methods of customers pre-ordering, placing a deposit or even registering their interests.
All these activities have obligated the homebuyers to put down a prepayment and they have in fact been performed against the current laws on housing and real estate business.
Trung Son Bac Co., Ltd., in this case, is requested to quickly complete the investment procedures in order to be eligible for making the transactions.
Situated on an area of 90 hectares on the beach of Ke Ga in Tan Thanh commune, Ham Thuan district of Binh Thuan, the project is designed to be a resort and water sport complex featuring shophouses, villas, apartments, five-star hotels, conference centres, restaurants, bars, yacht docks and other facilities.
The complex is being developed by Nam Group and has strategic partners including AccorHotels and Wyndham Hotel Group, who will join the operation and management of the project upon completion.
The project offers some 6,000 apartments, 1,000 shophouses and 150 villas facing the Ke Ga beach.
Nam Group has been developing two projects of Wynham Garden Phu Quoc and Casa Garden Hill Phu Quoc, both in Phu Quoc Island.
Thanh Long Bay is the latest project that the Binh Thuan authority has blown the whistle on for violating the current regulations on real estate transactions. Other projects like Goldsand Hill Villa and APEC Mandala Wynham Mui Ne have also got the warnings a month ago for raising capital prior to completing the required investment procedures.
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