The amusement park at Ocean Park 3 in northern province of Hưng Yên. — VNA/VNS Photo

The Department of Construction of Hưng Yên Province has issued a document to Vinhomes JSC, confirming the approval for foreign organisations and individuals to own residential properties in two Vinhomes projects.

The province confirmed that the Dream City Ecological Urban Area project (Vinhomes Ocean Park 2) and the Đại An Urban Area project (Vinhomes Ocean Park 3), both developed by Vinhomes, are not located in areas requiring security and defence protection. Therefore, these projects fall within regions where foreign organisations and individuals are permitted to own residential properties.

The authority granted permission for foreign organisations and individuals to own up to 250 separate houses in each project.

The number of condominium units that foreign organisations and individuals can own in these two projects must not exceed 30 per cent of the total residential units in each building.

According to the Housing Law and the Land Law, which are expected to take effect from August 1st, foreigners will be allowed to own residential properties for 50 years, with an option to extend ownership for another 50 years if desired. The ownership duration must be clearly stated on the certificate of ownership.

The Vinhomes Ocean Park 2 project is located in Nghĩa Trụ and Long Hưng communes, Văn Giang District, Hưng Yên Province. Once completed, the project will provide approximately 124,000 apartments and over 2,000 semi-detached villas, terraced houses, and shophouses.

Meanwhile, Vinhomes Ocean Park 3 covers an area of 294 hectares in Tân Quang Commune, Như Quỳnh Town, Văn Lâm District, and Nghĩa Trụ Commune, Văn Giang District, Hưng Yên Province. It includes 10 apartment buildings and over 8,000 low-rise houses. — VNS