Sacomreal's Jamona City will be guaranteed by OCB bank aiming following Article 56 of the Law on Real Estate Business, which will take effect on July 1. — VNS Photo

HCM CITY (Biz Hub) — Saigon Thuong Tin Real Estate Co. (Sacomreal) signed agreements with OCB, ACB and HDB banks on Sunday to guarantee its property projects, following Article 56 of the Law on Real Estate Business, which will take effect on July 1.

OCB committed to guarantee all Sacomreal-invested products, including the recent Jamona City project in District 7, while ACB committed to guarantee products of Jamona Riverside in District 7 that will be on sale in the third quarter.

HDB will guarantee products of Carillon 3 project in Tan Binh District which will be announced in the third quarter.

Pham Nhat Vinh, chairman and general director of Sacomreal, said if developers failed to hand over residential houses as agreed in the lease-sale contracts, the purchaser may request the guarantor to return the advance and other payments made to the investors.

"The property market will then develop more transparently and sustainably. The provision ensures that developers are financially viable and greater security is provided to buyers," he said.

"Sacomreal's signing with banks prior to Article 56 taking effect has shown our strong commitment to buyers about the projects' quality and progress," he said.

At the signing ceremony, the company announced the sale of 117 land lots covering an area of 90-220 sq.m each of the Jamona City project in District 7 after the first sale of all of its land lots. — VNS