These are housed within two towers spanning over an area of one hectare, offering 80 units, ranging from studios and three-bedroom residences, to duplexes.
The regulation about granting ownership certificate for condotels and officetels was expected to tackle the legal bottlenecks for enterprises and individuals investing in these properties which had been existing for nearly a decade.
The Ministry of Public Security has proposed not granting ownership certificates to allow condotels, tourist villas and officetels to be turned into residential projects.
More detailed regulations were needed to promote a healthy development of the condotel market which had been going off-track for years due to the unclear legal framework, experts have said.
Investment in condotels remains appealing despite defaults in profit commitments by property developers, but a clear legal framework is needed to protect investors’ rights, according to experts.
A legal framework covering condotel properties is urgently needed to protect the rights of both developers and buyers and to ensure sustainable development.
Many businesses in the country have invested in these property products, despite the lack of a specific legal framework for condotels, officetels and resort villas.
Vinpearl Joint Stock Company, a member of property developer Vingroup, on September 15 officially launched four international standard five-star Vinpearl Hotels in Hue, Quang Binh, Thanh Hoa and Lang Son, increasing the number of Vinpearl units to 27.
Indochina Hoi An Beach Villas Company Limited, a subsidiary of Bamboo Capital JSC, has signed agreements with local and international companies for designing, building, construction supervision, financing, distribution, and others at its Malibu MGM Hoi An condotel and villas in...
HCM City People’s Committee has sent a document to the Government Office to ask Prime Minister to issue regulations on officetel, condotel and resort management.
Vinpearl Condotel Riverfront Da Nang is now open to the public. It has more than 860 luxury apartments with unique design and convenient amenities, located along the Han river.