Usilk City Project in Hanoi
Vuong Hung Son said he paid VND1.7bn (USD68,000) back in 2009. "We were promised that the apartments would be completed from 2012 to 2014. But once we paid up, the construction stopped," he said.
The departments of construction of Hanoi and Ha Dong District worked with the representative of Song Da Thang Long and Hai Phat Capital Company about the complaints. According to Hanoi Department of Construction, 1,769 apartments were sold as of July 2012. Over 93% of total payment, more than VND3.4trn (USD136m), had been collected for several apartment blocks but construction stopped soon after.
The representative of Hanoi Department of Construction said three apartment blocks were almost completed and can be transferred to buyers. Three blocks only had five storeys completed and another block has only the basic structure completed.
In accordance with the building permit, the apartment blocks should have been completed and transferred to buyers in the final quarter of 2013. It is concluded that Song Da Thang Long breached the contracts and violated the Law on Housing, the city Department of Construction wrote in their report.
According to Song Da Thang Long, their investments at that time were too spread out. As a result, they lacked funding to continue the Usilk City Project.
Song Da Thang Long representative said, "We’re struggling to reform and dealing with legal procedures. We're thinking of collaborating with another investor to continue the project or divesting from other projects."
