The Metropole Thu Thiem developer fined for late reporting of 272 apartments sold to foreigners

The HCMC People’s Committee has issued an administrative penalty decision against Quoc Loc Phat JSC – developer of The Metropole Thu Thiem – for late notification of transactions involving 272 apartments sold to foreign organisations and individuals in the Thu Thiem New Urban Area, An Khanh Ward.

What the penalty decision says

• The violation concerns 272 apartments on three land lots in Functional Zone 1, Thu Thiem New Urban Area, An Khanh Ward.
• Lot 1-13 (The Crest Residence): 62 apartments sold to foreigners with late notification as required.
• Lot 1-16 (The Galleria Residence): 104 apartments.
• Lot 1-17 (The Opera Residence): 106 apartments.
• The company must pay the fine within 10 days of receiving the decision and provide proof of payment to the authorities.
• If it does not comply voluntarily on time, the decision will be enforced in accordance with the law.

Project information in the decision

• The Metropole Thu Thiem is the trade name of the Song Viet Complex project, located in Functional Zone 1 of the Thu Thiem New Urban Area.
• The developer is Quoc Loc Phat JSC; estimated total investment is VND 7,300 billion.
• About 7.6 ha, with four subdivisions of about 1,300 apartments plus retail, service and office areas.
• The four development phases are The Galleria Residence, The Crest Residence, The Opera Residence and The Amaris Residence.
• Quoc Loc Phat was assigned the project in 2017, when its major shareholder was Keppel Land (Singapore). Keppel Land later divested, and Son Kim Land JSC joined as project developer from mid-2018.

Rules on notification when selling homes to foreigners

• Under the 2023 Housing Law, foreign organisations and individuals may buy and own no more than 30% of the apartments in one building.
• The corresponding limit for individual houses is no more than 250 houses in an area with a population equivalent to one ward.
• The seller must notify the Department of Construction by email and in writing of the buyer’s name and the address of the home sold within 3 working days of signing the sale contract.