Ho Chi Minh City: Investor Project Horizon Apartment sales contract violations with customers As reflected by customers who have signed "promised buyers promised to sell the apartment 'month 5/2004, said plans building project Horizon Tower real Estate company by Fico representing investor consortium consists of: General Building materials Corporation No. 1, JSC mortgage Finance Corporation RC and Vietnam Dairy Products offering apartments, so people contribute capital to buy houses. When offered, advertised investors building project Horizon Tower has over 14 floors with 200 apartments with the area from 70-149m2 / apartment; The average selling price from 13- 14 million / m2; the delivery time is 30 months from the making of the contract. But when customers sign a contract and pay 30% of the total value of the apartment (about 400-600 million), the project implementation schedule is starting to slow. Until May 4/2007, the new investor to execute the project with adjustable height up to 22 floors. Soon, dated 9/4/2007, customers who signed contracts to buy apartments of the building projects Horizon Tower continued to worry when Do Phi Hung-Deputy Director of construction Ho Chi Minh city announced this works without a building permit. Fico also Real Estate Company representing investors say that because the mechanism, so the project had to construction without a building permit as prescribed. To explain, dated 09.21.2007, FICO Real Estate Company has customers send documents to apologize for the incident on for reasons of force majeure, and promised to resolve, following the commitments made in terms promised promised sale contracts to buy apartments. However, 7/2008, some customers are invited to inform the new situation. As representatives of the investors, due to rising real estate prices, rising material prices, rising labor ... to work should continue to be built, customers have to pay extra money. Most of them do not agree with this interpretation of the investors, the public and the financial proposal already collected their money, as well as price increase plan. After four years of implementation, Horizon Tower building projects not yet completed, but many customers are still waiting on the apartment. Recently, dated 26/9/2008, Ms. Wang Thuy Nga-Director Company Address Fico was suddenly real to inform customers about the "Resolve the suspended construction project Horizon Tower". Accordingly, to carry out construction work was completed, the company launched two Fico Real Estate plans to customers to choose. First, the price per m2 apartments will increase by 6 million, bringing the average cost up to 19.6 million / m2. Explaining this, the investors said they have accepted the loss because the current value of land use rights over 3.300m2 in District 1 was greater than 75.6 billion price of the previous time . Second, investors stressed: "With all the calculations mentioned above, if the client does not agree with option 1, we regretfully will force the liquidation of contracts purchased promised, promised sale signed former". In addition, this notice must also assert customers to investors prior opinion dated 15/10/2008. Where no contact or not resubmit the plan of choice, be deemed to have agreed to the first embodiment. The contract performance inconsistencies, non-transparency of investor Horizon Tower apartment project has not received the consent of the restaurant opened. They said that with the money to pay additional per apartment from 400-800 million would be difficult for buyers because banks are no longer lending in real estate, while borrowing in other sources must bear a very high interest rate. And yet, this price increase will not have a clear plan to convince customers. Many customers confirmed to sue if Fico Real Estate Company continues to plan to increase the price, and not determined the time of handover Horizon Tower apartment projects under contracts of sale apartments pledge promised to buy. /.
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