Local authorities in Khanh Hoa Province have asked Cat Tiger Khareal Company, owner of the Napoleon Castle 1 residential project, to terminate and liquidate property contracts related to the illegal sale of 20 apartments to foreign buyers.
An artist’s impression of the Napoleon Castle 1 residential project in Khanh Hoa Province, where 20 apartments were illegally sold to foreign buyers – PHOTO: THANH NIEN ONLINE
The provincial Department of Construction has issued Document No.3564, asking the project owner to ensure the contracts’ termination and liquidation, reported news site VietnamPlus.
The sale of the 20 apartments to foreigners has violated regulations under Articles 75 and 76 of the Government Decree 99, dated October 20, 2015, said the department.
According to Tran Nam Binh, deputy director of the construction department, the department will team up with the provincial police and the Military Command to take further steps in line with prevailing regulations, right after Cat Tiger Khareal completes the contracts’ termination and liquidation.
The residential project Napoleon Castle 1 is located on Nguyen Dinh Chieu Street, Vinh Phuoc Ward, in the provincial city of Nha Trang. Covering an area of 3,000 square meters, it comprises 40 stories and three basements, with 824 apartments.
Construction has been completed and mandatory inspections are pending. However, the developer has already handed over the apartments to 200 buyers and continues to furnish the properties.
On being notified of the situation, the provincial construction inspectors on October 16 imposed an administrative fine of VND55 million on the developer. In addition, the firm was asked to complete inspections and compensate for the losses of the involved parties within one month. SGT