SAIGON SOUTH SEES FIRST LONG-TERM LAND USE RIGHTS CERTIFICATE HOLDERS

By Ngoc Huong

(SGT-HCMC) Four households in Saigon South have received long-term land use right certificates from the HCMC authorities, becoming the first holders of the certificate in the new urban area in District 7.
The granting of long-term land use right certificates was in accordance with a decision issued by the HCMC People’s Committee on October 31, 2000 said Huynh Van Tuong, head of the land management department of the Saigon South Authority. According to the decision, the city government agrees to the transfer of 1,631 sq. m. of land to 10 households for building housing in the new urban area, developed by Phu My Hung Co., an undertaking of the CT&D group and Tan Thuan Industrial Promotion Co. (IPC).
Tuong told the Daily such certificates allowed holders to transfer, lease, mortgage land and contribute capital by land use rights and this was likely to encourage more people to purchase land in Saigon South. The granting of long-term land use rights certificate to Saigon South residents on a pilot basis would help Phu My Hung Co. raise its competitiveness in real estate trading, he said.
The city government has allowed Vietnamese people in other cities and provinces to buy land in Saigon South as a way of luring more people to the newly urbanized area. "Meanwhile, migrants are allowed to buy houses in other areas only" he said.
Tuong revealed Phu My Hung had asked the city for permission to sell houses in Saigon South to overseas Vietnamese and foreigners, but had yet to receive a response.

Index of Articles