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One of the most critical factors when purchasing a real estate project is legal status. Even if a project boasts a desirable location, premium amenities, and competitive pricing, unclear legal standing presents significant risks. So what is the legal status of The Global City?
On March 18, 2021, An Phong Construction held the groundbreaking ceremony for the project. According to available information, The Global City project is currently under construction with numerous internal amenities being progressively completed.
Key milestones confirming The Global City’s legal status
- January 12, 2001: The Prime Minister approved the project as a Golf Course, Sports, and Residential Complex under Decision No. 57/QD-TT.
- November 30, 2015: Ho Chi Minh City approved the detailed master plan adjustment at a 1:500 scale for Saigon Binh An Urban Area (now The Global City Urban Area) under Decision No. 6292/QD-UBND, covering an area of 1,174,221.9 m² in An Phu Ward, District 2.
- February 15, 2017: The Prime Minister approved the urban area project adjustment with a total area of 1,174,221.9 m² under Document No. 224/TTg-CN.
- December 18, 2020: The Ho Chi Minh City Department of Construction issued a construction permit (No. 155/GPXD) to Saigon Investment and Development Joint Stock Company for technical infrastructure development in The Global City urban area.
Land ownership tenure for The Global City project
Under Vietnamese law, standard land use rights are granted for 50 years from the issuance date of the Land Use Rights Certificate. However, investor Masterise Homes has been granted an extended land use rights certificate for The Global City project with a tenure of up to 70 years, providing buyers and investors with extended security for property ownership and business operations.
This is a rare project with a red book grant. For foreign nationals, the validity period remains 50 years in accordance with current regulations.
Will customers transacting at The Global City project sign a preliminary agreement or a sales contract?
Because the project maintains full legal compliance, customers need only pay 10% to execute a Sales Contract directly with the developer.
HOW TO PURCHASE AND VISIT THE GLOBAL CITY PROJECT
For consultation regarding The Global City project, please contact our hotline: 0918 195 449
SaiGon Luxury Real Estate Company
