Authorities issue query into Manhattan Tower delay

Manhattan Tower project was brought to question by the authorities

The department has just sent a document to the developers of the project related to the delays and asking homebuyers for payments.

Manhattan Tower (formerly Thanh An Tower) is located on a 4,182 square metre golden land plot at 21 Le Van Luong Street, Thanh Xuan district, and is developed by Thanh An Corporation, Ba Dinh Construction Consultancy-Investment JSC (Ba Dinh JSC), and Landmark Holding.

Accordingly, these developers have to provide feedback about the complaints of homebuyers regarding the project stalling for a long time and missing the deadline for completion. They also need to address accusations of violations during exercising house purchasing contracts with homebuyers and irresponsible business practices. Homebuyers complained that the developers are continuously asking them to pay for the apartments, even though the project construction has been stalling for a long time without any information and explanation, which violates Article 8(8.2) of the purchase contract.

In addition, the Department of Planning and Investment also asked these developers to explain why homebuyers cannot borrow money from banks to buy the apartments at Manhattan Tower, which leads to suspicions that the developers have mortgaged the project.

Previously, in a document sent to the authorities, homebuyers claimed that the delay of Manhattan Tower since December last year has impacted their life heavily. They have tried to contact the developers but failed or were only met by staff who could not give them any information. They feel like being scammed.

In a talk with VIR, several homebuyers were surprised to hear that the project is stalling and expressed concern as up to that point they continued paying the agreed instalments to the developer.

VIR reporter also tried contacting the landowner Ba Dinh JSC many times but failed. Meanwhile, the developer Landmark Holding confirmed to VIR that construction at the project has been stalling. However, as a developer, the company cannot control or operate the project and are unable to dispel the problems holding it up.

“We sent a document to request a meeting with Ba Dinh JSC and other relevant parties but got turned down. In order to be able to provide feedback to homebuyers and develop the project, Landmark Holding's board of management proposed acquiring the whole project but the deal did not succeed," CEO Truong Hoang Vu told VIR , claiming that Ba Dinh JSC did not pay the main contractor, which is the reason behind the project stoppingd.