Central Vietnam’s Danang lists 4 tasks with housing eligible for overseas possession

Danang, the urban hub of central Vietnam, has released a list of commercial housing projects where foreign organizations and individuals can own properties.

The first one is Olalani Riverside Towers, located in Nai Hien Dong ward, Son Tra district.

United First JSC, the project investor, broke ground this June for the project that will have 1,425 apartments and 113 single houses, in June.

The second one is an apartment complex at Lots B4-1 and B4-2 of the tourism-service area in My An ward, Ngu Hanh Son district. Cu Lao Cham Investment Tourism Trade JSC is the investor in this project with 679 apartments.

The third project, developed by Terra JSC, is the Hoa Quy-Dong No riverside urban area in Hoa Quy ward, Ngu Hanh Son district. It will have 202 terraced houses and 27 villas.

The fourth project with units eligible for foreign ownership is the high-end New Town commercial- sports-serviced urban area in Hoa Hai ward, Ngu Hanh Son district. Developed by New Town Development Company Limited, it will have 1,733 apartments and 1,160 villas.

In announcing the above mentioned list of four projects, the municipal Department of Construction has added a proviso that if any of them were to fall within areas designated for national defense and security by the Ministry of National Defense or the Ministry of Public Security, contractors cannot lease or sell properties therein to foreign organizations and individuals.

They also must terminate any lease or sales contracts with foreign entities and address any issues related to relevant agreements.

Foreign ownership of housing properties in Vietnam are regulated by the 2023 Housing Law, which stipulates, inter alia, which kind of properties can be owned (apartments), the limit of ownership within a project (30%) and the time limit (50 years).