Nha Trang property developer sells apartments illegally to 20 foreigners

Government of Central province Khanh Hoa has just asked a property developer to terminate 20 contracts selling apartments to foreigners as the sale was unauthorized.

The 40-storey Napoleon Castle apartment complex in Nha Trang city. Photo: An Phuoc

Local media reported that the cancellation order was issued yesterday by the Khanh Hoa’s Department of Construction to Cat Tiger Khareal real estate company, which is developer of the 40-storey Napoleon Castle apartment complex in Nha Trang city.

The department that the developer had not obtained the local government’s permission to allow foreign ownership in the project.

Cat Tiger Khareal has been told to report cancellation of the contracts to the department in November. The department added that it would consult relevant agencies to assess if the project is part of a "national security area" where foreign ownership is banned.

Located 550 meters away from the Nha Trang coastline, Napoleon Castle project will offer 1,000 apartments, covering a landsite of 3,000sqm.

Eventhough the project is still undergoing construction, its developer has handed over 200 apartments to residents, which violates safety regulations. They have been fined VND55 million ($2,375) for the violation.

Vietnam law allows foreigners to buy property, except land and not more than 30 percent of a residential quarters or apartment project. However, no foreigner is allowed to own real estate in areas deemed vital to national security and defense.

Source: Vnexpress