Purchasing properties in Vietnam - thele.blog

Dear Mr. Hung Le,

I hope everything is going well with you!

We had a meeting/talk half a year ago about my interest in the VN property market. 

I recently made it back to Vietnam after covid restrictions ended – and had some great time in Hoi An and HCMC.

My main aim was to have a close look at the Shantira project in Hoi An, and several visits there gave me a good impression of the project.

I have come so far that I will pay the deposit ( 3.000 USD)  for a small unit there (34 sqm – around 90.000 USD to be paid over the next half year or so). I negotiated a 14 day deadline for signing the long term lease contract and paying the first installment – so I have still time to pull out without too much damage.

I would like to ask for some services for some DD activities for this investment.

Yes – I know that there is lacking a regulatory framework here – but assuming that the project will come up and running, what I get is quite attractive for the given price – and that the owners/managers are relatively financially sound and thrustworth – I would like to think through some scenarios – and possible worst case scenarios – and practicalities as well.

The tower I am buying in now is requiring me to rent it out for the first 5 years – before I can use it for my own purpose. In Tower A – which most seems to be sold – people can opt for using it for living. Currently probably only around 10% of  Tower B has been sold which also made it possible for me to make a good choice of unit.

Let me know I can proceed with this request – I can summarize the main issues I would like to discuss/have accessed tomorrow.

I might be suing Savills since they sold an apartment to me which didn’t have the right or confirmed legal papers as the building is under investigation. I want to sell my apartment but can’t now because of the fucked up story with Masteri Millennium and ownership of the land and area.

Dear Tram,

Thank you for pushing the progress from your finance dept. I’ll wait for your update tomorrow. Refund within this month is definitely taking too long. We are supposed to receive the refund within this week according to the term on the contract/agreement originally.

Hi Tram,

Tried to call you a couple times and you’re probably away from the desk. We really need to know the update at this moment. Please adv. Really appreciate it!

Dear Mr. Zhu Yigang,

Warmest greetings from Customer Service Department, I hope this email finds you well.

Frist of all, I would take this chance to thanks for your support and corporation during the past time.

Secondly, regards to your concern about the payment status, I am truly sorry for the delay up to now.

We are still following up with our finance as well as the bank on the payment process. However, as you know, due to the Covid-19 status, all process of payment was taking longer time than normal.

We truly understand that the delay affected to your plan, however, there are some aspects that out of our control and we seek for your kind understanding.

While we always try to meet our customer satisfaction, unfortunately, in this case, we’ve failed on our objective due to unexpected situation. 

Please be assured that we are doing our best to get the payment done as soonest possible. Please allow us to solve the matter within this month and the payment to be refunded by end of this month latest.

I hereby attach the Liquidation Agreement for your reference.

Once again, thank you very much for your kind understanding and best regards,

Dear Hung,

Thank you very much. I have taken your advice and converted all USD to Dong using the bank service. Fortunately the rate is good due to the ongoing trade war with US and China. Like you said all the banks need USD now. I have also transferred the money to the developer Alpha King as they can only receive the amount in Dong.

Thanks again for the advice. 

Warm regards,

Edison

Hi Pati,

Good Morning.

Thank you very much indeed for your email.

After detailed discussion with my partner, we have some conclusions as follows.

According to our signed SPA, the developer needs to hand over the apartment to us when we pay the 1st instalment 30% to them. We have already paid the 1st instalment in advance, so the developer need to hand over the apartment to us right now.

The amendment in the SPA “Within 10 days from receipt of the Notice of delivery of the Certificate and no later than 02 days before the date designated as hand-over date in the Notice.” in row of “3rd instalment” is not acceptable. The original wordings in the signed SPA is “receive the Apartment Ownership Certificate”. Also, we are told by your colleagues several times that we can pay the remaining 5% after we get the Ownership Certificate PINK BOOK. Thus, we need to keep wordings as in the signed SPA.

After detailed discussion with my partner,  we will not sign the amendment. Please inform the developer to follow the signed SPA: Handover the apartment to us now and give us the signed (by both sides), stamped SPA. After receiving the apartment and the signed (by both sides), stamped SPA, we will pay the 65% right away.

(The payment process will last for 4 days because Standard Chartered Bank can only transfer 1B per day).

It does not make sense if the developer can change the signed SPA’s terms deliberately. It is not fair to us. The developer suddenly want to amend the SPA after we pay the 1st instalment and it is unreasonable. This request from the developer scares us. It is because we based on the previous SPA’s terms, signed them and confirmed the purchase.

Thank you very much indeed for your understanding, time and great help.

Many thanks and Best regards,

TAM