HO CHI MINH CITY ASKS FOR REGULATIONS ON OFFICETELS, CONDOTELS

Ho Chi Minh City People’s Committee has sent a document to the Government Office to ask Prime Minister Nguyen Xuan Phuc to issue regulations on officetel, condotel and resort management.

According to the People’s Committee, the demand for developing officetels is quite high because they have started to meet the needs of urban development, especially demands for office space among small- and medium-sized enterprises in the region.

However, without specific regulations on construction, land, finance and management, their continued development could put pressure on the technical infrastructure and social infrastructure of the city.

In order to handle practical issues related to the management of new real estate models, including officetels, the Ministry of Construction (MoC) previously submitted a report to Deputy Prime Minister Trinh Dinh Dung to propose some solutions.

According to the MoC, hotel construction projects (condotels) and office combined accommodation (officetels) are not regulated by construction, real estate or housing legislation.

However, the Investment Law of 2014 stipulates that investors are entitled to carry out investment activities if not prohibited by the law, making it difficult to manage these new real estate models, especially the application of standards for planning and design.

Source: VIR