As much as 99% of real estate projects in
Vietnam are lagging behind schedule, according to the Vietnam Construction
Association.
Hanoi
Housing Management and Development Company’s project which was scheduled to be
completed in summer 2012 only has its basic parts done. The Cho Mo Commercial
Centre is also far behind schedule, despite being slated for a summer 2012
finish.
The
Hapro Commercial Centre, scheduled to be finished in late 2011 is only now
having the basic elements constructed, with the whole project moving at a slow
pace.
Many
real estate projects are being halted or delayed across Hanoi, such as the
Tricon Tower in Hoai Duc, Royal SMS building in Ha Dong, and the G3AB Yen Hoa
apartment block in Cau Giay.
The
Skylight apartment project in Hanoi developed by the Construction Machinery
Corporation Coma was started in 2009 and was expected to be completed in June
2011. However the building isn’t yet even halfway finished .
A
construction worker at the site said, "The pace of construction was very
sluggish before. It's only been progressing more steadily since November
2011". He also said only 120 workers were working on the site and there's
always a short of building materials and supplies.
"It
may be completed in another two years." Another worker said.
The
delayed construction projects have caused worries from homebuyers. Lan Anh, a
customer of a high-rise project at 187 Tay Son Street, Hanoi, said, "We
borrowed a loan from the bank at the interest rate of 22% per year. Now we want
to sell the unfinished apartment we bought because the construction progress is
too slow but we don't know how to recoup the money."
Many
customers in the Usilk City project are also worried about their investment.
They had made a full payment in order to guarantee floor space in the
commercial centre. However, nine months have passed since the completion date
and the building is still on hold.
The
construction industry is feeling the impact of the global recession combined
with fiscal policies designed to curb inflation and stabilise the macro
economy. Real estate developers' investments have dried up, and office and
apartment projects are either stagnant or have slowed down.
According
to the real estate research division of CBRE, customers are now bearing the
brunt.
DDDN,
dtinews.vn
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