The nearly 1 billion USD subdivision includes a system of 5-star hotels, resort villas, entertainment facilities, a casino, and an international convention and exhibition centre, with more than 6,000 rooms, serving over 18,000 guests at the same time.
A new government decree is expected to help remove difficulties for the domestic leisure property market, which is experiencing a 10-year low in demand, experts have said.
Buyers of condotels, officetels and resort villas can have ownership certificates from May 20 under a new decree guiding the implementation of the Land Law.
Ownership certificates will be granted to buyers of condotels, officetels, resort villas and other properties which are built on commercial and services land and used for accommodation and tourism purposes.
The Ministry of Construction has asked provincial and municipal people’s committees to tighten management on condotels, officetels, resort villas and shophouses while there remains a shortage of regulations to ensure the development of these new property products.
Prime Minister Nguyen Xuan Phuc has recently issued Directive No.11/CT-TTg on several solutions to promoting stable and transparent development of the property market.
