An artist’s impression of the interior of an officetel unit. (Photo: TL)
Nguyen Thanh Toan, deputy director of the municipal Department of Planning and Architecture, said that many projects cannot be granted licenses because they consist of officetel units, bringing these projects to a standstill.
At present, the city is unable to approve officetel projects as the Government has yet to work out a legal framework for this segment, Toan added.
According to the investor in an officetel project in HCMC, the city’s decision is just a short-term solution.
The city government has suspended the licensing of new officetel projects since April 10 last year, awaiting the central Government’s word on this new property product.
The licensing suspension has significantly affected officetel projects in the city.
The developer of an officetel project in District 7 said that his company had changed the design for the project to exclude officetels, wasting time and money.
Late last year, the HCMC government proposed the central Government issue regulations on officetel management. According to the city, the demand for these real estate products was high, especially from small and medium enterprises.
The lack of regulations on construction standards and the management of officetels may put pressure on the city’s already-overloaded infrastructure.
