The Binh Thuan provincial Department of Construction has ordered Trung Son Bac (TSB) Co., Ltd., the owner of the Thanh Long Bay project to stop all transactions related to the resorts sales and to also immediately cease in completing and transferring sales transactions.
According to Binh Thuan authorities, TSB has been illegally selling units in its development before it has completed its own investment procedures that will then make it eligible to begin “official and legal” sales.
|Customers examine a Thanh Long Bay sales exhibit|
Currently, TSB staff has been involved in “pre-orders” and have obligated interested homebuyers to make “prepayments” and “deposits” in order to register their interest and secure future property. Based upon the current lass related to the real estate business, these activities are all illegal at this time.
|A photo of the beautiful and famous Ke Ga beach lighthouse|
The Thanh Long Bay development is a mixed-use real estate project that is located on 90 hectares in the Ke Ga beach area of Ham Thuan district in Binh Thuan province. The project is being built in multi-phases that will eventually see apartments, condominiums, hotels, a conference center integrated with bars, restaurants, shopping facilities and a dedicated yacht harbor.
Upon completion there will be 150+ villas, 1,000 shophouses and 6,000 apartments that will face the Ke Ga beach. The Nam Group is developing the complex and several international strategic partners including Accor Hotels and the Wyndham Hotel Group will join the operation and management of the project upon completion.
The Thanh Long Bay development is the latest real estate project that Binh Thuan authorities have said is violating laws related to the proper registration and regulations for real estate projects. Previously the authorities have also singled out both the APEC Mandala Wyndham Mui Ne and the Goldsand Hill Villa resort for raising capital prior to completing each developments required investment and licensing procedures.