Luxury Vietnam Apartment Owners Left Hanging as Land Seized
- Novahome Madison told buyers force majeure event had occured
- Reclamation linked to criminal case against Phan Van Anh Vu
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A luxury residential project jointly developed by Novaland Investment JSC, one of Vietnam’s biggest property firms, is in limbo.
Novahome Madison JSC sent letters to buyers of its Madison project in Ho Chi Minh City last month, saying the 187 apartments couldn’t be handed over because of a force majeure event that resulted in the land being seized by the government. The development, managed by Savills Plc, was completed in December 2018 but residents have yet to move in, people familiar with the matter said.