Apartment buildings likely to be categorized

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Apartment buildings likely to be categorized

Saigon Times - 1/27/2016 1:34:36 PM

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Apartment building projects might be assessed and categorized as A, B and C to serve as a basis for the parties concerned to decide condo prices and management service fees.

The classification of apartment buildings is mentioned in a draft circular which the Ministry of Construction has passed around for comment.

Nguyen Manh Khoi, deputy head of the Housing and Real Estate Market Management Department under the ministry, said at a conference in HCMC over the weekend that the circular would be applicable to commercial, resettlement and multi-purpose condo projects if it is issued.

Apartment buildings will be graded based on architecture, social and technical infrastructure, condo quality and management services.

Khoi said apartment buildings assigned with 90-100 points would be categorized as A, B with 80-90 points and C with less than 80 points.

The appendix of the draft circular has specific criteria to classify apartment buildings. For instance, projects with sport and commercial services available for use less than 500 meters away from condos will be added two points and over 500 meters one point.

Many enterprises said ranking is necessary to evaluate the value of condos as it is a basis to make management service fees compatible with those set by local authorities. This would help prevent disputes over service and management prices.

Nguyen Tien Dung, general director of Saigon Vista Corporation which provides management services for buildings, said though apartment management services depend on districts, residents often complain they do not get their money’s worth with the quality of service.

He said management companies should ask investors to announce the rankings of condos before they put up for sale their products so that customers can make well informed decisions.

Meanwhile, other firms said ranking apartment buildings is unnecessary since homebuyers and investors can strike deals on apartment prices and management services on their own. They said the regulation on rankings may complicate administrative procedures.

Khoi of the ministry said many criteria in the draft circular may cause controversy as they may be different from the reality so the ministry should review and adjust them. He said ranking apartment buildings is inevitable as it is stipulated in the 2014 Housing Law.

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