Khanh Hoa's first housing project opening the door for foreigners announced
23/07/2020 12:01 | Source: ThanhnienViet
Developer of Nha Trang Bay, which is a complex of hotel, services and condominiums (25-26 Pham Van Dong Street, Nha Trang City, Khanh Hoa), is now allowed to sell its condominiums to foreign organizations and individuals.

Nha Trang Bay project
Nha Trang Bay (a.k.a Scenia Bay) is the first housing project in Khanh Hoa that can be
sold to foreign individuals and organizations.

On July 21, Khanh Hoa province’s Department of Construction announced that the complex project of hotel, services and condominiums Nha Trang Bay (a.k.a Scenia Bay), developed by Nha Trang Bay JSC, is now available for foreign home buyers. This is the first housing project in the central coastal province that opens the door for foreign homeownership. 

According to the department, this complex project consists of 704 condominium units. Under the current laws, foreign individuals and organizations can own no more than 30 percent of the total condo units, equivalent to about 211 units in the project.

The local authority also requires developer Nha Trang Bay JSC to notify it in writing or by email right after (in the same day) signing a contract with a foreign individual or organization. 

In October 2019, two companies, one headquartered in Long An and one in Khanh Hoa, were found to have illegally sold a total of 65 apartments at Gold Coast and Napoleon Castle projects in Nha Trang to foreigners. The two above projects were located in areas which had not been clarified whether foreigners could own homes or not. These two companies were asked to terminate the illegal contracts with foreigners.