Apartment owners at the Keangnam Landmark 72 Tower are so afraid of losing a hefty maintenance fund when Vietnam’s highest building is sold to a new owner that they have even looked to the prime minister for help.
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The administrative board, which represents the flat owners, of the 72-story building has submitted a complaint to the premier, expressing their concern that a fund worth VND160 billion (US$7.46 million) would be gone with the skyscraper’s owner, South Korea’s Keangnam Enterprises, once it is acquired by a new investor.
Every flat owner is required to pay a fee worth two percent of the purchase contract value to add to the fund, which is meant for maintenance work on the whole building.
Keangnam Enterprises is supposed to transfer the fund to the administrative board once the building is acquired by a new owner.
But the flat owners are worried that the South Korean firm, which is on the brink of bankruptcy over a corruption scandal, will fail to do so.
They thus called on the prime minister to task the Hanoi administration or relevant agencies with urging Keangnam Enterprises to return the maintenance fund to them as soon as possible, according to the complaint obtained by Tuoi Tre (Youth) newspaper.
Keangnam should only be allowed to transfer the Keangnam Landmark 72 Tower, which is the highest building in Vietnam, to the new owner when it has already refunded the flat owners, they said.
A representative of Keangnam Enterprises said the maintenance fund is worth only VND125 billion ($5.83 million), and suggested annually refunding flat owners VND5 billion ($233,013) over five years.
The suggestion was turned down by the administrative board.
Keangnam Landmark 72, consisting of one 72-story office tower at a height of 350 meters and two 48-story residence towers, was developed at a cost of $1.05 billion.
The complex opened in October 2011 and its developer is now in troubled waters at home.
The former head of Keangnam Enterprises, Sung Wan-jong, killed himself in mid-April over a corruption scandal involving many top South Korean politicians.
Keangnam Vina, which operates the Hanoi skyscraper, was allegedly involved in window dressing of the accounting books to hide mounting debts during its construction, according to The Korea Economic Daily.
Goldman Sachs and the Qatar Investment Authority have sent acquisition offers to Colliers International, the New York-based real estate consultancy in charge of the sale of the complex, The Korea Economic Daily reported on April 20.
Keangnam Enterprises still owes bank loans totaling 530 billion won ($48.62 million), according to Vietnam’s newswire VnExpress, which cited South Korean media.
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Flat owners in Vietnam’s highest building seek PM’s helspan over spanossible fund loss
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