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Keangnam directed to refund maintenance fees

Released at: 17:35, 02/06/2015

Keangnam directed to refund maintenance fees

Owner of Keangnam Hanoi Landmark Tower must refund fees to residents prior to June 10.

by Thu Hoang

Keangnam Vina has been told to refund maintenance fees to residents at Keangnam Hanoi Landmark Tower before June 10, with the amount to equal 2 per cent of the combined value of apartments purchased.

The direction was made by the Nam Tu Liem District People’s Committee after a meeting between representatives of the Hanoi Department of Construction, Keangnam Vina, and the Tower’s management board on June 1.

According to the management board the company sold 922 apartments in the project in 2010 and took 2 per cent of their combined value to use as a maintenance fund, in accordance with legal requirements.

With a sales price of VND60 million ($2,790) per sq m, the total maintenance fees collected are estimated at VND160 billion ($7.4 million).

The law also requires the company refund such fees to residents immediately after a management board has established. Three years after a management board was set up this is yet to happen.

According to a representative from Keangnam Vina, the developer and the management board did not agree on the final sum and the specific payment method at the June 1 meeting. "It is a large amount of money so it is quite difficult for the company to make the refund on schedule, though we will do our best to follow the direction," the representative told local media.

The request comes after a direction from Deputy Prime Minister Hoang Trung Hai, who asked that the Hanoi People’s Committee investigate the issue of maintenance fees at Keangnam Hanoi Landmark Tower after residents sent written petitions to authorities on the matter.

The 72-storey tower, also known as Landmark 72, is located in the capital’s Nam Tu Liem district and is the tallest building in Vietnam. A court in Seoul recently issued a decision permitting the South Korean-based Keangnam Enterprises to sell the tower to address its debts.

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