The Palm City project is entering a new stage of development when the Palm River subdivision officially starts, and at the same time continues to promote infrastructure investment and complete the legal requirements for existing subdivisions. The business affirms transparency and develops the project in a sustainable direction.
Synchronizing infrastructure, completing the legal foundation
Recently, Nam Rach Chiec Co., Ltd. and Huong Viet Properties (HVP) have officially started the construction of the Palm River subdivision of the Palm City project, an urban area with a scale of more than 30 hectares in Nam Rach Chiec, Ho Chi Minh City. Ho Chi Minh City. This event marks a new stage of development of Palm City and is a testament to the project’s active implementation, on schedule and in full compliance with the law.
Sharing about the legal basis of the Palm River subdivision, the representative of the business said that this subdivision is exempt from construction permits according to regulations and has a detailed plan of 1/500 approved by the competent authority. Completing the planning early helps ensure synchronous implementation items, and at the same time creates a clear legal basis for customers to access planning information and urban development orientations.
In parallel with the development of new subdivisions, the enterprise continues to invest in synchronously completing the infrastructure system, landscape and utilities of the entire urban area. In particular, many items are being implemented such as: riverside park nearly 3 km long, internal park system, sports and health care center, internal road network and utilities serving the existing resident community.
The increase in green area and the addition of utilities contribute to improving the quality of life for residents, gradually making Palm City a green resort urban area in the heart of the city, where residents enjoy a living space close to nature right in the center of Ho Chi Minh City. Ho Chi Minh City.
Along with the process of investing in infrastructure and deploying new subdivisions, Nam Rach Chiec also focuses on completing legal procedures for subdivisions that have been put into operation. In particular, the issuance of house ownership certificates (pink book) to residents in Palm Heights is being accelerated.
For the Palm Residence subdivision, legal procedures continue to be carried out in accordance with regulations in order to sign a purchase and sale contract and issue a pink book to residents in the near future.
The representative of the business said that the gradual completion of the legal requirements for the subdivisions that have been put into operation not only shows the commitment to long-term companionship with the resident community but also contributes to strengthening the value of assets as well as customers’ trust in Palm City.
Information transparency, consistency in long-term development strategy
In the process of implementing the Palm City project, the representative of Nam Rach Chiec Co., Ltd. affirmed that it will continue to pursue a transparent development orientation, fully comply with legal regulations and long-term investment. The enterprise also affirmed that it will ensure transparency and strict compliance with regulations throughout the entire project development process.
Regarding the Decision No. 335/QD-XPHC of the Inspectorate of the State Securities Commission (SSC) sanctioning administrative violations against Nam Rach Chiec Co., Ltd. recently announced, the representative of the enterprise informed that this decision is related to the use of part of the capital obtained from the private placement of bonds that is not in accordance with the plan announced with the investors in the previous period.
In particular, the content of the sanction is not related to the project’s legality, construction progress, or the interests of customers and residents in Palm City. This is a matter of financial information disclosure procedures in the past, and all related contents have been fully disclosed by the Company to the SSC from May 9, 2025 in accordance with regulations.
Also according to the information announced on May 9, 2025, Nam Rach Chiec Co., Ltd. has ahead of schedule the entire two lots of NRCCH2125001 bonds worth VND 1,300 billion and NRCCH2226001 worth VND 700 billion. The early settlement means that the enterprise has fulfilled all financial obligations to bondholders, including the interest of nearly VND 149 billion paid in 2024. “This is a clear demonstration of Nam Rach Chiec Co., Ltd.’s responsible financial commitment to investors,” the business representative affirmed.
In the coming time, Nam Rach Chiec Co., Ltd. affirms that it will continue to invest in improving the urban ecosystem in Palm City in the direction of sustainable and long-term development, focusing on product quality, actual use value and living experience of residents. At the same time, continue to accompany customers, residents and partners in the process of developing Palm City to become one of the typical urban areas of the East of Ho Chi Minh City. Ho Chi Minh City.
