Photo: P.P.H

HCMC's District 1 authorities have begun tearing down two old condo buildings to facilitate condo-commercial center-office complex projects.

The projects had been delayed five years due to disputes in site clearance and compensation. Meanwhile, local government and people were afraid the old buildings at 289 Tran Hung Dao Street and 74 Ho Hao Hon Street would collapse.
For the Tran Hung Dao building, local authorities and Saigon Real Estate Joint Stock Co. had plans to evacuate 194 families in 2004. However, around 38 households refused to move although compensation rates were increased to VND19-152 million per square meter.
To push up the projects, Duc Khai Joint Stock Co, paid VND21 million more for each square meter of the house block next to the building. Most of the families have moved into the Bau Cat condo building in Tan Binh District.
Statistics from the Construction Department show that HCMC needs to upgrade or rebuild 67 old condo buildings. Compensation is still the biggest challenge for the projects.

Rol.vn - Source