30 FAQs (Frequently Asked Questions) related to Malibu Hoi An Project

Malibu Hoi An is a by the sea resort apartment and sea villa project located in the middle of Da Nang and Hoi An, Ha My Beach. Besides, this project is also the first project can issue freehold ownership certificate to the buyer. However, owning a condotel-like property would make the buyer had some worries. Let ihousel give out this post, consisted of 30 FAQs related to Malibu Hoi An.

GENERAL FAQS RELATED TO MALIBU HOI AN

01. Who is the Owner?

The owner of Project is Indochina Hoi An Beach Villas, located in Block 01, Dien Duong Hamlet, Dien Ban Town, Quang Nam Province.

Indochina Hoi An Beach VIllas was possessed by Bamboo Capital Group, headquarters is at  L14-08B Vincom Center, 72 Le Thanh Ton Str., Ben Nghe Ward, District 1, Ho Chi Minh City.

02. What is Bamboo Capital Grpup?

Founded in 2011, Bamboo Capital Group (BCG) has rapidly grown into one of the leading multidisciplinary companies in Vietnam by investing M&A in high growth potential companies. Over 5 years (2011-2016), BCG has completed 11 M&A deals with a network of 11 member companies and 14 associated companies. BCG investment deals are directed to valued and long-term investment.

Investment strategy of BCG: Sustaining and developing member companies, linking, focusing on expansion, developing real estate and solar power.

03. Where is Malibu Hoi An and What is around there?

Location: Lac Long Quan Str., Dien Duong Hamlet, Dien Bang Town, Quang Nam Province. Next to The Nam Hai Resort (Four Seasons).

Regional links (time calculated by driving):

• 25 minutes to Center of Da Nang City (Da Nang Airport).
• 10 minutes to Hoi An Ancient Town.
• Front of Ha My Beach.

04. Which one will join Malibu Hoi An project?

• Design Unit: Bakh Architecture.
• Construction Unit: Hoa Binh Corporation.
• Operation Management Unit: Updating (will be confirmed after Jan 20th)

05. How about project scale?

Total area:  103.131 m².

Total floor area:  105.244 m², including

• 9 floors & 5 floors Condotel Tower with 680 units: 56.638 m².
• 2 floors villas with 93 units: 30.203 m².
• Service and amenites area: 18.403 m².

06. How is condotel tower structure?

Include 2 towers with 690 units:

• Tower A: 9 floors with 470 units.

UNIT TYPE	AMOUNT
1 Bedroom unit (50m²)	256 units
1 Bedroom unit (46m²)	200 units
Suite unit (90m²) aaaaaaaaaa	14 units

• Tower B: 5 floors with 220 units.

UNIT TYPE	AMOUNT
1 Bedroom unit (50m²)	206 units
Suite unit (90m²)	12 units
Presidential Suite unit (90m²)	2 units

07. When will the project be started and handed-over?

• Time of construction: September 2018.
• Time of hand-over: Quarter III / 2020.

08. How about hand-over interiors?

Fully finished hand-over with all 5-star standard on-wall interiors and others.

The list of interiors is specified in the list of intoriors attached to the contract (Annex).

OWNERSHIP FAQS RELATED TO MALIBU HOI AN

01. Is the foreigner buyer granted a permanent ownership certificate?

50 years of ownership and in case of needed, foreigners can extend more according to Vietnam Government’s regulations.

Foreigners who married to Vietnamese have permanent ownership like Vietnamese.

Project Owner are responsible to carrying out procedure for competent state agencies who will issue Certificates for Buyers, except in case that Buyers want to carrying out procedure by themselves by written.

02. What are conditions for foreigners to buy Malibu Hoi An?

For foreigners: 

• Foreigners are allowed to enter Vietnam
• Foreigners must have valid passports with stamps of entry verification of Vietnamese immigration authorities.
• Foreigners are not entitled to the privileges and immunities diplomatic under regulations of privileges and immunities diplomatic fordiplomatic representative offices, consular offices and representative offices of international organizations in Vietnam.

For foreign organizations:

• They must belong to the following subjects: Foreign-invested enterprises; branches, representative offices of foreign enterprises; foreign investment funds and branches of foreign banks in Vietnam.
• They must have a investment registration certificate or a paper issued by a competent Vietnamese agencies approved for operating in Vietnam which is valid at the time of signing house transactions (Article 159 of Housing Law and Articles 74 of Decree 99/2015/NĐ-CP).

03. What are conditions for overseas Vietnameses to buy Malibu Hoi An? (Whether Vietnamese nationality or not)

For Vietnamese Nationality: must have valid passports with stamps of entry verification of Vietnamese immigration authorities.

For Foreign Nationality: must have valid passports with stamps of entry verification of Vietnamese immigration authorities and attached documents proving that the applicant is Vietnamese nationality or a document certifying that they are Vietnamese origin, issued by the Justice Service of the provinces, cities under central authority, the overseas Vietnamese representative offices, the overseas Vietnamese Management offices or other documents prescribed by Vietnamese Law (Article 5 of Decree No. 99/2015/NĐ-CP).

04. Are Buyers eligible for the Malibu Hoi An units transfer?

The Buyers is entitled to transfer the Sale Contract in the future. The transfering of Sale Contract must be made in writing, certified by the Owner to transfer documents. The re-Buyers continue to perform the rights and obligations of the first Buyers with the Owner.

05. What are conditions for Buyers to transfer the purchase contract?

Case of the documents have not been yet submitted to the competent state agencies for granting the Cetificate:

• The Buyers who whatever has been handed-over or not, are eligible to transfer the Sale – Rent Contract for others in case that the Buyers have not yet submitted documents to the competent state agencies for granting the Cetificate.
• The re-Buyers shall have right to continuously transfer the Sale Contract to another organization or individual when the documents has not yet been submitted to a competent state agencies for granting the Cetificate.

Notice: The transfering of Sale Contract is perfoming on an unit involved in the Contract. In case that the Sale Contract involve more than one unit, the transfering will performing on all of the units that involved in that Sale Contract.

Case of the documents have been submitted to the competent state agencies for granting the Cetificate: The Buyers still have right to transfer the Sale Contract with a condition that the re-Buyers commit to continuously perform, maintain and adhere to the Apartment Regulations, Apartment Lease Agreement. Before transfering the apartment again, the re-Buyers must be notify the Owner by writing

06. Do re-buyers have permanent ownership if the 1st buyer have already received Certificate of land use right and assets attached to land?

Yes.

07. Can customers buy a shared apartment?

Customers can buy a shared apartment. All co-Buyers of apartment must together sign Sale Contract, documents and agreements with the Owner. All co-Buyers can also make an authorization letter for one or a group of co-Buyers to sign with the Owner.

08. Do foreigners have to pay 2% personal income tax for transfer?

Yes.

MANAGEMENT FAQS RELATED TO MALIBU HOI AN

01. Are Buyers obliged to sign a 10 years lease?

Yes.

In order to ensure efficient operation of the Malibu Hoi An, all apartments at Malibu Hoi An have been participating in the Rental Program of the Owner for 10 years.

First Management Contract: applied for 10 years irrevocable and committed to profit sharing 90:10.

02. How does rental program run?

The Rental Program will run in 10 years counted on date of hand-over. Malibu Hoi An project will have 02 type of Rental Program for customers to choose.

Rental Program 1A:

• Income: Buyers will receive 90% of after tax profit from the Owner. Buyers will be charged all taxes, fees araising from income amount in accordance with the Law.
• Commited time: 10 years from date of hand-over.
• Payment condition: Buyers must pay full and on time of minimum 95% Apartment Price (Including VAT and maintenance fee).
• Time to pay income: every 6 months, the Owner will close business data on June 30th and December 31st.

Rental Program 1B:

• Application subjects: Buyers who do not receive income from Rental Program in 2 first years. 16% discount on apartment price (Not including VAT and maintenance fee).
• Income: Buyers will receive profit sharing rate of 90:10 (after deducting all fees)
• Commited time: from 3rd – 10th year after date of hand-over.
• Payment condition: Buyers must pay full and on time of minimum 95% Apartment Price (Including VAT and maintenance fee).
• Time to pay income: every 6 months from 3rd – 10th year after date of hand-over, the Owner will close business data on June 30th and December 31st.

03. How many days will customers receive rental income after the closing business data date?

Within 15 days after the Owner close the business data, the Owner will pay the rental income to the Buyers.

04. How about after 10 years lease?

Buyers have 2 options after 10 years lease agreement:

• Option 1: Buyers continuously assign apartment business to the Owner for profit sharing rate of 90:10. Buyers will be charged all taxes, fees araising from income amount in accordance with the Law.
• Option 2: Buyers themselves manage apartment business. By this way, Buyers must pay fee for Operation Management Unit (appointed by the Owner).

05. What is the cost of operating the rental management service?

There are total cost of management, operation and rental of apartments such as electricity, water costs, repair and maintenance fees for individual area and general amenities, warranty fees, etc.

06. Do customers have right to check the business accounting?

Every year, the Owner will cooperate with Auditing Unit BIG 5 to audit financial report and report to Buyers.

07. Which benefits customers have besides rental income?

Buyers and guests of Buyers are entitled to have a 15 nights per year with privilege accompanied services at any time in year. Conditions for using:

• 15 nights per year including breakfast at resort.
• Privilege night are not accumulated over year.
• Booking before minimum 45 days.

08. After 10 years lease, how is the repair of the apartment regulated?

Following regulation, in case of the Buyers do not continuosly assign apartment business to the Owner after date of ending Rental Program, Residents must pay deposit amount to Management Board with the value specified in the regulation to ensure the Resident’s obligation to pay for damages (if any) to public amenities, the assets of Owner or third party.

OTHERS FAQS RELATED TO MALIBU HOI AN

01. How much does the transfer fee?

• Before signing the Sale Contract, the Owner will assist customers to make all procedures with no charge.
• After signing the Sale Contract, the transfering Sale Contract will be charge by the fee of notary offices.

02. Can Buyers have long-term stay and household registration?

Malibu Hoi An is a living apartment project so Buyers can submit a permanent household registration.

03. Whether customers will receive new interior or not after 10 years lease?

When Buyers get back the apartment after 10 years lease of Rental Program, all new interiors will be handed-over.

04. How many years has the rental contracted with the Owner?

Operation Management Unit has sign a 10 years contract with the Owner. After that the Owner will negotiate for next stages.

05. Are all houses at project under warranty?

All houses at project will be under warranty from ending contruction and acceppting for using with following period:

• Minimum 60 months for apartment;
• Minimum 24 months for villas.

Houses warranty included fixing and repairing damaged frame; column; beam; floor; wall; ceiling; roof; terrace; stairs; paneled, paved, plastered sections; fuel supply system; electricity supply system; lighting system; water tank and water supply system; septic tank and wastewater, waste drainage system; overcoming cases of Overcoming the cases of inclination, subsidence, cracks, slumps of houses and others as agreement in the Sale Contract. For other equipments attached to the house, the Owner will implement the warranty, repairing or replacement within the period prescribed by the manufacturer.

06. How is the 90:10 profit sharing calculated? On sales of the project or each property?

The profit sharing of the Malibu Hoi An project will be divided into each apartment block and villas based on profit coefficient.

Formula:

• Profit coefficient = Unit (Apartment and Villas) price / Total project value
• Rental income = Profit coefficient x Project profit

All 30 FAQs related to Malibu Hoi An above is recorded from Investor information sources by ihousel.