Choosing an investment project by legal status and developer reputation: 6 criteria

Basis: Law on Real Estate Business No. 29/2023/QH15 (effective 1 August 2024), Articles 6, 23, 24, 25, 26 · Updated 24 October 2026.

The two biggest risks when investing in housing formed in the future are late handover and legal problems — both leave your capital tied up longer than planned and make resale difficult. The way to reduce risk is to compare projects on the same set of criteria, using documents and site conditions rather than sales pitches.

How to score: each criterion is scored 0–2.

• 2 points — you have seen a copy of the document / evidence, and numbers and dates match.
• 1 point — the developer or the press mentions it but you haven't seen a copy, or it is only true for part of the project (e.g. one tower).
• 0 points — it does not exist, or you cannot verify it.

Criteria 1 and 2 are disqualifying conditions: a 0 on either one means stop; do not offset it with other criteria.

1. Land legal status and investment policy

Question: is the project permitted, and does the land already belong to the developer?

• Decision approving the investment policy (or approving the investor) — in the name of the legal entity that is selling.
• Land use right documents: decision on land allocation, land lease, permission to change land use purpose, or a certificate (Article 24, clause 2).
• 1/500 detailed plan — number of floors, number of units and function of each lot match the sales information.

Note the legal entity's name: many projects have a developer (investor) (the legal entity holding the land and signing contracts) that differs from the brand developer (the familiar brand). Examples on the HPR website: The Global City has Sài Gòn Investment and Development JSC (SDI) as investor and Masterise Homes as developer; Eaton Park has Tâm Lực Real Estate JSC as investor and Gamuda Land as developer. Check the documents in the name of the entity you sign the contract with.

2. Eligibility for sale and bank guarantee

Question: is the unit you plan to buy already permitted for sale, and is your advance payment guaranteed by a bank?

• Construction permit (or commencement notice) and, for apartments, documents showing the foundation has been accepted (Article 24, clause 3).
• Department of Construction document notifying that the housing is eligible for sale or lease-purchase — the agency has 15 days to respond to the developer (Article 24, clause 4). The document usually states the tower / block and number of units: your unit must be included.
• Bank guarantee: the developer must have the bank's approval to guarantee before selling; the guarantee letter is given to you within 10 working days of signing the contract, and the developer may only receive money after you have the letter (Article 26, clauses 1 and 6). Details: Bank guarantee for housing formed in the future.

In Ho Chi Minh City, the Department of Construction has confirmed 63 future-formed housing projects as eligible to raise capital and do business in 2025–2026 (26 projects in 2025, 37 projects in 2026 as of the end of July) — look up the project name in the list the Department publishes before paying a deposit.

3. Transparency and lawful cash flow

Question: does the developer disclose enough, and collect money within the limits the law allows?

• Disclosure before sale on the housing and real estate market information system and on the company's website: investment policy, land documents, planning, construction permit, guarantee agreement, document confirming eligibility for sale, any mortgage on the project, and the sample contract (Article 6). When information changes, it must be updated.
• Limits on collecting money (Articles 23, 25): a deposit of at most 5% of the price and only once eligible for business; the first payment at most 30% of the contract value (including the deposit); before handover at most 70% (50% if the seller is a foreign-invested enterprise of the type specified by law); before you receive the ownership certificate at most 95%.

A payment schedule above these levels, or a large "reservation" demand before the eligibility-for-sale document exists, is a sign to stop and ask. Read more: How reservation, deposit and signing the sale contract differ.

4. Developer capability: projects already handed over

Question: did the developer's / brand developer's previous projects hand over on the promised dates?

• List the 2–3 most recently handed-over projects; note the handover date in the contract or at launch and the actual handover date (reputable news, residents' handover records).
• Ask whether ownership certificates (pink books) have been issued to residents — a delay in certificates is a legal risk that continues even after you receive the home.
• Check the history of the land itself: if the project has changed hands or stopped construction, ask exactly which parts have been accepted and whether the permits are still valid. Example on the HPR website: One Central Saigon changed hands several times and fell behind schedule (the basement works date from 2012–2013) before Masterise Homes took over.

A big brand does not replace documents: each project and each sub-zone still has its own file.

5. Actual progress versus commitments

Question: where is the construction site compared with the handover date in the contract?

• Take milestones from documents (permits, foundation acceptance, topping-out notices) and reputable press with a publication date — do not use renderings or undated videos.
• Site photos are only valuable with a photo date and a recognisable landmark (tower name, tower crane, number of floors). Compare two photos 2–3 months apart to see whether the site is moving.
• Work out the gap: how many months remain to the handover date, and how much work remains (structure, finishing, mechanical and electrical, internal infrastructure).

Examples at projects HPR distributes: Monrei Saigon started construction in December 2023, tower A1's foundation was accepted on 9 December 2024, tower A1's structure reached floor 11 in July 2026, with handover expected in Q1 2028. Eaton Park started in March 2024, 6 towers have completed structure (the last two topped out on 12 August 2026), with handover expected in 2027. The sale and purchase contract is where the binding date is written — read the late-handover penalty clause carefully.

6. Liquidity, secondary prices and rentability

Question: when you need to sell or rent out, who is buying / renting in this area, and at what price?

• Secondary price: compare actual transaction prices of nearby handed-over projects with the primary asking price — don't take listing prices as transaction prices. See Secondary versus primary prices.
• Supply of the same type: in a large township with many identical units handed over at the same time, competition when reselling / renting is higher.
• Rentability: ask for actual rents of the same type of unit nearby, and calculate the net yield after management fees, vacant months and tax — see Gross and net rental yield.

This criterion does not replace 1 and 2: good liquidity cannot make up for missing documents.

This article is for reference only and does not replace legal / financial advice for specific cases.

Copy the table and fill it in for each project you are considering. Where there is no evidence yet, enter 0 and write "to ask" — that is exactly your list of questions for the developer or consultant.

Criterion	Evidence to see	Project A	Project B
1. Land legal status, investment policy (disqualifying condition)	Investment policy decision; land documents; 1/500 plan	0 / 1 / 2	0 / 1 / 2
2. Eligibility for sale, guarantee (disqualifying condition)	Construction permit; foundation acceptance; Department of Construction document covering the right tower; notice of guarantee issuance	0 / 1 / 2	0 / 1 / 2
3. Transparency, lawful cash flow	Information disclosed on the developer's website; mortgage; payment schedule within the 5% / 30% / 70% / 95% limits	0 / 1 / 2	0 / 1 / 2
4. Handover record	2–3 previous projects: promised date / actual date; ownership certificate status	0 / 1 / 2	0 / 1 / 2
5. Actual progress	Dated site photos; dated news reports; gap to handover date	0 / 1 / 2	0 / 1 / 2
6. Liquidity, rentability	Nearby secondary transaction prices; supply of the same type; net rental yield	0 / 1 / 2	0 / 1 / 2
Total	Maximum 12 points

Reading the result: a 0 on criterion 1 or 2 → stop and wait for additional documents. If two projects both pass the disqualifying conditions, compare criteria 4–6 against your goal: if you need to rent out early, prioritise progress and rentability; if you hold long term, prioritise handover record and ownership certificates. The table does not choose a project for you — it shows what is still missing.

Legal and progress information already published on HPR project pages

The table below only records what has been published on each project page (from developer documents or sourced press), and does not rank the projects. The last column is what you should ask about before paying a deposit.

Project	Published	Expected handover	Ask further
Monrei Saigon	Investment policy 2049/QĐ-UBND; land use right certificate; 3 construction permits; foundation acceptance for tower A1; eligible for sale for tower A1 (3730/SXD-QLN, 1,106 units); MB guarantee (499/MB-SGO)	Q1 2028	Eligibility-for-sale documents for towers A2, A3
Eaton Park	Investment policy 292/QĐ-UBND; 1/500 plan No. 4192/QĐ-UBND; construction permit 07/GPXD; 2 notices of eligibility for sale covering 6 towers; 6 buildings with structure complete in August 2026	Phase 1 Q2 2027, phase 2 Q4 2027	Guarantee bank, handover date in the contract for the unit you plan to buy
Spring Ville	Developer announced it holds a Dong Nai Department of Construction permit to sell future-formed housing when launching the low-rise sub-zone (July 2025)	Low-rise from Q2 2027	Document number and date; eligibility-for-sale document for the Persa Place sub-zone
The Global City	1/500 plan under 6296/QĐ-UBND dated 30 November 2015; SOHO sub-zone handed over in early 2024	Not announced overall (per individual unit contract)	Construction permit, eligibility-for-sale document for the sub-zone you plan to buy
Vinhomes Green Paradise	Construction started 19 April 2025; each sub-zone and each launch phase has its own eligibility-for-sale document	Not announced overall	Eligibility-for-sale document for the phase / sub-zone you plan to buy; ground elevation
One Central Saigon	Legal file for the apartment portion not public; changed hands and fell behind schedule before Masterise Homes took over	Not announced	Construction permit, eligibility-for-sale document, form and term of ownership

"Expected" dates are as announced by the developer; the binding date is the one written in the sale and purchase contract for each unit.

• Law on Real Estate Business No. 29/2023/QH15 dated 28 November 2023 (effective 1 August 2024) — Articles 6, 23, 24, 25, 26: full text on caselaw.vn, 28 November 2023.
• Nhà Đầu tư — HCMC: A wave of housing projects eligible for sale (citing HCMC Department of Construction data: 63 projects in 2025–2026), 28 July 2026.
• Project files on the HPR website (developer documents, sourced press noted on each page): Monrei Saigon (legal block, progress updated 18 October 2026), Eaton Park, Spring Ville, The Global City, Vinhomes Green Paradise, One Central Saigon — 24 October 2026.