Savills denies Keangnam home owners’ accusation

South Korea’s Keangnam Vina, developer of Vietnam’s tallest skyscraper, has been accused of illegally using Savills to register apartment sales by a group of apartment owners.

Buyers also claimed they had signed purchasing contracts directly with Keangnam Vina, which was confirmed by both sides.

 

The Ministry of Construction requires every property transaction be made via an authorised transaction centre.

 

Nguyen Thi Hang Nga, a lecturer at the Justice Institute under the Ministry of Justice and the group’s representative claimed that the transactions between the customers and Keangnam were not valid as they weren’t done via a transaction floor.

 

She also noted that documents showing the transactions were done via Savills’s trading floor were questionable as at that time, Savills had not even been licensed to open a trading floor.

 

 

A representative of Savills, when contacted by VIR, insisted they had followed regulations. Nguyen Dieu Hong, director of the Savills Trading Floor also said the buyers’ claims were untrue.

 

As the exclusive agent for Keangnam’s Landmark Tower, Hong said Savills signed a Residential Sales Agent contract with Keangnam Vina on January 25, 2008 and provided the contract details and filing number.

 

“The contract includes marketing and sales, initially provided services, and marketing methods,” she explained.

 

Accordingly, Savills was responsible for all sales activities and administration procedures while potential buyers directly contacted Keangnam for information, selecting an apartment and signing contracts.

 

“Savills took part in crucial steps including confirming the selected apartments, requisitioning, preparing and submitting documents, preparing documents on deposits and managing payments,” she said.

 

The owner group believed it was Keangnam, not Savills as was reported, that signed the required advertising contract announcing apartment sales in Vietnam Economic Times and Hanoi Radio Television. This, they said, violated regulations and they doubted whether Savills was even involved at all in the sale of apartments at that time.

 

Hong said that the contract between Keangnam and Savills stipulated the latter as the consulting agent for promoting the developers’ products as well as the required notices of sale.

 

“All advertising costs were signed under the developer’s name and they handled implementation. Savills’ role was consultancy and preparation but all documents were finally signed by Keangnam,” she added.

 

“According to the contract which identifies Savills as the exclusive sales agent, Savills is responsible for all sales activities. In this case, although customers work directly with the developer, Savills is responsible for organising the procedures mentioned,” she added.

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