Updated: 30/09/2026
The Berkley legal status & timeline
The most important point: at this stage The Berkley is transacted through a long-term lease to 31 December 2075, not a sale and purchase agreement, and the buyer does not receive an individual certificate. This page sets out the project documents, how conversion to a purchase works and the projected timeline.
Taken from the document set supplied by the developer (draft lease of 25 April 2026, sales policy of 18 June 2026). This is reference information, not legal advice.
Project documents: the building is complete
The Berkley belongs to the commercial–office–residential complex in Thao Dien Ward, District 2 (now An Khanh Ward, Ho Chi Minh City) developed by Son Kim Real Estate JSC (SonKim Land). The draft lease cites:
- Decision 6015/QĐ-UBND of 30 December 2010 — allocation of the project land to SonKim Land.
- Decision 23/QĐ-SXD-TĐDA of 10 June 2015 — approval of the adjusted investment project.
- Notice 115/GĐ-DDCN/HT of 31 July 2023 — result of the completion inspection.
Current form: a long-term lease to 31 December 2075
The contract is a “real estate lease agreement” for a residential apartment within a commercial housing project. The lease runs from the actual handover date to the end of 31 December 2075, or the term stated on the certificate issued to the lessor, whichever is later (Clause 4.1, draft).
The certificate is issued to the lessor (the developer). During the lease stage the lessee does not receive an individual certificate.
Right to convert into a sale-purchase agreement (Clauses 14.8–14.9)
| Scenario | Outcome under the draft |
|---|---|
| The developer serves notice to sign an SPA before 30 Jun 2029 and you choose to buy (meeting the conditions to own housing in Vietnam) | The lease is terminated by agreement and an SPA is signed. 100% of lease payments are credited to the price; the purchase price (excluding VAT, maintenance fund, etc.) is capped at 133.34% of the lease price. |
| The developer serves notice but you do not buy or do not respond | The lease ends, you return the unit and receive a pro-rata refund of net lease payments (remaining lease days ÷ total lease days, without interest). |
| The developer serves no notice by 30 Jun 2029 | Within the following 60 days you may terminate unilaterally (14 days’ notice), receive the pro-rata refund plus 12% a year interest. |
The lease is currently a DRAFT — terms may change in the signed version. Read the final text carefully and consult an independent lawyer.
Key rights and obligations of the lessee
- May sublet part or all of the unit in accordance with the law (Clause 8.1c).
- The lease continues on the same terms if the owner changes (Clause 8.1d).
- The draft refers to transfers of the lease to a third party carried out in accordance with the law (Clause 12.5i), but does not yet set out the procedure or costs.
- Late payment beyond 10 days: 0.05% a day; total delays over 90 days: the lessor may terminate with a 20% penalty on the lease price.
- Late handover by the lessor beyond 90 days: 0.05% a day; beyond 180 days: the lessee may terminate and receive a 20% penalty.
- The lessor is responsible for maintaining the unit until 31 July 2028; repair costs after that are borne by the lessee (Clauses 5.5 and 5.9).
Timeline
| Date | Milestone | Status |
|---|---|---|
| 30 Dec 2010 | Land allocated to the developer (6015/QĐ-UBND) | Done |
| 10 Jun 2015 | Adjusted project approved (23/QĐ-SXD-TĐDA) | Done |
| 31 Jul 2023 | Completion inspection (115/GĐ-DDCN/HT) | Done |
| Mar 2026 | Sales launch and show-unit opening | Held |
| Instalment 4 (~6.5 months after signing the lease) | Handover of the residence | Per unit schedule |
| Q4 2027 | Notice to sign SPAs | Projected (sales policy of 18 Jun 2026; the March 2026 training deck says Q3 2027) |
| Q2 2028 | Certificate issued to buyers who have converted to an SPA | Projected in the March 2026 training deck (9 months after the SPA, then expected in Q3 2027) — moves with the SPA date |
| 31 Jul 2028 | End of the lessor’s maintenance responsibility | Contractual |
| 30 Jun 2029 | Deadline for the developer’s SPA notice | Contractual |
| 31 Dec 2075 | End of the lease term | Contractual |
“Projected” milestones are the developer’s published plans and may change subject to government approvals.
Payment accounts
There is no escrow account. The registration fee goes to SonKim Land’s account at VIB (Saigon branch); lease payments go to SonKim Land’s account at OCB (Ho Chi Minh City). Payments are in VND through credit institutions in Vietnam, from an account in your own name. Always check account numbers against the developer’s official notice before each transfer.
Get the legal file to review
We send the draft lease, the sales policy and the DMVL, and go through the key clauses with you before you decide. Free of charge.
Frequently asked questions
Does The Berkley come with a pink book?
Not at this stage. The transaction is a long-term lease to 31 December 2075 and the certificate is issued to the developer. If the developer serves notice to sign a sale-purchase agreement before 30 June 2029 and you are eligible, you can convert to a purchase. For buyers who convert, the March 2026 training deck projects certificates from Q2 2028 (about 9 months after the SPA); this moves with the SPA date — the 18 June 2026 sales policy puts the SPA notice at Q4 2027.
What if the developer never offers a sale-purchase agreement?
Under Clause 14.9 of the draft, if no notice is served by 30 June 2029, within the following 60 days you may terminate the lease, receive a pro-rata refund for the remaining term and 12% a year interest. This is a contractual obligation of the developer and depends on the developer’s financial capacity.
Can I transfer the lease to someone else?
The draft refers to transfers of the lease to a third party carried out in accordance with the law, but has no dedicated clause on procedure or costs. Ask for this to be clarified in the signed contract.
What does a “draft” lease mean?
It is the template the developer supplied (dated 25 April 2026) for reference before signing. Terms may change in the final version, so read the final text before paying and consult an independent lawyer if needed.