Casa Luna Phú Mỹ Hưng does not yet have pink books, as the project only broke ground in March 2026 and the apartments are scheduled for handover in Q4 2028. However, this does not mean that the project’s legal status is problematic. On the contrary, Phú Mỹ Hưng, the developer, has clearly confirmed its commitment to a separate pink book for each unit, with long-term ownership for Vietnamese nationals, as stated directly in the sales policy and sale and purchase agreement.
A separate pink book for each unit at Casa Luna is a Certificate of Ownership of Residential Property issued independently for each Sky Villa, rather than jointly for the entire project. This is the highest form of legal documentation in Vietnamese property transactions, allowing owners to lawfully mortgage, transfer, lease and inherit their property at their full discretion, without depending on the developer’s progress or financial obligations to third parties.
Casa Luna apartment buyers will receive their pink book after handover, following a 5-step process: apartment handover in Q4 2028; the developer completes its financial obligations to the State; the application for the Certificate is submitted; the competent authorities assess and issue the certificate; and finally, the buyer pays the 5% instalment linked to the actual receipt of the pink book. This mechanism means that the developer only receives the full amount once its legal obligations have been completed, effectively protecting buyers.
To understand the entire legal process more clearly, the article below will answer 3 core questions in turn: whether Casa Luna already has its pink books and why it does not; what a separate pink book for each unit is and what legal value it carries; how the pink-book issuance process will take place; and whether Phú Mỹ Hưng has achieved this at its previous projects.
Does Casa Luna Phú Mỹ Hưng Already Have Pink Books?
No. Casa Luna Phú Mỹ Hưng does not yet have pink books for 3 main reasons: the project only broke ground in March 2026, the apartments have not yet reached the handover stage, and pink books are only issued after the construction has been completed and the works have passed the required acceptance procedures in accordance with the law.
However, one important point should be clarified: “not yet issued a pink book” is entirely different from “not eligible to receive a pink book”. All property developments in Vietnam go through a similar process: construction, handover, and then issuance of pink books. The factor that determines legal value is whether the developer meets all the conditions for issuance. In Casa Luna’s case, the answer is yes.
Specifically, Phú Mỹ Hưng, the developer, has published transparent project legal documentation, with a commitment to long-term pink-book ownership for Vietnamese nationals and 50-year ownership for foreign nationals, confirmed from the project launch stage. This information is recorded in all official documentation, rather than being a verbal commitment from the distributor.
View Casa Luna project information: https://phumyhungcenter.com/du-an/casa-luna-phu-my-hung/
Why Has Casa Luna Not Yet Been Issued with Pink Books?
Casa Luna has not yet been issued with pink books because it is still under construction and has not reached the apartment handover stage. Under Vietnamese law, pink books are only issued after construction has been completed and the project meets the conditions for acceptance and handover.
To understand this reason more clearly, it is necessary to look at the project’s specific timeline:
- 6 March 2026: Official groundbreaking ceremony for the Casa Luna project at plot CN8-2, Canal sub-area, Phú Mỹ Hưng, District 7, Ho Chi Minh City.
- Q2 2026: Project launch and show-home exhibition.
- Q3 2026: Official sales launch, with customers signing Sale and Purchase Agreements with the developer.
- Q4 2028: Sky Villa apartments are scheduled to be handed over to buyers.
- After Q4 2028: Completion of legal procedures and issuance of separate pink books for each unit.
This means that in July 2026, the project is under construction and beginning sales. The entire pink-book issuance process still needs to go through at least more than 2 years of remaining construction, together with the administrative procedures required by law. This is the standard process in Vietnam’s property market and is not specific to Casa Luna.
Furthermore, it is important to understand that only a pink book is the highest form of legal evidence confirming ownership of a property. The Sale and Purchase Agreement is the legal basis during the pre-handover period and the basis for subsequent pink-book issuance; it does not replace the pink book in legal terms.
What Has Phú Mỹ Hưng, the Developer, Committed to Regarding Casa Luna’s Pink Books?
Phú Mỹ Hưng has made 3 core commitments regarding Casa Luna’s pink-book legal status: a separate pink book for each unit, long-term ownership for Vietnamese nationals, and a payment mechanism in which 5% is directly linked to the date on which the buyer actually receives the pink book.
Specifically, these 3 commitments are set out as follows:
First, each of the 49 Sky Villas at Casa Luna will be issued with an independent pink book, not combined with other units or the project as a whole. This ensures that each owner’s ownership rights are completely separate, allowing independent transactions, mortgages and inheritance without depending on any other entity.
Second, long-term ownership for buyers who are Vietnamese citizens means that there is no time limit on ownership of the property. This differs from many other projects that apply a limited usage term, causing the property’s value to decline over time.
Third, Casa Luna’s payment schedule sets the final instalment at 5% of the apartment’s value, payable only when the developer physically hands the pink book to the buyer. In other words, the developer receives full payment only after fulfilling its legal obligations and cannot collect 100% while delaying the issuance of the pink book.
Furthermore, Phú Mỹ Hưng has a track record of issuing pink books on schedule for preceding projects such as The Regency, The Sculptura and Triton Crown. This track record is practical evidence, not merely a commitment on paper.
What Is an Individual Pink Book for Each Casa Luna Unit?
An individual pink book for each unit is a Certificate of Ownership of Residential Housing and Residential Land Use Rights issued independently for each separate apartment, bearing the specific owner’s name and not combined with other units in the same building or project.
To better understand its legal value, the table below compares the 2 common forms of pink-book issuance in the market according to the practical criteria of greatest concern to buyers:
| Criteria | Individual pink book for each unit | Project-wide shared pink book |
| Registered owner | Each specific buyer | The developer |
| Independent transactions | Yes, without the developer’s involvement | No, the developer’s involvement is required |
| Bank mortgage | Can be mortgaged separately | Dependent on the developer |
| Inheritance and gifting | Can be carried out independently | Complex and dependent on the developer |
| Level of legal protection | Highest under the regulations | Lower, with numerous restrictions |
| Resale potential | Favourable, with high liquidity | Limited and dependent on the developer |
The comparison above shows that an individual pink book for each Casa Luna unit puts buyers in a fully proactive position for all subsequent legal transactions. This is not merely a legal factor but also the foundation determining the property’s long-term profitability and liquidity.
What Is the Difference Between Long-term Ownership and 50-year Ownership at Casa Luna?
Long-term ownership and 50-year ownership at Casa Luna apply to 2 different groups: Vietnamese nationals may own their homes indefinitely, while foreign nationals may own them for a maximum of 50 years under the 2023 Housing Law.
Specifically, the differences between these 2 forms are reflected in the following criteria:
Long-term ownership for Vietnamese nationals:
- There is no limit on the ownership period; the apartment is a permanent asset of the buyer and subsequent generations.
- It may be inherited or gifted under the 2015 Civil Code without being subject to a time limit.
- The asset’s value accumulates over time and does not decline because of a usage-period limit.
- It is suitable for the long-term goal of establishing a home and building intergenerational wealth for future generations.
- It facilitates long-term bank mortgage lending because the secured asset has no time limit.
50-year ownership for foreign nationals:
- Under Article 17 of the 2023 Housing Law, foreign nationals may own residential property in Vietnam for a maximum of 50 years.
- The term may be extended once after the initial 50-year period expires, in accordance with the law in force at the time of extension.
- It is suitable for international professionals and foreign businesspeople working and residing in Vietnam long term.
- It does not affect the rights to transact, mortgage or lease the property during the remaining ownership term.
Conversely, both forms have in common that ownership is recorded in an individual pink book for each unit, ensuring full legal validity and independent transaction rights throughout the ownership term, without depending on the developer or any third party.
Why Is Casa Luna Issued with an Individual Pink Book for Each Unit Instead of a Shared Pink Book for the Entire Project?
Casa Luna is issued with an individual pink book for each unit rather than a project-wide shared book because it is a commercial housing development required to comply with the 2023 Housing Law, which clearly sets out the developer’s obligation to complete the procedures for issuing a separate pink book to each buyer after handover.
In addition, issuing an individual pink book for each unit offers buyers clear practical advantages:
For secondary-market transactions: Owners can buy, sell or transfer their apartments directly without going through the developer. This provides the foundation for Casa Luna’s secondary market to operate flexibly, ensuring high liquidity for investors in all market conditions.
For securing a loan: An individual pink book for each unit is a mandatory condition for banks to accept the property as security. With 49 Sky Villas ranging from 275 to 507m² and having high values, the ability to mortgage them for bank financing is an important financial advantage for owners.
For inheritance and gifting: Separate ownership makes inheritance and gifting straightforward in accordance with the 2015 Civil Code, without depending on any decision or legal status of the developer in relation to a third party.
For long-term legal protection: If a dispute or risk arises on the developer’s side, owners holding an individual pink book have the strongest legal basis for protecting their assets before the law, entirely independently of the developer’s financial or legal status.
When and How Will Casa Luna Buyers Receive Their Pink Books?
Casa Luna buyers receive their pink books through 5 main steps, beginning with apartment handover in Q4/2028, followed by the developer completing its financial obligations, submitting the application for the Certificate, the state authority reviewing and issuing the book, and finally the buyer receiving the book and paying the final 5% instalment.
To begin, it is important to understand that this entire process follows the mandatory legal roadmap under the 2023 Housing Law and the 2024 Land Law. No developer can unilaterally issue a pink book before meeting all conditions prescribed by the state. This means that Q4/2028 is the actual starting point for the entire process.
What Steps Are Involved in Receiving a Casa Luna Pink Book?
There are 5 steps for Casa Luna buyers to receive their pink books, following the mandatory sequence from apartment handover to payment of the final instalment once the pink book is physically in the buyer’s possession.
Step 1: Apartment handover (Q4/2028)
Phú Mỹ Hưng Development Corporation physically hands over the Sky Villa units to the buyers. This is the first important milestone, marking the transfer of property management from the developer to the buyers. At this stage, buyers inspect the handover quality against the acceptance report, sign the handover report and take possession of the apartment in practice.
Step 2: The developer completes its financial obligations to the State
After handover, Phú Mỹ Hưng fulfils its obligations to pay land-use fees and the relevant taxes and charges as stipulated in Article 109 of the 2023 Housing Law. This is a prerequisite for submitting the application for a Certificate for each buyer. Many projects by other developers experience delayed pink-book issuance precisely because this step is not completed on time.
Step 3: Submission of the application for the Certificate of Ownership of Residential Housing
The developer submits the application to the Ho Chi Minh City Department of Natural Resources and Environment, including the as-built documentation, acceptance report, sale and purchase contract and relevant documents for each apartment. Buyers must co-operate by providing all required personal documents so that the application can be processed on schedule.
Step 4: The state authority reviews and issues the pink book
After receiving the complete set of valid documents, the Department of Natural Resources and Environment carries out its assessment and issues a Certificate of Ownership of Residential Property for each individual apartment. Under the regulations, the assessment may take up to 30 working days from the date on which the complete set of valid documents is received.
Step 5: The buyer receives the pink book and pays the final 5% instalment
This is the most prominent feature of Casa Luna’s sales policy: the final payment, amounting to just 5% of the apartment’s value, is made only after the buyer has actually received the pink book. In other words, the developer cannot receive 100% of the contract value before fulfilling its final legal obligations. This is the most effective mechanism for holding the developer accountable, placing the buyer’s interests at the forefront of the sales policy.
Has Phú Mỹ Hưng Issued Pink Books on Time for Its Previous Projects?
Yes. Phú Mỹ Hưng has issued pink books on time for its previous projects, notably The Regency, The Sculptura and Triton Crown. This track record is the most important practical basis for assessing the reliability of the legal commitments at Casa Luna.
Specifically, Phú Mỹ Hưng’s actual track record of issuing pink books shows that:
The Regency Phú Mỹ Hưng is one of the area’s prominent luxury apartment developments and completed the procedures for issuing pink books to residents on schedule. After receiving their certificates, the apartments’ secondary-market values increased by an average of 8–12% per year, clearly demonstrating the connection between transparent legal status and an asset’s potential for sustainable price growth.
The Sculptura Phú Mỹ Hưng, with its distinctive architectural design, also completed the issuance of separate pink books for each apartment in line with the committed schedule. The project’s secondary market remains active and maintains good liquidity through multiple market cycles, supported by a strong legal foundation.
Triton Crown Phú Mỹ Hưng is a luxury development located directly opposite Casa Luna and included in Phú Mỹ Hưng’s portfolio of high-end properties. It is currently completing its legal procedures in line with the committed schedule.
In particular, against a backdrop of Vietnam’s property market, where many projects have experienced delays in issuing pink books or have been unable to issue them to buyers because the developers have not fulfilled their financial obligations to the State, Phú Mỹ Hưng’s continuously clean 33-year legal track record is an incomparable competitive advantage. This is not an advantage that can be bought or built in the short term, but the result of serious and consistent operations over many decades.
What Risks Differ When Buying an Apartment With or Without a Pink Book?
An apartment with a pink book has full legal protection, whereas an apartment without one carries the risk that changes in ownership cannot be registered, that it cannot be mortgaged, and that it cannot be legally resold in accordance with the 2024 Land Law and the 2023 Law on Real Estate Business.
Understanding this contrast helps Casa Luna buyers fully appreciate why Phú Mỹ Hưng’s commitment to a separate pink book for each apartment provides such significant practical protection for their interests.
What Legal Risks Are Involved in Transactions for Apartments Without Pink Books?
Transactions involving apartments without pink books carry at least 4 serious legal risks: ownership cannot be registered with the state authorities, the apartment cannot be mortgaged with a bank, it cannot be legally resold, and there is a risk of an administrative fine of VND 50–100 million if the transaction is determined to be tax evasion. Specifically, under Article 203 of the 2024 Land Law and Article 57 of the 2023 Law on Real Estate Business, the transfer of an apartment without a pink book cannot be notarised or certified, meaning there is no basis for registering changes in ownership and the transaction does not receive full legal protection.
How Does Phú Mỹ Hưng’s Commitment to a Separate Pink Book for Each Apartment Protect Casa Luna Buyers?
Phú Mỹ Hưng’s commitment to a separate pink book for each apartment protects Casa Luna buyers through a payment mechanism linking the 5% balance to the actual date of receiving the pink book. This means buyers do not have to risk paying the full amount before having the pink book in hand. Buyers of Casa Luna do not have to pay 100% of the contract value before receiving the pink book. This is an important difference from many projects on the market, where buyers have paid the full amount but still waited years for their pink books. The on-time issuance record at previous projects is practical evidence, rather than a theoretical commitment.
If you are interested in Phú Mỹ Hưng projects, please contact Phú Mỹ Hưng Center for accurate advice and the latest information. Experienced consultant Kim Thùy is always ready to help you choose a project suited to your requirements for living or investment, while providing complete information on prices, floor plans, sales policies and legal matters.
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