Business

Construction of long-stalled high-rise project resumes in downtown Ho Chi Minh City

Published

7 months ago

August 21, 2022

Work on the IFC One Saigon project, having been put on hold for over 10 years, in a prime site in District 1, Ho Chi Minh City has resumed after it was transferred to Viva Land Management and Development JSC.

The project had been renamed from Saigon One Tower.

According to Viva Land, the 45-story tower is a complex of offices, apartments, and a trade center with a total floor area of 123,000 square meters.

BM Windows JSC, which constructs the façade of the project, said that the skyscraper is 185 meters tall.

It is inspired by legendary dragons so its façade is formed from large triangle glass sheets with different colors, which look like dragons’ scabs.

Leaders of the city once said that the long-delayed project, located at 34 Ton Duc Thang Street, was an eyesore.

They felt sad when many images and movies introducing the city showed the abandoned development, which is a stone’s throw from the Bitexco Financial Tower.

Located at the intersection of Ton Duc Thang and Ham Nghi Streets and not far from the Saigon River, the Saigon One Tower high-rise was expected to be the third-tallest building in Ho Chi Minh City at the construction time.

The skyscraper was initially developed by Saigon M&C Real Estate JSC and required an investment of US$256 million. Work on the project started in 2007.

The project was expected to be completed in 2009 but was halted in 2011, when it was 80 percent complete.

Vice-chairman of the Ho Chi Minh City People’s Committee Vo Van Hoan said the project was suspended due to the investor’s internal conflicts, including those regarding the property partition and external affairs.

After a hibernation period, the project was used as collateral for a VND7 trillion ($299 million) loan, which later became a bad debt implicated in a criminal case.

Seven months after seizing the high-rise, the Vietnam Asset Management Company, which takes charge of purchasing non-performing loans from local banks and handling them on the lenders’ behalf, on March 29, 2018 announced a Saigon One Tower auction to settle the bad debt.

The project was kicked off in 2007 on a 6,672-square-meter land lot at an estimated cost of US$256 million. Photo: Ngoc Hien / Tuoi Tre

The project was kicked off in 2007 on a 6,672-square-meter land lot at an estimated cost of US$256 million. Photo: Ngoc Hien / Tuoi Tre

Workers construct the façade of the skyscraper. Photo: Ngoc Hien / Tuoi Tre

Workers construct the façade of the skyscraper. Photo: Ngoc Hien / Tuoi Tre

At the groundbreaking time, the project was said to become the third-highest building in Ho Chi Minh City, behind the 68-story Bitexco Financial Tower and The One with 55 floors, before Vingroup’s Landmark 81 was inaugurated in 2019. Photo: Ngoc Hien / Tuoi Tre

At the groundbreaking time, the project was said to become the third-tallest building in Ho Chi Minh City, behind the 68-story Bitexco Financial Tower and The One with 55 floors, before Vingroup’s Landmark 81 was inaugurated in 2019. Photo: Ngoc Hien / Tuoi Tre

Saigon One Tower, now known as IFC One Saigon, sits at the intersection of Ham Nghi and Ton Duc Thang Streets, Vo Van Kiet Avenue, and the Saigon River Tunnel in District 1, Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre

Saigon One Tower, now known as IFC One Saigon, sits at the intersection of Ham Nghi and Ton Duc Thang Streets, Vo Van Kiet Avenue, and the Saigon River Tunnel in District 1, Ho Chi Minh City. Photo: Ngoc Hien / Tuoi Tre

At twilight, workers still work at the site of the project. Photo: Ngoc Hien / Tuoi Tre

At twilight, workers still work at the site of the project. Photo: Ngoc Hien / Tuoi Tre

Ho Chi Minh leaders once said that the project, developed at 34 Ton Duc Thang Street, damaged the city’s landscapes. Photo: Ngoc Hien / Tuoi Tre

Ho Chi Minh leaders once said that the project, developed at 34 Ton Duc Thang Street, damaged the city’s landscapes. Photo: Ngoc Hien / Tuoi Tre

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Source: https://tuoitrenews.vn/news/business/20220821/construction-of-longstalled-highrise-project-resumes-in-downtown-ho-chi-minh-city/68681.html

Business

PM orders close coordination to remove obstables to property market

Prime Minister Pham Minh Chinh has just signed a document requesting more efforts to promote the development of and remove obstacles to the real estate market.

Published

56 mins ago

March 31, 2023

TienphongNews

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He asked ministries, agencies and People’s Committees of provinces and centrally-run cities to strictly follow the Government’s resolution dated March 11, 2023 on several measures to solve difficulties for and promote the safe, healthy and sustainable development of the market.

The Ministry of Construction (MoC), the Ministry of Finance (MoF), and the State Bank of Vietnam (SBV) must coordinate closely with each other and with relevant agencies to help businesses overcome difficulties and make the market revive.

Real estate enterprises must adjust the product structure and market segments as well as offer more reasonable prices; pay special attention to the development of social housing and houses for workers that are suitable to people’s income. Competent authorities need to review housing and real estate projects to work with enterprises on measures to handle legal problems, especially in projects with corporate bonds and bank loans, and capital mobilised from buyers, the Government leader stressed.

He also urged the MoC to soon complete a project on building at least one million social housing apartments for low-income earners and workers in industrial parks in the 2021-2030 period.

The MoF was asked to carry out harmonious, reasonable and effective measures to support enterprises to restructure bond debts, interest rates, payment terms and conditions in accordance with regulations.

PM Chinh also urged the central bank to soon implement the credit programme worth around 120 trillion VND (5.1 billion USD) to assist commercial banks in providing perferential loans for investors and buyers of projects building social housing and houses for workers, and reconstructing old apartment buildings.

Local People’s Committees were required to soon approve master plans, as well as land use plans and housing development plans and programmes for five years and annually; and organise meetings with each enterprise to help them deal with difficulties.

Source: Nhân Dân

Source: https://e.nhipcaudautu.vn/real-estate/pm-orders-close-coordination-to-remove-obstables-to-property-market-3351578/

Business

Masan Group draws down first tranche of its $650 mln syndicated loan

Masan Group has announced the successful disbursement of its $375 million, the underwritten tranche of its $650 million syndicated loan signed in February 2023.

Published

2 hours ago

March 31, 2023

TienphongNews

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The Vietnamese conglomerate aims to fully utilize the 2023 Syndicated Loan via a greenshoe option of $275 million later in the year. The transaction was arranged and underwritten by BNP Paribas, Credit Suisse, HSBC, Standard Chartered Bank, and United Overseas Bank.

Despite recent volatility in the global banking market, Masan was able to fully draw down the underwritten portion of the 2023 Syndicated Loan, ensuring a healthy financial profile. The loan is priced at 3.5% over the U.S Dollar Secured Overnight Financing Rate, or approximately 8.0% per annum.

With a 5-year tenor, the 2023 Syndicated Loan will extend Masan’s debt maturity profile and strengthen Masan’s liquidity ratios. As interest rates decline and the capital market stabilizes, management will continue to optimize Masan’s balance sheet, reduce interest expense, and deleverage via strategic corporate actions.

In a challenging macro environment, the ability to generate stable cash flows from the manufacturing and retailing consumer staple products (such as groceries, instant noodles, seasonings, etc.) businesses and proven track record of accessing multiple capital markets will allow the Company to win market share and invest in future growth.

With its cash position, Masan is well positioned to continue investing in new innovations as well as expanding the consumer-retail platform while maintaining a healthy balance sheet.

Source: https://e.nhipcaudautu.vn/companies/masan-group-draws-down-first-tranche-of-its-650-mln-syndicated-loan-3351607/

Business

VSIP joins hands with 9 Vietnamese provinces to develop smart IPs

Published

5 hours ago

March 30, 2023

TienphongNews

Vietnam – Singapore Industrial Park J.V. Co. (VSIP) on Saturday signed memoranda of understanding (MOU) with nine Vietnamese provinces to develop smart and sustainable industrial parks (IPs).

VSIP is a joint venture between Becamex IDC Corporation, under the People’s Committee of Binh Duong, just outside Ho Chi Minh City, and Sembcorp Development Ltd., a wholly-owned subsidiary of Singapore’s Sembcorp Industries, a leading energy and urban solution provider.

The signing ceremony was part of the ‘Binh Duong: Initiation – Connection – New Development’ program, attended by Deputy Prime Minister Le Minh Khai, leaders of ministries, agencies and localities, and hundreds of investors.

It was also an expansion of a broader MOU between Becamex and Sembcorp Development inked during Vietnamese Prime Minister Pham Minh Chinh’s state visit to Singapore early last month.

Smart and sustainable IPs will be considered in nine provinces, including Binh Phuoc, Tay Ninh, Binh Thuan, Khanh Hoa, Thua Thien-Hue, Ha Tinh, Thanh Hoa, Thai Binh, and Nam Dinh, based on the VSIP model in Binh Duong.

Deputy PM Khai hailed the green industrial park model, the association of industrial development with urban areas and services, and the synchronicity of traffic and social infrastructure in Binh Duong Province.

This helps Binh Duong, together with Ho Chi Minh City and Dong Nai and Ba Ria – Vung Tau Provinces, become key pillars of the southern key economic zone and contribute significantly to the state budget and Vietnam’s development.

The deputy prime minister asked the nine provinces to learn from Binh Duong’s experience in developing Vietnam-Singapore Industrial Parks in the coming time, especially in site clearance to prevent complaints and lawsuits and ensure benefits for enterprises, the state, and local residents.

Vo Van Minh, chairman of the Binh Duong People’s Committee, said the province would cooperate closely with the nine provinces and accompany investors and enterprises to develop industrial park projects soon.

They will jointly mull over the conversion from IPs in association with urban areas and services to smart service urban areas, enhance the application of science and technology to increase the added values of products, and bring practical benefits to enterprises and residents.

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Leaders of Binh Duong Province and nine other provinces and Singaporean partners sign memoranda of understanding to develop more VSIPs in Vietnam. Photo: Ba Son / Tuoi Tre

Earlier on the same day, Deputy PM Khai and his governmental delegation visited the VSIP 1 in Thuan An City, Binh Duong Province. This is the first VSIP which was developed in 1996 and covers an area of 500 hectares.

VSIP last month obtained approval from the Vietnamese government to set up its second IP in the north-central province of Nghe An, or its 13th IP in Vietnam.

Among the 12 operating VSIPs, three are located in Binh Duong and the remaining facilities are in Hai Phong, Hai Duong, Bac Ninh, Quang Ngai, and Can Tho, among others.

These industrial parks, with a total area of more than 10,000 hectares, have attracted about US$18.4 billion in investment from 882 investors from 30 countries and territories, and created jobs for around 288,000 workers.

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction of the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

Vietnamese Deputy Prime Minister Le Minh Khai (first row, L) and delegates listen to an introduction on the first VSIP in Thuan An City, Binh Duong Province on March 25, 2023. Photo: Q.T. / Tuoi Tre

The Binh Duong People’s Committee on Saturday also handed over investment certificates to enterprises.

In the year to March 15, the province attracted $437 million in foreign direct investment, raising the total foreign investment so far in the province to $39.7 billion, poured into nearly 4,100 projects.

The province also concluded cooperation agreements with large domestic firms, such as Deo Ca, Sungroup and FPT, to develop infrastructure, hospitality tourism, and digital transformation.