A closer look at the Capital Palace building in Lieu Giai, which is being offered for sale at $1 billion USD.
Saturday, March 16, 2024, 2:05 PM (GMT+7)
The Capital Place building (Ba Dinh district, Hanoi ), which Ms. Truong My Lan presented at the trial, is estimated to be worth $1 billion USD and is being put up for sale by her daughter to mitigate the consequences. According to initial information, there is already an offer of $360 million USD.
Video : Close-up view of the Capital Palace building in Lieu Giai, being offered for sale at $1 billion USD.
Capital Place building is located at the intersection of Lieu Giai, Kim Ma, and Nguyen Chi Thanh streets (Ba Dinh district, Hanoi).
Responding to the court regarding the proposed solution for resolving the asset dispute to mitigate the consequences of the case, Ms. Truong My Lan stated that one of her two daughters was selling a building in Hanoi, estimated to be worth $1 billion USD. Regarding this information, the presiding judge asked Ms. Lan if the building she referred to was the Capital Palace at 29 Lieu Giai Street, Hanoi. Ms. Lan confirmed that it was. After Ms. Lan's confirmation, the presiding judge stated that, according to information provided by Ms. Lan's daughter to the court, someone had offered to buy the building for $360 million USD, not $1 billion USD as Ms. Lan had stated.
According to our research, the Capital Palace building has a total leasable area of 93,550 m2 and a total commercial leasable area of 5,279 m2.
The entire space is surrounded by 2.7-meter-high glass panels that cover the entire floor to the ceiling, offering a 360-degree panoramic view.
Capital Palace is considered a Grade A office building in the heart of Hanoi, with tenants including multinational corporations such as HSBC Vietnam, Porsche, Standard Chartered Bank Vietnam, Shopee, and others.
The lobby area inside the Capital Palace building.
The building has a strict security system, with 24/7 guards and a modern security gate; access to and from the building, as well as to the upper floors, requires a key card.
The B1 basement area of the building houses famous coffee shops, fashion boutiques, and gyms.
Children's play area in basement B1 of Capital Palace building.
The building has 4 basement levels, including 3 levels for parking cars and motorbikes.
The Capital Place building was originally part of the Vinhomes Metropolis project, but was later transferred to Twin-Peaks JSC, a legal entity owned by the Singaporean real estate group Capitaland. Ms. Truong My Lan stated that the building was originally purchased for $700 million, and with additional costs for completing the paperwork, she estimates its value at $1 billion.
In addition, the business owned by Ms. Truong My Lan, Chairwoman of Van Thinh Phat Group, holds 93.6% of the shares in Daewoo Hanoi Hotel. This is a 5-star hotel, once considered one of the best in Vietnam, having changed hands several times and located opposite Capital Place building.
Pham Hung
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