Massive investment wave
Northern real estate companies have been massively penetrating the Southern market for decades. The first ones to mention are Song Da Thang Long Company or Vinaconex Xuan Mai with their presence in many projects throughout Ho Chi Minh City. A large market with a population of tens of millions, a dynamic economy , a large immigrant population, high demand for housing... is the irresistible attraction of the splendid city.
Then, the "southern" wave swept dozens of large corporations and enterprises from the North to join the race, such as Vingroup, Tan Hoang Minh, Bitexco, T&T Group, Hoa Phat , Ha Do, Xuan Mai Corp, Geleximco...
Billionaire Pham Nhat Vuong's business has made its mark in three valuable urban areas in Ho Chi Minh City: Vinhomes Golden River (District 1), Vinhomes Central Park (Binh Thanh), Vinhomes Grand Park (Thu Duc City). These projects have been built and put into operation.
Vinhomes Golden River project has been completed for many years (Photo: Quang Anh).
The enterprise's land fund is also mentioned in Cu Chi and Can Gio districts. In particular, the Can Gio project with an area of 2,870 hectares, investment capital of about 10 billion USD, has been approved by Ho Chi Minh City for detailed planning at a scale of 1/500, promising to become a large-scale coastal tourism urban area.
In addition to Ho Chi Minh City, Vinhomes - a member of Vingroup Corporation - was also approved by Long An province to be the investor of Duc Hoa - Hau Nghia New Urban Area. The project scale is nearly 200 hectares, with a total investment of more than VND 28,000 billion, expected to start construction in 2025 and operate in 2028.
Bitexco Group also made its mark in the Southern market with the Bitexco Financial Tower - a symbolic building of Ho Chi Minh City associated with the image of the national flower - the blooming lotus. This building is 262m high, 68 floors, and was the tallest building in Ho Chi Minh City before Vingroup's Landmark 81 building was built.
Along with the above office building - commercial center, Bitexco also built and completed The Manor urban area on Nguyen Huu Canh street (Binh Thanh district).
T&T Group, associated with the name of Mr. Hien (Mr. Do Quang Hien), has also expanded its project development in the South. In Long An, the group developed the T&T City Millennia high-end commercial, villa and apartment project with a scale of 267 hectares and has just inaugurated phase 1. In An Giang, T&T Group's residential and commercial complex with an investment of nearly 2,400 billion VND has just completed phase 1.
In addition, T&T Group also built the Phuoc Tho Residential Area project in Vinh Long province, with an area of 11.5 hectares, or started construction of the new urban area in Hamlet 5, Ca Mau City at the end of 2023. This project has a scale of nearly 23 hectares, expected to build more than 1,300 products of various types.
Xuan Mai Investment and Construction Joint Stock Company (Xuan Mai Corp) is also present in the market of more than 10 million people with the Binh Tri Dong Apartment project (Tan Binh district), Eco Green Saigon urban area (district 7) or Buu Long ward social housing area (Dong Nai).
Ha Do Group also developed many housing projects in Ho Chi Minh City such as Hado Centrosa Garden (District 10), Ha Do Nguyen Van Cong Apartment (Go Vap), Hado Green Lane Apartment (District 8) or Ha Do Thoi An Urban Area (District 12). Or Hoa Phat Group of billionaire Tran Dinh Long also surveyed 2 real estate projects in Can Tho, including an 88ha project in Cai Rang and a 6ha project in Ninh Kieu.
Unfinished projects
Besides the achievement of completed projects and putting them into use, many Northern giants are also in a "dilemma" and facing difficulties in the Southern market.
Bitexco Group, although having a project that has become a symbol in Ho Chi Minh City, also has a symbolic project that is "stranded" and difficult to untangle. That is the 6-star hotel project The Spirit of Saigon on the "golden land" opposite Ben Thanh market, located at the 4-frontage position in the center of District 1.
At this project, Bitexco’s subsidiary company is having difficulty paying its bonds and is in the process of handing over collateral to fulfill its debt repayment obligations to bondholders. The project, which is under construction, has been suspended for many months.
Bitexco's The Spirit of Saigon is under construction and has been suspended for many months (Photo: Hai Long).
In addition, Bitexco was also revoked by Ho Chi Minh City for the 6.8-hectare complex and commercial center bordered by 4 routes Nguyen Trai - Cong Quynh - Tran Dinh Xu - Nguyen Cu Trinh (Ma Lang project, District 1) after 16 years of non-implementation. Along with that, the project to build a new Saigon General Hospital to give the existing land (125 Le Loi Street) to Bitexco to build a complex of commercial office buildings and a 5-star hotel was also temporarily suspended.
Another company, Tan Hoang Minh, also participated in the real estate market in Ho Chi Minh City by auctioning a series of "golden lands" in prime locations.
Mr. Do Anh Dung's company won the auction for a 3,000m2 plot of land at 23 Le Duan, District 1, or lot 3-12 in Thu Thiem New Urban Area. However, the "golden land" at 23 Le Duan has now been acquired by Techcombank, while the Thu Thiem plot (which was offered at a price 8.3 times higher than the starting price) has been forfeited.
Another project of Tan Hoang Minh is the office building at 43-45-47 Nguyen Thi Minh Khai, District 1, Ho Chi Minh City (commercial name D'. Saint Raffles) which has recently shown signs of changing owners. On the roof of the building, the logo of Lien Viet Post Bank (LPBank) with Mr. Nguyen Duc Thuy (Bau Thuy) as Chairman of the Board of Directors is visible.
In fact, despite causing a stir in public opinion many times, Tan Hoang Minh has not been able to complete a project in Ho Chi Minh City.
In addition to real estate projects, Ha Do also has 2 offices for rent in Tan Binh district. However, the company recently announced the termination of operations of the Southern branch at 60 Truong Son Street, Tan Binh District, Ho Chi Minh City. The reason given by the company is due to a change in business plan and the need to reorganize the business. Thus, the company still has 1 branch operating in Tan Binh district.
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