MIK Group Company Profile

At the end of April 2024, MIK Group officially commenced construction of The Sola Park subdivision, part of phase 2 of the Imperia Smart City project (Tay Mo, Hanoi ).

Accordingly, phase 2 of the Imperia Smart City project is being constructed by Conteccons Company as the main contractor. The project is planned on a land area of ​​over 46,000m2, comprising 5 buildings, and is expected to release approximately 3,922 apartments to the market with permanent ownership certificates.

On the market, apartments in this project are currently being sold from 39.5 million VND to 56 million VND per square meter, corresponding to a 1-bedroom apartment priced from 1.3 to 2.2 billion VND; a 2-bedroom apartment priced from 2.1 to 3.2 billion VND; and a 3-bedroom apartment priced from 2.8 to 4.6 billion VND.

External amenities of the Imperia Smart City project.

In this area, Imperia Smart City is currently the project with the most favorable pricing compared to other products in the same segment.

According to data on Batdongsan.com.vn, around the Tay Mo area, there are a series of projects that have been handed over to customers, such as The Tonkin and Masteri West Heights, all being offered for sale at the lowest price of 60 million VND/m2 or more.

series of luxury real estate projects

Regarding the project's investor, MIK Group, formerly Terra Capital Vietnam Co., Ltd., was established on June 2nd, 2014, later renamed MIK Vietnam Real Estate Development Co., Ltd., and is now MIK Group Vietnam Joint Stock Company. MIK's initial charter capital was 300 billion VND.

The corporation positions itself as a developer of high-end real estate with three main product lines spanning from North to South Vietnam: luxury apartments; villas and townhouses; and resort properties.

Regarding MIK Group's leadership, the Chairman of the Board of Directors is Mr. Nguyen Vinh Tran (American citizen), who was appointed to the position at the company since the end of 2018.

MIK Group laid the first brick in building its reputation in the real estate market with the Imperia Sky Garden project, a complex of luxury apartments, semi-detached villas, and a self-contained amenities area.

Just five months after its launch, the project has seen 90% of its apartments absorbed by the market. Currently, all units have been sold, with only resale transactions remaining at prices exceeding 60 million VND/m2.

The project is located on a prime plot of land exceeding 38,100 square meters at 423 Minh Khai Street, Hanoi. However, in 2022, this very project was placed under monitoring by the Central Steering Committee on Anti-Corruption and Negative Phenomena due to irregularities occurring at this mixed-use complex project, and to date, no final conclusion has been reached.

The Imperia Sky Garden project (423 Minh Khai, Hanoi) is situated on a prime plot of land spanning over 38,100 square meters.

MIK Group's name is also associated with the luxury apartment project The Matrix One. This project has Mai Linh Company as the investor, MIK Group as the developer, and COTECCONS Construction Corporation as the construction contractor.

The Matrix One project is a complex of luxury apartments, villas, townhouses, and offices planned on a 39.8-hectare plot of land on Le Quang Dao Street, Me Tri Ward, Nam Tu Liem District, Hanoi. Construction began in Q1/2019 and handover to customers started in Q3/2022.

According to the initial plan, the project will feature the largest landscaped park in Nam Tu Liem district, spanning 14 hectares. Furthermore, according to real estate agents, there will be an underpass connecting the project to the park, providing convenient access for residents of The Matrix One apartment complex.

However, nearly two years have passed since the handover to customers, and the project is still not completed as advertised to residents, raising many questions about the completion time of the amenities and ensuring the rights of buyers.

The Matrix One Phase 2 project is expected to be launched between August and October 2024, with prices ranging from 90-120 million VND/m2.

Close relationships with banks

Although a relatively new name in the Vietnamese real estate market, having emerged only in the last 10 years, MIK Group already owns a series of luxury projects stretching from North to South. In a specialized industry requiring significant capital, such as real estate, especially luxury real estate, a company's financial strength is crucial.

On the MIK Group's side, the group has a relatively close relationship with Vietnam Prosperity Commercial Bank ( VPBank , HoSE: VPB).

VPBank is a strategic partner and currently provides financial solutions to promote business activities and project development of MIK Group. Many of MIK Group's projects have benefited from VP Bank acting as the financing bank for homebuyers.

Some of MIK Group's projects that receive financial support from VPBank include: Sol By Melia Phu Quoc, Imperia Sky Garden, Park Riverside Premium, and River Park.

This bank also frequently participates in bond issuances by several businesses related to MIK Group. In November 2021, a business related to MIK Group, Lien Lap Real Estate Investment and Business Company Limited, issued three tranches of bonds totaling VND 832 billion.

The bonds were issued privately through the issuing agent, VPS Securities Joint Stock Company. The collateral consists of land use rights and all assets attached to the land related to several plots of land within the Bac Bai Truong tourism and service area project (Zone 1), Phu Quoc, developed by Duc Viet Limited Company.

Each tranche of bonds was purchased entirely by a domestic institutional investor under the arrangement of VPS Securities Joint Stock Company, ASC Securities Joint Stock Company, and Vietnam Prosperity Commercial Bank (VPBank).

Information about the project is published on MIK Group's website.

All proceeds from these three issuances were used by Lien Lap Real Estate as a deposit for the transaction to acquire a portion of the project under the preliminary agreement for the transfer of a portion of the Bac Bai Truong Tourism and Service Area (Zone I), covering 36.81 hectares in Duong To commune, Phu Quoc district, Kien Giang province, signed with Duc Viet Co., Ltd.

Notably, on its website, MIK Group introduces itself as the developer of this project. This is also the project that MIK Group considers a product marking its "ambition to leave its mark as a long-term visionary real estate developer on the beautiful and tourism-rich beaches" in Phu Quoc. The financial backer for this project is also VP Bank.

Back in 2019, Khu Dong Real Estate Investment and Business Company Limited - another company related to MIK Group - also issued a series of 6 bond tranches, with VPS acting as the issuing agent and VPBank managing the collateral and accounts.

Information about the project is published on MIK Group's website.

The collateral for the aforementioned bond issue is the land use rights and assets attached to the land in Ganh Dau Hamlet, Ganh Dau Commune, Phu Quoc District, Kien Giang Province, owned by Starbay Vietnam JSC - a project implemented by MIK Group.

In addition, there are property rights arising from the Green Hill Eco-tourism Project, the entire capital contribution of Khu Dong Real Estate in Hai An Huy Co., Ltd., and assets and rights related to the above asset groups.

Strategic relationship with VPBank. (Source: VPBank's consolidated financial report for Q2/2023)

According to VPBank's consolidated financial report for the second quarter of 2023, the bank held shares worth VND 714.9 billion (equivalent to 9.99%) in MIK Group. However, by the end of 2023, VPBank's report no longer recorded this amount.

However, the connection between the two organizations remains, as the current legal representative of MIK Group is Mr. Nguyen Truong Son. Mr. Nguyen Truong Son, born in 1969, was formerly the Chairman of Vietnam Prosperity Bank Asset Management Company Limited (VPBank AMC).

Besides VPBank, MIK Group also has a relationship with Vietnam Technological and Commercial Bank (Techcombank, HoSE: TCB). In mid-2019, Techcombank's subsidiary, Techcombank Securities Company (TCBS), announced a resolution approving the investment in shares of MIK Group Vietnam Joint Stock Company (MIK) with a maximum value of VND 450 billion.

In a related development, the current Chairman of VPBank, Mr. Ngo Chi Dung, is a former employee of Techcombank. He previously served as Vice Chairman of Techcombank from 2006 to 2010 .

Source: https://www.nguoiduatin.vn/ho-so-nang-luc-mik-group-chu-dau-tu-chuyen-bds-hang-sang-a668239.html