In 2013, the investor converted the Thai Binh Plaza luxury apartment building into a hospital named Phuc An Khang. However, after 2 years of operating at a loss, in 2019, the hospital requested to switch back to an apartment building.
In 2013, the investor converted the Thai Binh Plaza luxury apartment building into a hospital named Phuc An Khang. However, after 2 years of operating at a loss, in 2019, the hospital requested to switch back to an apartment building.
By the end of 2021, the new investor of this project held a groundbreaking ceremony for the project, however, after this groundbreaking ceremony, the entire project was stopped.
From change of function to change of owner
According to the reporter's investigation, in 2008, Binh Duong Construction Stone Company Limited officially broke ground on the construction of a luxury apartment project called Thai Binh Plaza, the project covers an area of 14,000 m2 at a prime location with 4 facades on Dong Van Cong Street, the new urban center of Thanh My Loi, old District 2, now Thu Duc City. The project consists of 5 apartment blocks, each block is 20 floors high, including 360 apartments with an area of 120 - 180 m2.
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| Located on the main road of Dong Van Cong, the project was first named Thai Binh Plaza Luxury Apartment. Photo: Gia Huy |
By 2010, the project was officially completed. Then, in October 2010, the Department of Natural Resources and Environment of Ho Chi Minh City issued 370 pink books for products in the project. However, although the project was completed and the number of pink books were issued, sales were ineffective because customers did not buy houses.
According to Mr. Le Van Thach, a general director who participated in selling houses in this project when the project was under construction, at that time, Thanh My Loi area was very deserted, plus the price of townhouses and land was quite cheap, but the investor offered a high selling price so customers did not buy. By 2010, when the project was completed, the real estate market in Ho Chi Minh City was frozen and the investor was forced to stop selling the project.
Unable to sell the house, in 2013, the investor, Binh Duong Construction Stone Company Limited, requested to transfer the project's operations from the apartment building to a hospital.
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| After being moved from an apartment building to Phuc An Khang Hospital, the project continued to fall into disrepair. Photo: Gia Huy |
To manage and operate this medical facility, the investor and shareholders established Phuc An Khang International Hospital Joint Stock Company. This company was founded by 8 shareholders, including: Binh Duong Construction Stone Company Limited (16.67% of charter capital); and individuals Diep Van Phat (25%), Diep Thi Kim Mai (8.33%), Diep Huu Tinh (8.33%), Diep Thi Kim Xuan (8.33%), Diep Vinh Sanh (8.33%), Mai Tien Dung (8.33%) and Le Thi My (16.67%), with a charter capital of 60 billion VND.
In 2015, the hospital was officially put into operation with a scale of 500 beds, but after only 2 years of operation, this hospital officially closed in April 2017 due to losses.
It is known that this project was also used by the investor as collateral for a loan at Sacombank. After that, this project was put into the bad debt group and offered for sale by Sacombank.
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| At the end of 2021, the new investor, Hacos Company, restarted the project by demolishing the partition walls of the rooms in all the towers of the building. Photo: Gia Huy |
In 2019, there was information that Him Lam Land Real Estate Joint Stock Company, now Truong Son Land Real Estate Joint Stock Company, bought this project. However, this company later announced that it would not buy the project.
However, the successful buyer was later Hacos Group. After successfully purchasing this project, the new investor requested permission to change the function from hospital to residential.
On November 12, 2019, the Department of Planning and Architecture issued Official Dispatch No. 5287/SQHKT-QHKTT on the approval of the master plan - architectural plan of the high-rise apartment building project at 800 Dong Van Cong Street, Thanh My Loi Ward, District 2 (with main function: high-rise apartment building combined with commercial services; maximum height: 23 floors; maximum population: 1,040 people).
After the real estate restart
The next signal showing that the project is returning to the market is that at the end of 2021, this project has a new move. That is, Hasco Group has organized the groundbreaking ceremony for this project.
According to the announcement of Hasco, this unit will be the new investor of the project, the contractor is Coteccons, the project also changed its name to Swiss-Belresidences Upper East Saigon apartment building.
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| After the project was restarted, the project has been left in limbo with no sign of resuming construction. |
Hacos Group is known as a real estate company headquartered in Hanoi with major shareholders being Mr. Vu Duc Dung (10%), Ms. Nguyen Thi Anh (70%) and Mr. Nguyen Duc Thuan (20%). Ms. Anh is the General Director of the company, with a charter capital of 425 billion VND.
On December 4, reporters were present at this project. According to actual records, this project is still motionless and surrounded by corrugated iron. The floors of the current buildings have been demolished, the dividing walls are only the frame.
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| It is known that the project has not yet been granted a permit to repair and rebuild. Therefore, it is still unknown when the next construction date of the project will be. Photo: Gia Huy |
Ms. Le Thi Ngoan, a resident living next to this project, said that this project started construction in 2021, then the construction workers demolished the walls of the houses, but stopped construction in early 2022 until now.
It is known that this construction stoppage came from the Ho Chi Minh City Department of Construction and Thu Duc City People's Committee requesting the investor to stop construction because it has not been granted a construction repair permit.
According to analysts, this project is located in a prime location. However, the fact that the project was once converted into a hospital and is now converted into apartments and sold at a high price will make it very difficult to revive.
Source: https://baodautu.vn/batdongsan/benh-vien-phuc-an-khang-xin-chuyen-qua-chung-cu-gio-ra-sao-d231680.html
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