At the end of April 2024, MIK Group officially started construction of The Sola Park subdivision, phase 2 of the Imperia Smart City project (Tay Mo, Hanoi).
Accordingly, phase 2 of the Imperia Smart City project is constructed by Conteccons Company as the general contractor. The project is planned on a land area of over 46,000m2, including 5 buildings, expected to launch to the market about 3,922 apartments with legal status of long-term pink books.
In the market, apartments in this project are currently being sold from 39.5 million VND - 56 million VND/m2, corresponding to 1-bedroom apartments priced from 1.3 - 2.2 billion VND; 2-bedroom apartments priced from 2.1 - 3.2 billion VND and 3-bedroom apartments priced from 2.8 - 4.6 billion VND.
External utilities of Imperia Smart City project.
In this area, Imperia Smart City is the project with the most preferential price compared to products in the same segment.
According to data on Batdongsan.com.vn, around Tay Mo area, there are a series of projects that have been handed over to customers such as The Tonkin or Masteri West Heights, all of which are being advertised for sale at the cheapest price from 60 million VND/m2 or more.
Series of luxury real estate projects
On the project investor side, MIK Group, formerly Terra Capital Vietnam Co., Ltd., was established on June 2, 2014, then renamed MIK Vietnam Real Estate Development Co., Ltd., now renamed MIK Group Vietnam Corporation. MIK's initial charter capital was 300 billion VND.
The Group positions itself to develop the high-end real estate segment with 3 main real estate product lines spanning from North to South including: High-end apartments; Villas - townhouses and resort real estate.
Regarding MIK Group's leadership, the company's Chairman of the Board of Directors is Mr. Nguyen Vinh Tran (American nationality), he was appointed as Chairman of this enterprise since the end of 2018.
MIK Group laid the first brick to build its name in the real estate market with the project of luxury apartment complex, semi-detached villas and closed utility complex Imperia Sky Garden.
After only 5 months of launching, the project has absorbed 90% of the apartments. Currently, the project has found all owners and there are only hand-over transactions and resale transactions at prices above 60 million VND/m2.
The above project is located on a "golden" land of more than 38,100m2 at 423 Minh Khai, Hanoi. However, in 2022, this project was also put under surveillance by the Central Steering Committee on Anti-Corruption and Negativity regarding the violations that occurred at this mixed-use project, and to date there has been no final conclusion.
Imperia Sky Garden project (423 Minh Khai, Hanoi) is located on a "golden" land of more than 38,100m2.
MIK Group's name is also associated with the luxury apartment project The Matrix One. This is a project whose investor is Mai Linh Company, the developer is MIKGroup Corporation and the construction contractor is COTECCONS Construction Corporation.
The Matrix One project is a complex of luxury apartments, villas, townhouses and offices planned on a 39.8-hectare land plot on Le Quang Dao Street, Me Tri, Nam Tu Liem, Hanoi. Construction started in the first quarter of 2019 and will begin handing over to customers in the third quarter of 2022.
According to the original plan, the project will own the largest air-conditioned park in Nam Tu Liem district with 14 hectares, and according to the introduction of brokers, there will be an underpass connecting the project to the park, creating favorable conditions for residents of The Matrix One apartment building.
However, it has been nearly 2 years since the handover to customers, the project has not yet completed the construction as introduced to residents and is still raising many questions about the time to complete the above facilities, ensuring the rights of buyers.
It is expected that in August-October 2024, The Matrix One project phase 2 will be launched with prices ranging from 90-120 million VND/m2.
Close relationship with banks
As a new name in the Vietnamese real estate market in just the past 10 years, MIK Group has owned a series of luxury projects stretching from North to South. With a specific industry that requires large capital like real estate, especially luxury real estate, the financial potential of the enterprise must also be strong.
As for MIK Group, this group has a relatively close relationship with Vietnam Prosperity Joint Stock Commercial Bank (VPBank, HoSE: VPB).
VPBank is a strategic partner and currently provides financial solutions to promote MIK Group's business activities and project development. Many MIK Group projects have VP Bank as the credit sponsor for home buyers.
Some of MIK Group's projects that are financially sponsored by VPBank include: Sol By Melia Phu Quoc, Imperia Sky Garden, Park Riverside Premium, River Park.
This bank also often participates in bond issuances of a number of enterprises related to MIK Group. In November 2021, a business related to MIKGroup, Lien Lap Real Estate Investment and Trading Company Limited, issued 3 bond lots worth a total of VND 832 billion.
The bonds are issued privately through the issuing agent, VPS Securities Joint Stock Company. The collateral is the land use rights and all assets attached to the land related to a number of land plots belonging to the Bac Bai Truong tourism - service project (area 1), Phu Quoc, invested by Duc Viet Company Limited.
Each bond lot is purchased entirely by a domestic institutional investor under the arrangement of VPS Securities JSC, ASC Securities JSC and Vietnam Prosperity Joint Stock Commercial Bank (VPBank).
Information about the project is published on MIK Group's website.
The entire proceeds from these 3 issuances were used by Lien Lap Real Estate to deposit for the transaction of receiving a transfer of a part of the project according to the principle contract of transferring a part of the Bac Bai Truong Service Tourism Area project (Area I) with a scale of 36.81 hectares in Duong To commune, Phu Quoc district, Kien Giang province, signed with Duc Viet Company Limited.
Notably, on the company’s website, MIK Group introduces itself as the developer of this project. This is also the project that MIK Group considers a product that marks “the ambition of a real estate developer with a long-term vision on beautiful beaches with rich tourism potential” in Phu Quoc. The financial sponsor for this project is also VP Bank.
Further in 2019, Khu Dong Real Estate Investment and Trading Company Limited - another enterprise related to MIK Group also issued a series of 6 bond lots and VPS acted as the issuing agent, VPBank was the unit managing the collateral and account management.
Information about the project is published on MIK Group's website.
The collateral for the above bond lot 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 also property rights arising from the Green Hill Eco-tourism project, the entire capital contribution of Eastern Real Estate at Hai An Huy Company Limited and assets and rights related to the above groups of assets.
Strategic relationship with VPBank. (Source: VPBank's consolidated financial report for the second quarter of 2023)
VPBank's consolidated financial report for the second quarter of 2023 shows that the bank owns shares worth VND714.9 billion (equivalent to 9.99%) at MIK Group. However, by the end of 2023, VP Bank's report no longer recorded this amount.
However, the connection between the two organizations still exists as the current legal representative of MIK Group is Mr. Nguyen Truong Son. Mr. Nguyen Truong Son was born in 1969 and was the Chairman of Vietnam Prosperity Joint Stock Commercial Bank Asset Management Company Limited (VPBank AMC).
In addition to VPBank, MIK Group also has a relationship with Vietnam Technological and Commercial Joint Stock Bank (Techcombank, HoSE: TCB) when in mid-2019, Technological and Commercial Securities Company (TCBS) - a subsidiary of Techcombank 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 once held the position of Vice Chairman of Techcombank from 2006-2010 .
Source: https://www.nguoiduatin.vn/ho-so-nang-luc-mik-group-chu-dau-tu-chuyen-bds-hang-sang-a668239.html
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