Through capital contribution to establish a subsidiary, CNT Group has transferred the Commercial Apartment Complex Project along Huynh Tan Phat Street with a total investment of over 280 billion VND to Blue Bay Quy Nhon Company Limited for implementation.
CNT Group transfers apartment project in Binh Dinh to subsidiary
Through capital contribution to establish a subsidiary, CNT Group has transferred the Commercial Apartment Complex Project along Huynh Tan Phat Street with a total investment of over 280 billion VND to Blue Bay Quy Nhon Company Limited for implementation.
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| Perspective image of Commercial Apartment Complex Project along Huynh Tan Phat Street. |
CNT Group Joint Stock Company (CNT Group) has just sent a document to the State Securities Commission and the Hanoi Stock Exchange to announce unusual information. Accordingly, CNT Group announced the decision of the Board of Directors on transferring the project from CNT Group to Blue Bay Quy Nhon Company Limited.
Accordingly, on November 27, 2024, the Board of Directors of CNT Group approved the plan to transfer the Commercial Apartment Complex Project along Huynh Tan Phat Street according to Investment Registration Certificate No. 3048448081 dated October 28, 2024 of the People's Committee of Binh Dinh Province, from CNT Group to Blue Bay Quy Nhon Company Limited (100% owned by CNT Group).
At the same time, CNT Group commits to ensuring financial resources for project implementation for Blue Bay Quy Nhon Company Limited to implement the Commercial Apartment Complex Project along Huynh Tan Phat Street, Dong Da Ward within the scope of the investor's capital contribution of VND 82,982,250,193.
Previously, on September 30, 2024, the Board of Directors of CNT Group decided to approve the policy of contributing capital to establish a subsidiary to implement the Commercial Apartment Complex Project along Huynh Tan Phat Street in Dong Da Ward, Quy Nhon City, Binh Dinh Province.
Specifically, Blue Bay Quy Nhon Company Limited is registered at 46 Lam Van Tuong, Nhon Binh Ward, Quy Nhon City, with a charter capital of VND 83 billion; of which, the capital contribution of CNT Group is VND 83 billion. According to information from the General Department of Taxation, the enterprise was established on October 9, 2024.
Blue Bay Quy Nhon Company Limited operates in the field of real estate trading, land use rights owned by owners, users or lessees, and consulting, brokerage, real estate auctions, and land use rights auctions.
CNT Group also appointed Mr. Pham Quoc Khanh (Chairman of the Board of Directors of CNT Group) as the representative to manage the Group's capital contribution; Mr. Tran Cong Quy as the legal representative of Blue Bay Quy Nhon Company Limited.
According to research, Mr. Tran Cong Quy is also the legal representative of CNT Tra Duoc Company Limited - another member company of CNT Group.
CNT Group was recognized by the People's Committee of Binh Dinh province as the winning bidder for the land use rights to implement the Commercial Apartment Complex Project along Huynh Tan Phat Street on August 28, 2024 with a winning bid price of over VND 39.8 billion (starting price was VND 37.9 billion). At the time of recognition, CNT Group had paid a deposit of over VND 7.58 billion.
Next, on October 20, 2024, the People's Committee of Binh Dinh province decided to allocate land with an area of 1,556 m2 (residential land purpose, term of 50 years) for CNT Group to build the project. On November 2, 2024, CNT Group held a groundbreaking ceremony for the Commercial Apartment Complex Project along Huynh Tan Phat Street.
CNT Group affirmed that the event marked an important milestone in the Group's real estate development strategy in the Central region and demonstrated CNT Group's long-term investment commitment in this potential market.
The commercial apartment complex project along Huynh Tan Phat Street has an area of 1,556 m2, of which the construction land is 933.6 m2; the project implementation cost is more than 236 billion VND. The project scale includes 2 basements, 18 floors with a total floor area of 19,893 m2, the total number of apartments is about 181 units.
Regarding progress, within 12 months from August 28, 2024, the investor must complete investment preparation procedures in accordance with current regulations to be able to start construction of project items; construction of the project must not exceed 36 months from the date of issuance of the construction permit.
CNT Group explained that the reason was that financial revenue decreased by more than VND 8.9 billion compared to the same period because the company focused resources on purchasing and developing real estate projects in the 9 months, causing financial investment sources to gradually decrease.
Along with that, real estate business revenue decreased by more than 11.3 billion VND because the real estate market has not yet recovered, the debt collection process to hand over products to record revenue encountered many difficulties.
Source: https://baodautu.vn/batdongsan/tap-doan-cnt-chuyen-nhuong-du-an-khu-chung-cu-tai-binh-dinh-cho-cong-ty-con-d231481.html
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