Quang Tri: Approved investor for 218 billion VND residential project
Thinh Phat Real Estate Group Joint Stock Company (Ho Chi Minh City) will be the investor to implement the project of Southwest National Highway 1 Residential Area (Phase 2) Ho Xa town, Vinh Linh district, Quang Tri province.
On June 20, the People's Committee of Quang Tri province announced that it had approved Thinh Phat Real Estate Group Joint Stock Company as the investor to implement the project of Southwest National Highway 1 Residential Area (phase 2) in Ho Xa town, Vinh Linh district, Quang Tri province.
According to the decision approving the investor, Thinh Phat Real Estate Group Joint Stock Company has its head office at 27/35/6 Street 28, Long Hoa Quarter, Long Thanh My Ward, Thu Duc City, Ho Chi Minh City. The enterprise is legally represented by Ms. Trinh Huong Thao (born in 1986), residing in Pho Hue Ward, Hai Ba Trung District, Hanoi City.
According to the auction/bidding results, the total investment of the project is 218,935 billion VND. Of which, the preliminary cost of project implementation is 207,334 billion VND, the preliminary cost of compensation and resettlement support is 11.6 billion VND.
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| Ho Xa town area, Vinh Linh district, Quang Tri province |
Regarding the project capital structure, the investor's equity capital is 49.9 billion VND. The investor's legally mobilized capital is expected to be a maximum of 169 billion VND.
Regarding project implementation progress, from July 2024 to January 2025, the organization will appraise land, fulfill financial obligations, issue land use right certificates and allocate land.
From September 2024 to February 2025, prepare and approve the feasibility study report, construction technical design, and construction permit. From March 2025 to November 2025, complete the construction of the project's infrastructure framework.
From June 2025 to the end of January 2026, construction of the rough construction of adjacent commercial housing blocks, villas, townhouses and commercial service buildings. From December 2025 to February 2026, completion of the project, acceptance, final settlement and handover of the project.
Quang Tri Provincial People's Committee requires investors to only transfer houses and land to customers when they ensure the conditions according to the provisions of the law on housing, real estate business and other relevant laws. Do not mobilize capital, do real estate business, or advertise in any form when the conditions are not met. Assign the Department of Planning and Investment of Quang Tri to monitor and urge investors to implement the project according to the schedule and contents that have been approved for investment policy.
It is known that previously, the project of Southwest National Highway 1 Residential Area (Phase 2) in Ho Xa town, Vinh Linh district, Quang Tri province was approved by the People's Committee of Quang Tri province in principle for investment on February 5, 2024 in the form of selecting investors through bidding.
The project aims to build a modern residential area to soon form a model, civilized, modern urban area in the heart of Ho Xa town; implement the 1/500 Detailed Planning Project of the Southwest Residential Area of National Highway 1 (phase 2), Ho Xa town.
The project has a scale of 7.3 hectares. The structure includes residential land for investment in building townhouses: Investment in rough construction of 14 planned land lots with frontage facing the main road into the project and 1 lot facing Pham Van Dong street; construction area of about 1,906.29m2; average construction density of 90%; expected number of floors is 3 floors; average construction area of 127.09m2; number of apartments: 15. Construction floor area of about 5,146.98m2.
Land for investment in construction of adjacent commercial housing (shophouse): Investment in rough construction of 55 plots of land for planned adjacent commercial housing (front of National Highway 1); construction area of about 5,069.2m2; average construction density of 90%; expected number of floors: 3 floors; average construction area of 92.17m2; number of apartments: 55; construction floor area of about 13,687m2.
Residential land for investment in building villas: Investing in the rough construction of 2 plots of land planned for villas (on Pham Van Dong street); construction area of about 390m2; average construction density of 40%; expected number of floors: 2 floors; average construction area of 195m2; number of apartments: 2; construction floor area of about 312m2.
Land for investment in rough construction of commercial service works: Area of about 2,695.2m2; construction density 40%; number of floors: 2 floors; construction floor area of about 2,156m2.
According to the investigation of the reporter, Thinh Phat Real Estate Group Joint Stock Company was granted a business registration certificate by the Department of Planning and Investment of Ho Chi Minh City for the first time on March 22, 2021; the first change was registered on February 27, 2024. The enterprise has a charter capital of 50 billion VND. The partner that will cooperate to implement this project with Thinh Phat Real Estate Group Joint Stock Company will be Phuc Hung Holdings Construction Joint Stock Company.
The 2022 and 2023 financial statements and the investor's financial statements from January 1 to March 5, 2024 have been independently audited, showing that from January 1, 2024 to March 5, 2024, the owner's equity is VND 49.96 billion, of which contributed capital is VND 50 billion, and profit after tax is VND 0.039 billion.
The company has no receivables, payables and unfinished construction value. Cash and cash equivalents are VND 49.96 billion (shown in the Deposit Balance Confirmation of Vietnam Joint Stock Commercial Bank for Investment and Development - Tan Binh Branch confirmed at 4:00 p.m. on March 5, 2024).
Regarding mobilized capital, in the financial arrangement commitment document dated May 20, 2024, of Vietnam Prosperity Joint Stock Commercial Bank - Lang Ha Branch, the bank agreed to provide credit to the investor in the amount of VND 169 billion (equal to the proposed amount) to implement the project when the Company fully complies with the provisions of law.
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