Tan Hoang Minh wins bid for $68m project
Tan Hoang Minh wins bid for $68m project
Domestic developer Tan Hoang Minh has announced that it will be taking control of a more than 3,000 square metre site in Ho Chi Minh City’s Le Duan street.
The company surpassed over 12 competitors to purchase this land, with a recorded value of VND1.43 trillion ($68 million).
The land area is now currently the office of the Ho Chi Minh City Lottery Company. It was put into auction in the end of June, starting from VND558 billion ($26 million). Tan Hoang Minh, however, purchased the land for triple this price. The developer’s winning offer was VND2 billion ($95,200) higher than the nearest losing bid
In a prime location with two facing streets of Le Duan and Nguyen Du, the land area was zoned to develop a trading centre and office buildings, with the maximum height of 100 metres.
Tan Hoang Minh is a real estate developer with a range of luxury projects named D’ Palais de Louis, D’ Le Pont D’or and D’ Le Roi Soleil, and the trading complex D’ San Raffles, all located in Hanoi. The company is also the owner of two other promising areas on West Lake, named D’ El Dorado I and II, near the Nhat Tan Bridge in the capital.
The company now has an office building on Nam Ky Khoi Nghia street in Ho Chi Minh City. The new project on Le Duan street will strategically expand its business to the southern economic hub.
According to Tran Hong Son, deputy general director of Tan Hoang Minh, the documentation for starting D’ San Raffles on Hang Bai street in Hanoi’s Hoan Kiem district and D’ Le Roi de Solei on Dang Thai Mai street in Tay Ho district was finished in the second quarter of 2015.
The delay of these projects has nothing to do with the financial capability of the developer. Instead, it has been caused by changes in Hanoi’s zoning, such as the revised the Hanoi Master Plan. Due to changes in terms of building heights, paperwork for the project was delayed.
