The People’s Committee of Ba Ria – Vung Tau province has released a decision on approving the joint name of Saigontel, the Saigon Construction JSC (SCC and the Kinh Bac Urban Area Development Corporation (KBC) as a shortlisted investor to implement the Nam Vung Tau New Urban Area project.

The decision on approving the joint name of Saigontel, SCC and KBC as a shortlisted investor to implement the Nam Vung Tau New Urban Area project.

The Nam Vung Tau New Urban Area project was previously named Vung Tau PetroVietnam New Urban Area, registered by Petroland. The investor planned to start construction in 2010, but the project had been postponed until the end of 2019, when the Ba Ria – Vung Tau provincial authorities revoked the investment license.

The project, covering an area of 69.46 hectres in wards 10 and 11 of Vung Tau City, capitalized at VND4.62 trillion, is seeking new investors.

The joint name of Saigontel – SCC – KBC has been shortlisted to implement the project. Two of the three names, Saigontel and KBC, are very familiar to people as they belong to the well-known businessman Dang Thanh Tam. Meanwhile, SCC was founded by Dang Thi Hoang Phuong, the younger sister of Tam.

This is a new positive sign for the enterprises of the businessmen belonging to Dang family after nearly one decade in difficulties.

Tam’s KBC recently has been continuously mobilizing capital from corporate bond issuance to implement a series of real estate projects under execution, mostly IZ projects, including Quang Chau IZ, Nam Son Hap Linh IZ, Tan Phu Trung IZ. There are also two large urban area projects, namely Phuc Ninh in Bac Ninh and Trang Due in Hai Phong City.

As such, if nothing changes, Tam’s KBC will continue making heavy investment in the industrial real estate projects (IZ) nationwide, and urban real estate in Bac Ninh and Ba Ria – Vung Tau.

The businesses owned by Tam are believed to recover considerably recently with more projects under implementation. Tam’s elder sister, Dang Thi Hoang Yen, has also made an impressive comeback after 10 years with her presence at the 2020 shareholders’ meeting.

However, analysts say that it is now a ‘sensitive’ moment, with a lot of opportunities as well as risks as the world is still struggling with the Covid-19 pandemic.

The prices of industrial real estate shares escalated recently as US-China tension increases and as Vietnam tries to grab opportunities to attract foreign investors.

ITA shares of Itaco owned by Yen has seen prices increasing by 2.5 times within the last six months, from VND2,500 per share to VND5,000.

Meanwhile, the price of KBC has increased from VND10,000 per share in late March to VND14,600 per share. 

V. Ha

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