Business Today: 11 Companies Collaborate on Real Estate Project in Bac An Khanh, Hanoi

The CTCP Tập đoàn Everland (EVG) recently made a transfer of 637.5 billion VND to the Công ty Liên doanh TNHH Phát triển Đô thị mới An Khánh (An Khánh JVC). This transfer is a deposit to facilitate the acquisition of a portion of the Bac An Khanh New Urban Area project in Hoai Duc district, Hanoi. The specific portion of land, known as HH5, spans an area of 48,452 square meters with a value of 750 billion VND contributed by Everland.

The project is expected to be named Sky Lumiere Center and will have a total construction area of 194,592 square meters. It is currently an empty plot of land that will be developed into a mixed-use complex featuring public amenities, commercial spaces, services, offices, and residential units.

Everland is collaborating with 10 other companies on this project: Công ty Đô thị mới An Khánh, Công ty TNHH Thương mại và Dịch vụ Thuận Nguyễn, CTCP Dịch vụ Thương mại Hồng Ngọc Việt, Công ty TNHH Thương mại Dịch vụ Xây dựng Trung Phong, Công ty TNHH Đầu tư Xây dựng và Thương mại HTC VINA, Công ty TNHH Bất động sản Thuận Quang, Công ty TNHH Xây dựng Thương mại Dịch vụ Hàng hải Cao Trần, Công ty TNHH Kiến trúc Cảnh quan ALA, Công ty TNHH Bất động sản Hoàng Lê, and Công ty TNHH Trusted Trading và Công ty TNHH Đầu tư Xây dựng Đại Kim Ưng.

In order to secure a long-term loan of 523 billion VND from HD Bank, Everland has pledged all rights, assets, and benefits arising from the deposit contract of the HH5 Bac An Khanh project. The credit facility is valid until August 31, 2026.

In 2023, Everland recorded a revenue of 678 billion VND and a post-tax profit of 25.5 billion VND. The majority of Everland’s profit in the past year came from the transfer of investment in the First Cruise Tourism and Service Area project in the second quarter of 2023.

According to the annual general meeting documents for 2024 of the CTCP Tập đoàn Everland, the company plans to achieve a revenue of 1,250 billion VND and a post-tax profit of 95 billion VND.

The Công ty Liên doanh TNHH Phát triển Đô thị mới An Khánh, which transferred the HH5 Bac An Khanh land to Everland, was established in 2008 and is the developer of the Bac An Khanh New Urban Area, also known as Splendora Bac An Khanh. The project covers an area of 264 hectares in Hoai Duc district, Hanoi.

Initially, the shareholders of An Khánh JVC were two legal entities: Tổng CTCP Xuất nhập khẩu và Xây dựng Việt Nam (Vinaconex) and Công ty Xây dựng Posco E&C (Korea), with each holding a 50% stake. In December 2017, the Korean shareholder transferred its capital contribution to CTCP Địa ốc Phú Long, an important member of the Sovico Group.

However, conflicts between major shareholders of Vinaconex, namely Công ty TNHH An Quý Hưng and entities related to Sovico, led to a halt in the project.

In August 2020, Vinaconex transferred its 50% stake in An Khánh JVC to CTCP Đầu tư và Phát triển Pacific Star, another member of the Sovico Group.

As of July 30, 2021, both members of Sovico, including CTCP Địa ốc Phú Long and CTCP Đầu tư và Phát triển Pacific Star, hold the entire share capital of An Khánh JVC.

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