FECON Reveals Astonishing Real Estate Portfolio Worth Nearly $2 Billion, Including 2 Mega-Projects in Khanh Hoa and Hung Yen
CTCP FECON (stock code: FCN) has recently released the documents for its 2024 Annual Shareholders’ Meeting. According to the announcement, FECON expects its revenue in 2024 to come from 80 projects in its developing or bidding portfolio. Additionally, FECON has highlighted two major projects, namely Square City Pho Yen and CCN Danh Thang – Doan Bai (Bac Giang).
Strategic Focus on Infrastructure Construction and Industrial Development
Currently, FECON is strategically focusing on infrastructure construction and industrial development to drive its sales. The company aims to work on projects such as LNG facilities, airport infrastructure, seaports, railways, urban undergrounds, and wastewater treatment plants. FECON also plans to participate in both industrial and residential projects, prioritizing those with large-scale infrastructure and high complexity to leverage its competitive advantage.
Expansion into New Markets
In addition to the ASEAN market, FECON is considering expanding its business into Taiwan and Bangladesh through partnerships with major counterparts. This move reflects the company’s ambition to explore new growth opportunities beyond its current market presence.
Extensive Real Estate Portfolio
FECON is also actively involved in urban and industrial real estate development. The company is currently researching, developing, and investing in approximately 11 real estate projects with a total value of nearly $2 billion.
Square City Pho Yen
Located in Pho Yen City, Square City is a flagship urban development project with a total capital investment of VND 3.6 trillion ($156 million). FECON owns 100% of the project and has received approval for investment and investor selection. The project is currently in the land clearance phase and is expected to commence construction in June 2024, with completion scheduled for June 2026.
Que Vo Urban Area
FECON owns 51% of the Que Vo Urban Area project in Bac Ninh Province, which has a total investment of VND 375 billion ($16 million). The project is progressing through the land clearance phase in preparation for land auction.
Golden Riverside Sa Dec
With a total investment of VND 550 billion ($24 million), FECON holds a 51% stake in the Golden Riverside Sa Dec project. The project is currently undergoing land acquisition procedures and is preparing for land auction.
My Hao – Hung Yen Urban Area
FECON owns 40% of the My Hao – Hung Yen Urban Area project, which has an estimated investment value of VND 16 trillion ($694 million). The project has already received approval for the 1/500 planning and is preparing the investment proposal, cooperating with foreign partners for bidding and implementation.
Muong Lum – Moc Chau Ecotourism and High-End Housing Area
FECON owns 70% of the Muong Lum – Moc Chau project, with a total investment of VND 1.55 trillion ($67 million). The project is currently undergoing the 1/500 planning process.
Bac Phan Me Residential Area
With a total investment of VND 250 billion ($10.8 million), FECON fully owns the Bac Phan Me residential area project. The project is in the 1/500 planning phase and is seeking transfer partners.
Tien Phong Garden City
The Tien Phong Garden City project, valued at VND 4.875 trillion ($211 million), has a 40% stake owned by FECON. The project has been included in the general planning of Pho Yen City and is preparing the 1/500 planning, along with the foreign partner’s project proposal.
New Cam Ranh Urban Area
The New Cam Ranh urban area, with a total investment of VND 12 trillion ($520 million), is 40% owned by FECON. The project has been included in the general planning of Cam Ranh City and is preparing the investment proposal, seeking foreign partners for project development.
Danh Thang – Doan Bai Industrial Cluster
The Danh Thang – Doan Bai Industrial Cluster, valued at VND 954 billion ($41 million), has received investor selection and approval. Currently, the project is undergoing the 1/500 planning process. From the fourth quarter of 2024, land clearance and leasing will commence, with sales expected to be completed in 2026.
Bac Giang Industrial Zone
The Bac Giang Industrial Zone project, with an estimated investment value of VND 3.5 trillion ($151 million), is currently under evaluation for investment selection, awaiting approval from the Prime Minister’s Office. Cooperation and project implementation are expected to begin from the fourth quarter of 2024.
In conclusion, FECON’s impressive real estate portfolio showcases its commitment to strategic growth and diversification. With a focus on infrastructure construction, industrial development, and urban real estate, the company is well-positioned to capitalize on market opportunities and drive long-term success.
For more information about FECON and its projects, visit Business Today.