The investment unit of The Global City Rach Chiet project is Masterise Group?

December 31, 2021 | NEWS

The Global City - Real Estate Masterise Group issued bonds to raise money to buy back the 117-hectare Saigon Binh An Urban Area project by Saigon Development and Investment (SDI Corp), which used to belong to the Saigon Group. Him Lam group.

Location The Global City

Masterise acquires Saigon Binh An urban area project

Changes about a major transfer of ownership structure are taking place at Saigon Development and Investment Joint Stock Company (SDI Corp), the investor of the great project Saigon Binh An (The Global City) 117.4 ha in An Phu ward, Thu Duc city - HCM which used to belong to Him Lam Group.

Three enterprises including Hoa Phu Thinh Joint Stock Company, Hoang Phu Vuong Joint Stock Company and Osaka Garden Joint Stock Company have just issued 3,130 billion dong, 4,670 billion dong and 3,400 billion dong of bonds, respectively. Notably, the bond lots have the same purpose, which is to finance the transfer of a part of the Saigon Binh An project. Collateral is movable property, property rights related to a part of the project and shares owned by SDI Corp shareholders.

In all three issuance deals, the consulting organization is Techcom Securities (Technology Securities Joint Stock Company), the collateral recipient is TechcomBank (Vietnam Technological and Commercial Joint Stock Bank).

Three enterprises Hoa Phu Thinh, Hoang Phu Vuong and Osaka Garden have the same thing in SDI Corp, including in terms of share ownership and interest in the Saigon Binh An project.

On the side of SDI Corp, the business registration changed on July 30, 2021, the Chairman of the Board of Directors was transferred from Mr. Bui Duc Khoa to Ms. Mai Thi Kim Oanh. Ms. Oanh is known as the Head of Supervisory Board of Masterise Group. This is a detail that makes people relate the shadow of an emerging real estate company to the acquisition of the Saigon Binh An urban project.

Up to now, the total value of bonds mobilized to serve the transfer of Saigon Binh An project has been announced up to 11,200 billion VND.

Saigon Binh An Urban Area Project (The Global City) has a scale of 117 hectares located in An Phu, City. Thu Duc - HCM, adjacent to Saigon Sports City complex and adjacent to Long Thanh - Dau Day highway. The project was valued at nearly VND 20,000 billion when mortgaged as collateral at some banks.

Born in 2001, the project was originally named Golf - Sports and Housing Complex (commercial name is Saigon Golf, Country Club and Residences - SGCCR). According to the original plan, the project includes an 18-hole golf course of international standards, a luxury residential area and a hotel-apartment for rent.

After many years of not implementing the project, in 2015, according to a planning adjustment decision, this golf course complex was converted into an urban area. Accompanying that is the change of project owner with the appearance of Him Lam Group.

Masterise-Homes

Over the past time, Masterise Homes – Masterise Group has risen to become a new force in the real estate industry.

This group has purchased a series of real estate projects with prime locations, especially in Ho Chi Minh City and Hanoi to serve its high-end and branded real estate development strategy.

By the end of last year, major legal entities in the Masterise ecosystem can include the investor of the Grand Marina Saigon complex such as Supreme, Elegance, The Sun Tower (total assets of VND 60,000 billion); Saigon Glory – investor of One Central project opposite Ben Thanh market (25,400 billion VND), Minh Tan Hanoi – Masteri Waterfront project investor (16,500 billion VND), Golden Hill (13,700 billion VND)…

Masterise businesses have been in the top of bond issuance since the beginning of 2021 when the market is hot again (excluding financial businesses). In the case of the Saigon Binh An project, if it really went to Masterise Group, the total issuance could reach VND 26,000 billion.

Previously, Voyage Joint Stock Company issued VND 2,300 billion, Golden Hill Investment JSC issued VND 5,760 billion to serve the project 87 Cong Quynh (Alpha Hill). Or like Masterise Dream Real Estate Trading Co., Ltd. issued 7,200 billion VND to buy a part of Vinhomes Dream City urban project in Van Giang, Hung Yen.