According to the Environmental Impact Assessment report of the New Urban Area Investment Project along Do Muoi Street and surrounding areas in Tan Duong and Duong Quan Communes, Thuy Nguyen District, Hai Phong City, with a total area of about 49.4 hectares, CRV Real Estate Group (CRV) is the investor – a subsidiary of TCH Corporation.
Map of the project location. (Photo from the report).
The project will be implemented in several stages over 7 years. Specifically, in March 2024, the project investment procedures will be completed; in July 2024, the environmental legal procedures and mobilization of resources and labor for project construction will be completed; from August 2024 to August 2029, the construction of project works will be carried out; in September 2029, the project will be completed and put into operation.
The total investment is nearly 10,158 billion VND (including VAT); of which construction costs account for the majority with nearly 8,033 billion VND, contingency costs nearly 1,479 billion VND, and loan interest during the implementation period nearly 647 billion VND. It is noteworthy that CRV Real Estate stated that the investor’s own capital is 100% of the capital requirements.
Source: CRV’s environmental impact assessment report.
The current status of the planning area is primarily agricultural land (fields, gardens…) accounting for 81%. Rural housing, village residential areas account for over 2%, cemeteries account for 2.49%, and defense land accounts for 0.12%. The remaining land includes transportation, technical infrastructure, vacant land, and water bodies. The current status of the area is favorable for project implementation.
Source: CRV’s environmental impact assessment report.
In terms of land use structure, the project will allocate over 16 hectares for residential construction; over 2.7 hectares for public land; over 9.2 hectares for greenery; and over 20 hectares for transportation, with the remaining land used for public parking and technical purposes.
The main items of the project include the construction and completion of the exterior of the residential area with an area of over 10 hectares, a total of about 1,146 plots, a maximum height of 5 floors, and a construction density of 78 – 100%. The construction and completion of the exterior of the villa residential area with about 39 plots, a maximum height of 5 floors, and a construction density of 68 – 74% at 3 plots including BT1, BT2, BT3.
The construction of social housing (apartments) with an area of about 3.4 hectares at 4 plots including NXH1, NXH2, NOXH1, NOXH2, with a maximum height of 4-5 floors, and about 510 apartments. The maximum construction density is 55-75%.
The construction of 4 apartment buildings combined with commercial services with an area of about 1.8 hectares at 4 plots from HH1 to HH4, with a maximum height of 33 floors, about 2,494 apartments, and a maximum construction density of 45-50%.
When completed, the project will have a total of 4,189 products, serving an estimated 15,256 people.
In terms of transportation, the project is located in the north of the VSIP Industrial Park Road, which is 50 meters wide; the western road (water pipeline) is under construction; the southern road (adjacent to the city’s administrative center) has a 45-53m boundary; planned roads in the area include the road through Duong Quan Temple; the road to the People’s Committee of Duong Quan Commune; the east road in the North-South direction, 5m wide; in addition, some areas of the project are deploying road construction.
Some images of the current status of the project implementation area in Thuy Nguyen District. Source: Environmental Impact Assessment Report.
According to the Thuy Nguyen New Urban Area master plan, by 2045, it aims to concretize the strategies and development orientations of the country and Hai Phong City; elevate Thuy Nguyen Urban Area to become a multi-sector economic center of Hai Phong City and the Red River Delta region; develop Thuy Nguyen Urban Area into a city under the administration of Hai Phong City.
Thuy Nguyen New Urban Area is a level III urban area by 2025, aiming to become a level II urban area by 2035 with a city model under Hai Phong City.
At the same time, Thuy Nguyen will develop into a new administrative and political center of Hai Phong City; an industrial, commercial, service, finance, tourism, cultural, sports, healthcare, and education center; a fishing craft center of the Northern Coastal region; a smart, ecological, and environmentally friendly urban area capable of coping with climate change; and a strategically located area for national defense and security.
Population forecasts for Thuy Nguyen by 2035 are around 600,000 people; by 2040, around 645,000 people; and by 2045, around 725,000 people.
On October 11, 2023, the People’s Committee of Hai Phong City issued Decision No. 3178/QD-UBND approving the investment policy for auctioning the right to use land to implement the construction of a new urban area along Do Muoi Street and surrounding areas in Tan Duong and Duong Quan Communes, Thuy Nguyen District, Hai Phong City.
On November 29, 2023, the People’s Committee of Hai Phong City announced the recognition of the results of land use rights auction for project implementation. Accordingly, CRV Real Estate Group won the auction and became the investor for the project. The total auction value is over 4,828 billion VND; of which land use fees amount to 4,826 billion VND, and annual land rent payment is 2.5 billion VND. In addition, the winning investor is also required to pay 57.3 billion VND to reimburse TCH Corporation, and 32.6 billion VND for land protection and development of rice cultivation to the city budget.
The project has revised the detailed planning at a scale of 1/500 approved in Decision No. 386/QD-UBND dated January 25, 2022, and Decision No. 6158/QD-UBND dated July 19, 2023 of Thuy Nguyen District People’s Committee.
Who is CRV Real Estate Group?
CRV was established in 2006, headquartered in Hai Ba Trung District, Hanoi. As of September 30, 2023, its charter capital was over 6,724 billion VND. Mr. Do Huu Ha is the Chairman of the Board of Directors of CRV and also the Chairman of TCH Corporation. Ms. Pham Thi Thu Huyen holds the position of General Director.
CRV is one of the 9 subsidiaries of TCH Corporation (owning 60.33% as of the end of 2023), mainly operating in the real estate development sector.
In early 2022, CRV underwent IPO and was accepted for registration by the Vietnam Securities Depository with the code CRV. As of June 8, 2022, HOSE announced that it had received the registration dossier for listing of CRV Real Estate Corporation with the registered quantity of shares being 672.4 million shares. However, it has not been listed to date.
In terms of business performance, the first 6 months of 2023 of CRV (the 2023 fiscal year of CRV is from April 1, 2023, to March 31, 2024) recorded a revenue of over 330 billion VND, 4.6 times higher than the same period last year, while net profit was nearly 205 billion VND, an increase of 39%.
As of September 30, 2023, CRV’s total assets reached nearly 9,683 billion VND, a 6% increase compared to the beginning of the year. Of which, CRV deposited about 4,224 billion VND in commercial banks, accounting for 44% of total assets.
Inventory value was nearly 3,723 billion VND, up 27% compared to the beginning of the year, mainly consisting of unfinished production and business costs. It is worth noting that the Hoang Huy Commerce project accounts for the majority with nearly 3,546 billion VND.
Thus, besides the above-mentioned project in Thuy Nguyen District, the ecosystem of TCH holds many projects in Hai Phong City, including the Hoang Huy Commerce project (about 5,000 billion VND), Hoang Huy Green River project (about 14,000 billion VND), and recently TCH is the only investor to submit the application for registration to implement the project of investing in the renovation of urban areas (apartment combined with commercial and service center) in LOT OTM2-1, N2-3, CX2-4, in the detailed planning of a ratio of 1/2000 of Le Chan District, with a value of nearly 3,180 billion VND in Trại Cau Ward, Le Chan District, Hai Phong City.
[Hoang Huy real estate company prepares to list HOSE](https://english.vietnamnet.vn/fms/business/272518/hoang-huy-real-estate-company-prepares-to-list-hose.html)
Regarding the balance sheet, CRV has liabilities to be paid of over 2,826 billion VND, an increase of 35%. Of which, most are concentrated in the short-term accounts of over 2,023 billion VND, accounting for 72% of the total debt, which is the prepayment of customers purchasing apartments and townhouses. During the period, CRV also incurred short-term borrowing of nearly 73 billion VND.
Source: CRV.
Thanh Tu.
