Capital Place Office Tower
Capital Place building at 29 P. Lieu Giai, Ngoc Khanh, Ba Dinh is a Grade A office building located in the central area of Hanoi city, with a total leasing area of 100,000 m2, including two 37-storey office towers. The building is home to multinational corporations such as HSBC Vietnam, Porsche, Standard Chartered Bank Vietnam, Shopee…
Capital Place was originally part of the Vinhomes Metropolis project and was later transferred to CTCP Twin-Peaks, a legal entity owned by Singaporean real estate group Capitaland.
In early 2022, a newly emerging real estate brand called Viva Land announced its acquisition of Capital Place for SGD 751 million (USD 550 million). The Viva Land logo was hung up at Capital Place as well as on other prominent projects in Ho Chi Minh City. Viva Land was established in 2020 and is headquartered in Singapore.
According to our information, as of the end of April 2022, a discreet legal entity named Saigon Helios Joint Stock Company owns a 45% stake in CTCP Twin-Peaks.
Subsequently, Saigon Helios unexpectedly appeared in the list of the 1,000 largest corporate income taxpayers (V1000) in Vietnam in 2022. The estimated corporate income tax paid by Saigon Helios is around VND 550 – 570 billion. Based on the tax rate of 20%, the estimated pre-tax profit of the company amounts to around VND 2,500 billion. It is likely that the abnormal profit/tax payment of Saigon Helios may come from divestment from the above-mentioned project.
Viva Land logo once appeared on top of Capital Place
Opposite to Capital Place is the Daewoo Hanoi Hotel and Daeha office building complex, located at 360 Kim Ma, Ngoc Khanh, Ba Dinh, Hanoi. This is one of the first international 5-star hotels in Hanoi and also a symbol of the capital’s development over the past two decades.
In 2015, Bong Sen Corporation, an affiliate of Van Thinh Phat Group, spent over VND 3,600 billion to acquire a 51% stake in Daeha – the company owning the hotel-office complex, equivalent to a valuation of nearly VND 7,200 billion (USD 320 million).
In addition, Bong Sen also owns a series of high-class restaurants and hotels in Ho Chi Minh City. They are named including Palace Saigon Hotel, Bong Sen Saigon Hotel, Bong Sen Annex Hotel, Lemongrass Restaurant, Buffet Gánh Restaurant, Lion Restaurant, Vegetarian Restaurant…
According to information from HNX, the company also has a bond lot in circulation with the code BSECH2122003 with a total value of VND 4,800 billion. The interest rate is announced at 10.5% per year, and it is deposited by TVSI Securities Joint Stock Company.
However, since July 2022, the company has been continuously late in paying interest on the mentioned bond lot. By October 2023, the total outstanding debt of both principal and interest of this bond lot amounted to VND 5,468 billion. Thus, the late payment penalty and interest amounts to VND 668 billion.
Daewoo Hotel Complex
