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On July 5, the Board of Directors of Total JSC Investment Development Construction (DIG) proposed to borrow VND 1,500 billion from the Bank for Investment and Development of Vietnam (BIDV) to pay legal and valid expenses, issue guarantees, and open LCs during the implementation of the CSJ project, including interest expenses during the construction period, which are included in the total investment capital of the project.
The expected loan period is from the third quarter of 2024, with a maximum loan term of 120 months from the first disbursement, and interest rates and fees as per the bank’s regulations.
Previously, on June 25, the DIG Board of Directors approved the plan to transfer the CSJ project phase 1 to DIC Tourism Co., Ltd. (DIC Hospitality). The expected handover time is in June 2024.
DIG introduced the CSJ project, located at 169 Thuy Van, Ward 8, Vung Tau City, with an area of 11,306m2 and a total investment of VND 3,577 billion. The project development is divided into 3 phases, with phase 1 being the condotel block (CSJ Tower) comprising 31 floors and 2 basements, and phases 2 and 3 consisting of a 5-star hotel (27 floors and 2 basements) and a condotel (31 floors and 2 basements), respectively.
As of March 31, 2024, DIG’s production and business expenses for the CSJ project amounted to more than VND 358 billion, remaining unchanged from the beginning of the year.
In the first quarter of 2024, DIG recorded a revenue of VND 186.4 billion, a decrease of 5.7% compared to the same period last year. Of this, revenue from real estate business reached VND 111.8 billion (accounting for 60% of total revenue); service revenue was VND 37 billion (19.8%); sales of finished products stood at VND 20.2 billion (10.8%); and investment real estate revenue was VND 843.5 million.
Notably, during this quarter, DIG recorded a significant amount of returned goods, totaling nearly VND 185.7 billion, resulting in the company’s net revenue amounting to only VND 489 million, a decrease of 99.8% compared to the first quarter of 2023.
With operating losses, combined with a decline in financial revenue and increasing selling and administrative expenses, DIC Corp recorded a record loss in the first quarter of 2024, amounting to VND 121.2 billion.
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