Who is the Man Behind the Capital Elite Project at 18 Pham Hung Street?

The Capital Elite project, located at 18 Pham Hung, My Dinh 2, Nam Tu Liem, Hanoi, has recently caught the attention of the city’s real estate market. Developed by Capital City II Joint Stock Company (referred to as Capital City II), the project offers a range of high-end products, including luxury apartments, rental units, a commercial center, and office space.

Constructed on a land area of 4,766.6 square meters, the project comprises a single tower with 4.5 basement levels and 32 floors above ground, including 9 floors of commercial and service areas, 21 floors of apartments, and 2 floors of penthouses. With construction topping out in April 2024, the project is expected to be handed over to customers in the fourth quarter of this year.

Where is the Capital Elite Project Mortgaged?

According to our research, Capital City II was granted an investment certificate by the Hanoi People’s Committee in September 2010 and was allocated 4,766 square meters of land at 18 Pham Hung in December 2010 to develop a commercial, service, and office building project, along with high-end apartments for sale.

However, for over a decade (from 2010 to 2021), the investor showed no signs of project implementation. Moreover, Capital City II misused the land by leasing it to a partner as a sales location.

It was not until June 2021 that the investor was granted a construction permit for the first phase by the Hanoi Department of Construction, followed by a permit for the second phase in June 2022.

In November 2022, the project was allowed to open sales, and in May 2023, Capital City II signed a business development cooperation contract for the Capital Elite project with Indochine Real Estate Joint Stock Company.

Our data shows that in November 2023, Capital City II mortgaged the project, along with all future-forming machinery and equipment installed at the project, to BIDV Trang Tien branch as collateral for a loan.

Who is the Investor?

Regarding the investor, Capital City II Joint Stock Company was established in November 1995, with its head office located at 49 Phung Hung, Hang Ma, Hoan Kiem, Hanoi.

The company’s primary registered business field is the management and parking of cars, motorcycles, and other road vehicles at parking lots and parking spots.

The company’s General Director and legal representative is Mr. Nguyen Anh Cuong (born in 1985). Currently, Mr. Cuong also owns 36.4% of the capital and holds the position of General Director and legal representative of Lakeside Dong Mo Eco-Tourism Joint Stock Company.

Additionally, Mr. Cuong used to be the legal representative of Capital City Real Estate Construction and Investment Joint Stock Company and Hoang Long Limited Liability Company, both of which have ceased operations but have not yet closed their tax codes.

Our data shows that in November 2023, Mr. Nguyen Anh Cuong mortgaged his entire capital contribution in Capital City II as collateral for a loan at BIDV Trang Tien branch. At the same time, Capital City II mortgaged the project at 18 Pham Hung.

On the Capital Elite project website, Capital City II introduces itself as the investor of several prominent projects in the capital’s “golden land” locations, such as Capital Building at 41 Hai Ba Trung, Hoan Kiem; Capital Building at 72 Tran Hung Dao, Hoan Kiem; Capital Building at 58 Kim Ma, Ba Dinh; the commercial center of Cho 19/12 at 41 Hai Ba Trung, Hoan Kiem; and Cho Hang Be at 2-4 Vong Ha, Hoan Kiem.

In addition to the 18 Pham Hung project, Capital City II is also a joint venture investor with Nhat Quan Anh Joint Stock Company and Hanoi Housing Management and Development One-Member Limited Liability Company in the project to renovate and build Houses A&B in Nghia Do residential area ( Cau Giay, Hanoi).

This project has a total planned land area of over 7,700 square meters and has been approved by the Hanoi People’s Committee for investment, with adjusted investment approval for a total investment of nearly VND 996 billion.

The new construction will provide 515 apartments, including 246 apartments for on-site resettlement for A&B households, 54 apartments returned to the city (this is the fund for resettlement of the eastern area of Nghia Do Lake), and 215 apartments for business by the investor.

According to the approved schedule, the project was to be implemented from the fourth quarter of 2017 to the third quarter of 2019. However, the city of Hanoi has identified this as one of the many housing and urban development projects that are behind schedule for the 2021-2025 period.

Capital City II of Mr. Nguyen Anh Cuong is also known as the investor of Cho 19/12 and the 41 Hang Bai project in Hanoi.

While the investor, Capital City II Joint Stock Company, has a mysterious background, the project developer, Indochine Real Estate Joint Stock Company, is quite well-known in the industry.

Indochine Real Estate Joint Stock Company was established in May 2022, with its head office located on the 5th floor of Van Gia Phat building, 1 Tran Khanh Du, Tan Dinh, District 1, Ho Chi Minh City.