The project encompasses an area of 50.2 hectares, with the aim of developing a new urban area. The residential component of the project entails the construction of 729 land plots, spanning an area of 146,900 square meters. Approximately 99 units will be constructed in a rough state with completed exterior finishes (including 41 villas, 7 mixed-use buildings, and 51 terraced houses). Additionally, around 536 land plots will be transferred to individuals for self-construction, adhering to approved design guidelines, once the technical infrastructure is fully established and complies with prevailing regulations. Approximately 94 land plots are allocated for compensation and resettlement purposes.
The current land use comprises urban residential land, land for annual and perennial crops, land for aquaculture, transportation land, irrigation land, fallow land, cemeteries, riverine land, non-agricultural production sites, and religious facilities.
The project has a duration of 50 years, commencing from the date of the land allocation or lease decision. The investment timeline is capped at 9 years from the date of approval of the investor selection outcome or the investor approval decision, anticipated to span from 2023 to 2031.
The total investment capital for the project amounts to VND 1,804 billion, including preliminary implementation costs of VND 1,648 billion and compensation and resettlement support costs of VND 156 billion.
Con Két is a narrow strip of land, spanning less than 1 square kilometer, nestled between two branches of the Gianh River in Quang Thuan Ward, Ba Don Town. The area derives its name from the abundance of “két” trees that grow there.
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Investor Capabilities
To undertake this project, the investor must possess a minimum of VND 271 billion in equity capital, equivalent to 15% of the total project investment capital.
According to our research, Minh Faas Land Investment was established on July 13, 2022, with its headquarters located in the Vinaconex 1 office and luxury residential complex in Cau Giay District, Hanoi. Their primary business focus is real estate, with an initial chartered capital of VND 100 billion. The company is comprised of the following shareholders: Dai Loi Trading Company (contributing 40%), Dai Hoang Trading, Construction, and Interior Decoration Services Company (25%), Catalan Real Estate Joint Stock Company (25%), and Minh Faas Investment Joint Stock Company (10%). Mr. Truong Thanh Lam, the General Director, serves as the legal representative. On April 12 of this year, the company increased its capital to VND 280 billion. However, on July 16, the company reduced its capital back to VND 100 billion, only to raise it again to VND 280 billion on July 26.
It is worth noting that the Con Ket urban area project received approval from the Provincial People’s Committee on June 21, 2024. Subsequently, on June 26, the Provincial Planning and Investment Department invited investors, with a deadline set for August 10. It appears that Minh Faas Land Investment promptly adjusted its chartered capital prior to registering for the project, ensuring it met the required investor capabilities.
The largest founding shareholder, Dai Loi Trading Company, was established in 2003 and is headquartered in Yen My District, Hung Yen Province. Their primary business involves wholesale trading of bamboo, rattan, wood, semi-processed wood products, sand, gravel, flat glass, paint, wallpaper, water heaters, sanitary equipment, rubber hoses, hammers, saws, and screwdrivers. The company is legally represented by Mr. Nguyen Van Kha, the General Director, and currently has a chartered capital of VND 499 billion.
Dai Hoang Interior Decoration Services Company was established in 2014 and is based in Tan Uyen Town, Binh Duong Province. Their current chartered capital stands at VND 150 billion, with Mr. Tran Van Hiep holding an 80% stake (serving as the Chairman of the Members’ Council and the Director, as well as the legal representative) and Mr. Tran Van Tri holding the remaining 20%.
Catalan Real Estate Joint Stock Company was founded in December 2021 and is headquartered in Hanoi. With a chartered capital of VND 100 billion, the company’s shareholders include Ca Ta Land Joint Stock Company (75%), Danco Hanoi Joint Stock Company (10%), and Mr. Nguyen Van Nguyen (15%). Mr. Cao Viet Xung, the General Director, acts as the legal representative. Mr. Xung is also the Chairman of Ca Ta Land, which has a chartered capital of VND 330 billion. Meanwhile, Mr. Nguyen is the Director of Danco Hanoi, a company with a capital of VND 100 billion that specializes in the production of Catalan-branded ceramic and porcelain tiles.
Minh Faas Investment Joint Stock Company was established in May 2021 and is based in Yen My District, Hung Yen Province. Their primary business focus is real estate, with a chartered capital of VND 110 billion. The company’s shareholders include Ms. Nguyen Thi Thinh (69.9%), Mr. Truong Thanh Lam (30%, also serving as the General Director and legal representative), and Mr. Hoang Van Hung (0.1%).
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