Van Long 2 is a real estate project developed by Long Van Real Estate Investment Joint Stock Company. The project is located in Tran Quang Dieu ward, Quy Nhon city, Binh Dinh province, with a planned area of 36ha. The site is bounded by public land and existing residential areas to the north; new residential areas (OQH-09) and existing residential areas to the south; existing residential areas to the east; and existing residential areas to the west.
Project location within the planning area. Source: Investor
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The project is expected to accommodate a population of approximately 4,886 people. The construction items include investing in the construction of a new urban area, comprising low-rise housing (terraced houses and villas); completing internal traffic and technical infrastructure, parks, and green spaces; building social housing; and developing urban social services to ensure essential amenities for residents within and outside the urban area.
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Project land use structure
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The project is scheduled to be implemented from Q1/2025 to Q4/2034. The first phase, from Q1/2021 to Q4/2021, involves tasks such as formulating, appraising, and approving the 1/500 detailed planning; site clearance and compensation; land price appraisal; fulfilling financial obligations; obtaining land use right certificates; and site handover. The second phase, from Q1/2022 to Q4/2022, includes the approval of the feasibility study report and technical design, as well as obtaining the construction permit. The third phase, from Q1/2023 to Q4/2023, entails the construction and completion of essential infrastructure, including land leveling, internal roads, parks, landscaping, water supply, drainage, power supply, lighting, sewage, and wastewater treatment, ensuring they meet set standards. The final phase, from Q1/2024 to Q4/2027, involves the construction of terraced houses and villas, as well as a kindergarten.
Van Long 2 Urban Area Project Perspective. Source: Investor
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The project investors are a joint venture between Hanoi-Vid Real Estate Joint Stock Company and Nam Quang Infrastructure Investment and Development Joint Stock Company.
The total investment capital for the project is VND 2,457 billion, including over VND 452 billion in site clearance, compensation, and resettlement expenses.
The capital structure comprises VND 491 billion in contributed capital, accounting for 20% of the total investment, and the remaining VND 1,966 billion mobilized from VPBank – Thang Long Branch.
Regarding the contributed capital, the two joint venture members, Hanoi-Vid, and Nam Quang, will contribute according to the project progress, with respective contributions of VND 393 billion (80%) and over VND 98 billion (20%).
It is worth noting that in September 2021, the joint venture established Long Van Real Estate Investment Limited Company to execute the project. With a charter capital of VND 492 billion, Hanoi-Vid holds an 80% stake, while Nam Quang holds the remaining 20%. Ms. Nguyen Chi Mai serves as the General Director and legal representative. The company is headquartered at Lot 25, An Phuoc Urban Area, Pham Ho Street, Quang Trung Ward, Quy Nhon City, Binh Dinh Province, while its tax information is registered at TNR Tower, 54A Nguyen Chi Thanh, Lang Thuong Ward, Dong Da District, Hanoi.
Hanoi-Vid, Nam Quang, and Ms. Nguyen Chi Mai are all part of the ecosystem of ROX Group Joint Stock Company (formerly known as TNG Holdings Vietnam Joint Stock Company), chaired by Ms. Nguyen Thi Nguyet Huong.
In 2023, Hanoi-Vid recorded a post-tax profit of nearly VND 78 billion, compared to nearly VND 29 billion in 2022. As of the end of 2023, the company’s total assets exceeded VND 28,600 billion, of which payables accounted for VND 23,300 billion.
Currently, Hanoi-Vid has 122 bond lots in circulation, including 120 lots issued in 2020 and two lots in 2022. As of June 2024, the total outstanding bond debt amounted to VND 9,544 billion.
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