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Song Tien Real Estate’s Business Results for the First Half of 2024
Source: HNX
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As of June 30, 2024, Song Tien Real Estate recorded total assets of over VND 17 trillion, up nearly 82% compared to a year ago. Liabilities increased nearly 2.6 times as of June 30, 2023, to over VND 12.6 trillion. Notably, the company has reduced its bond debt to zero, from VND 943 billion in the same period last year.
Song Tien Real Estate has only issued one bond lot, SONGTIEN2020. The bonds were issued on March 12, 2020, with a six-year term maturing on March 12, 2026. These are non-convertible, non-warrant-attached bonds, with collateral, a coupon rate of 11.9% per annum, and interest payable annually at the end of each period. The bonds are also registered with Tien Phong Commercial Joint Stock Bank (TPBank, HOSE: TPB) as the depository organization.
On February 29, 2024, Song Tien Real Estate repurchased the entire VND 1,060 billion bond lot of SONGTIEN2020 ahead of schedule. After this repurchase, the company no longer has any outstanding bond lots.
Song Tien Corp was established in September 2018, with its primary business being real estate development. Its initial chartered capital was VND 750 billion, of which Mr. Nguyen Tuan Anh contributed 92%, Mr. Ngo Sy Quang 2.5%, and Ms. Ngo Thi Ai Linh 5.5%. Today, the company has increased its capital to VND 5,379 billion, with Ms. Dung as the Chairwoman of the Board of Directors and Mr. Truong Van Viet as the General Director and legal representative since October 2021. Previously, Mr. Tuan Anh and Mr. Chow Chee Fan also served as General Directors.
Song Tien Real Estate is the investor of the Nhon Phuoc Tourism Urban Area project (commercial name Angel Island) in Dai Phuoc commune, Nhon Trach district, Dong Nai province. The project has a total investment capital of VND 20 trillion and is divided into six phases, with construction expected to be completed by 2026. It will include 2,000 villas and townhouses and a block of apartments with approximately 1,700 units.
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