The Amigo complex building project (opposite Times Square) is located in the golden quadrilateral land plot with four facades: Nguyen Hue walking street, Ho Tung Mau street, Huynh Thuc Khang street, and Ngo Duc Ke street (District 1).
According to Ms. Lan, the “Amigo super project” is an internationally-scaled project, with a total value three times that of the Times Square tower opposite it (45 floors). Ms. Truong My Lan agreed to use Amigo to remedy the consequences of the case and requested the court and the levels to support the revival of the project.
This was a project that Ms. Lan had called for many foreign investors to cooperate with before she was arrested. The project is valued at about VND 100,000 billion and was approved by the government for investment in 2007. It has been compensated for nearly 30 years and only about 10% remains to be completed. This project is located between the Sunwah Tower (left) and Bitexco Financial Tower (right) office towers.
The “Amigo” super project has a total area of 11,158m2. Of which, privately owned land is 8,342 m2, and land managed by the State is over 2,815m2. The largest structure in this project is the Saigon Prince Hotel, owned by Vinametric – a company that was bought by Ms. Lan from abroad.
Up to now, the investor has agreed to compensate the households with an area of 7,931m2. In which, Van Thinh Phat Investment Joint Stock Company has been granted a land use right certificate for 2,019m2; 5,912 m2 of land, the investor has signed an agreement with the households.
The land currently houses many residences and prominent brands. It is known that Phuc Long Coffee & Tea has been leasing space in this “golden quadrilateral” area for 6-7 years. Currently, the rental price in this prime location ranges from VND 2.5 million to VND 8 million per m2.
Located in a “golden” position, the area is quite bustling, with many entertainment and utility areas. In addition, the area is considered to have good security as it is near the Ben Nghe Ward Police Station. Ho Tung Mau Street – one of the four facades of the “super project” Amigo.
It is known that this “golden quadrilateral” land plot is one of two assets that Ms. Truong My Lan prioritized selling to compensate for the damage to the bondholders. The remaining project is Project 6A located in Trung Son, Binh Chanh District, with a total area of 26.4 ha and an investment capital of about VND 13,400 billion.
In addition, Ms. Lan also agreed to cut losses on the Vietcombank building (Me Linh Square) from VND 2,000 billion to about VND 1,000 billion to compensate for the damage. The purchase agreement has been made, only the procedures need to be completed and wait for the money to arrive.
When asked by the presiding judge about her thoughts on the damage caused, Ms. Truong My Lan, former Chairman of the Board of Directors of Van Thinh Phat Group, expressed her commitment to remedying the consequences, promising to use her assets to prioritize paying the bondholders before resolving the consequences of the first phase of the case.
The Secrets of Mrs. Truong My Lan: Unveiling the Truth About the Amigo, 6A-Trung Son Project
When questioned about the damages incurred, defendant Truong My Lan expressed a steadfast commitment to rectifying the situation and making amends.
