On the website, PV2 introduces this project as a social housing project with an area of 99,910m2. The project is located 22km from Ho Chi Minh City, 4km from Nhon Trach town center, 24km from Bien Hoa city, and 16km from Long Thanh International Airport.
The project was approved by the People’s Committee of Nhon Trach district in May 2014. According to the plan, the project was scheduled to be implemented from Q1/2014 to Q4/2019. On January 6, 2015, the People’s Committee of Dong Nai province issued a decision to change the project’s purpose from commercial housing to social housing. However, it was not until January 2017 that the provincial People’s Committee approved the adjustment of the detailed planning at a scale of 1/500.
The 2023 Annual Report states that on August 28, 2023, the Dong Nai provincial People’s Committee approved the adjustment of the investment policy for the project and extended the progress by 584 days from the date of the decision. As of the end of 2023, the project had completed 80% of the technical infrastructure construction and was constructing terraced houses on an area of 7.8ha according to the design appraisal of the Department of Construction. PV2 is in the process of completing the procedures for the additional land use plan and the appraisal of the land price to be paid for the remaining 21,456m2 of land.
Nevertheless, the transfer and capital recovery of the residential project in Long Tan and Phu Hoi communes have been included in the company’s 2024 business plan. As of September 30, 2024, PV2‘s uncompleted construction cost for this project was recorded at over VND 180 billion, an increase of more than VND 400 million compared to the beginning of the year.
Regarding the transferee, Tay Tay Nam, according to its website, was established in 2012. Its main business lines include investing in real estate projects, housing, warehouses, and factories; distributing and marketing real estate projects. In addition, the company also invests in commercial centers, office leasing, hotels, restaurants, amusement parks, supermarkets, self-employed shops; providing financial solutions for customers buying, selling, leasing, and renting real estate; and expanding into the construction and building materials supply sector.
According to its business registration, Tay Tay Nam is headquartered on Nguyen Huu Canh Street, Binh Thanh District, Ho Chi Minh City. The General Director and legal representative is Mr. Tran Viet An, who replaced Mr. Le Hoang Vu in May 2016. On December 3, 2024, the company’s charter capital was doubled from VND 100 billion to VND 200 billion.
Currently, Tay Tay Nam’s website has been updated to reflect the company’s role as the investor of the residential project in Long Tan and Phu Hoi communes, with the commercial name “Long Hoi Central Point”. The project is expected to provide 521 products, including land plots, houses, and shophouses, with prices starting from VND 25 million/m2.
Long Hoi Central Point Project Perspective. Source: Tay Tay Nam
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In PV2’s financial statements, Tay Tay Nam had a short-term advance of VND 10 billion at the end of 2018, and by September 30, 2024, the value of this advance had increased to VND 150 billion.
Following the news of the project transfer, PV2’s stock price rose to the ceiling in the January 6 session, reaching VND 2,800/share. In the previous session on January 3, the stock price increased by 4% with a matching volume of 685,311 shares, the highest since mid-November 2024.
| Price movement of PV2 shares since the beginning of 2024 up to now |
– 14:12 06/01/2025
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