In this project, TAL will utilize VND 1,425 billion to cover legal expenses, issue guarantees for opening letters of credit (LC), without exceeding 58.1% of the total investment capital. The remaining VND 500 billion will be allocated for payment guarantees and leasing of future formed houses. The maximum loan term is 42 months, with the interest rate following the bank’s regulations.
The investment project for the new urban area and the central walking street of Thai Nguyen city has an area of over 6.6ha, located in Trieu Vuong ward, next to Vo Nguyen Giap Square. TAL is the investor of this project. The project scale includes commercial housing in the mid-and high-end segments, expected to have 6 floors with approximately 174 units; a walking street over 330m long and 52m wide. The project is expected to be implemented within 4 years, from Q2/2025 to the end of Q2/2029.
Previously, on April 26, TAL won the auction for the right to use a 2.23ha commercial and service land plot (within the total area of the new urban area and the central walking street of Thai Nguyen city) with a value of over VND 1,367 billion. The current status of the land plot has been completely retrieved.
The auction-winning unit will construct the entire technical infrastructure of the Thai Nguyen City’s new urban and central walking street project on an area of over 6.6ha, including items such as the walking street; a 1-basement construction comprising a parking lot combined with a commercial and service area; and adjacent houses.
Upon completion of the project, the investor is allowed to retain the houses attached to the residential land for business investment. The remaining technical infrastructure, social infrastructure, walking street, basement, etc., will be handed over to the competent authorities for management and use as prescribed.
 Thai Nguyen City’s Central Urban and Walking Street Project Perspective.
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Notably, the loan will be secured by all assets formed from the project in Thai Nguyen. In addition, TAL also mortgaged the asset rights arising from the Landmark 55 Luxury Hotel Project in Tay Ho Urban Area (Hanoi), phase 1, invested by Taseco Invest JSC (a subsidiary of TAL, holding 99.9%).
Moreover, 49 million shares of TAL, owned by its parent company, Taseco Group Joint Stock Company, were also pledged as collateral. Temporarily calculated based on the closing price of VND 24,200/share on May 27, the value of these shares is equivalent to nearly VND 1,186 billion.
In terms of financial performance, in Q1/2025, TAL achieved revenue of nearly VND 376 billion, up 21% over the same period last year, mainly due to the real estate transfer segment reaching VND 324 billion, 2.4 times higher. After-tax profit was VND 22.3 billion, doubled compared to the same period, with interest expense surging to nearly VND 39 billion.
This year, TAL sets a consolidated revenue target of VND 4,300 billion and after-tax profit of VND 536 billion. After 3 months, the company has achieved 9% of the revenue plan and 4% of the profit target.
Total assets as of the end of March reached VND 9,560 billion, slightly up from the beginning of the year. Of this, TAL has nearly VND 5,170 billion in payables, up 1%, mainly from bank loans of VND 3,175 billion, down 4% and accounting for 63% of total debt.
Taseco Land Proposes to Spend VND 576 Billion to Establish a Subsidiary in Ha Nam
– 10:26 28/05/2025
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