Savico Joint Stock Company (Savico, HOSE: SVC) has just announced a public auction of its capital contribution to a real estate project in collaboration with Fideco, with a starting price of VND 619 billion.

According to SVC, this capital contribution arises from the Business Cooperation Contract 04/HĐHTKD.2002 dated February 28, 2002, between Ho Chi Minh City Foreign Trade and Investment Development Joint Stock Company (Fideco, HOSE: FDC) and Savico. SVC sets the starting price at VND 619.4 billion, and the auction will take place on July 04, 2025, at Van Thanh An Company’s headquarters. The submission deadline for applications is from June 24 to July 01, 2025.

Can Gio Project Illustration

SVC stated that this move is a concrete step in their plan to optimize Savico’s potential asset portfolio, including real estate and investments not yet utilized, focusing on their core business operations. The company possesses a diverse real estate portfolio, and there will be further restructuring activities in the future.

The project, named Luxury Residential Area, is located in Long Hoa, the center of Can Gio district, just 1km from Can Gio Beach. It covers an area of over 29.8 hectares and is expected to accommodate a population of 4,000 people.

In its 2024 report, FDC acknowledged that the progress of the Can Gio project, which they are leading as the main investor, has not shown much positive development due to pending legal procedures.

Legal information related to the Can Gio project. Source: FDC

As of the first quarter of 2025, FDC recorded production and business expenses of nearly VND 159 billion for the Can Gio project. According to FDC‘s financial statements, the project is a joint venture with Savico, with each party contributing 50% of the capital. The recorded expenses include compensation costs, loan interest, and initial project costs.

The investment objective of the project stems from Fideco’s desire to provide housing for its staff while also generating additional revenue and supporting the Ho Chi Minh City People’s Committee’s policy of decentralizing the city’s population to neighboring districts and counties. The project comprises 71 commercial townhouses ranging from 170-290 m2 each, 75 linked houses ranging from 130-220 m2, 193 villas ranging from 370-1,100 m2, and a resettlement area for low-income earners. In 2013, Fideco announced that the project had completed 100% of the land use fee payment. The company estimated a total investment cost of over VND 319 billion, expected revenue of nearly VND 672 billion, and an after-tax profit of almost VND 254 billion.

As of the first quarter of 2025, SVC recorded investment property worth over VND 721 billion and basic construction costs of nearly VND 395 billion. However, it did not specify the investment in the Can Gio project. In Savico’s 2011 report, the total expected investment for this project was VND 640 billion, including construction costs and land use fees.

Thu Minh

– 15:28 30/06/2025

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