“Tasco Divests its Stake in the Can Gio Luxury Residential Project to Gelex for VND 619 Billion”

On August 1st, 2025, Saigon General Services Joint Stock Company (Savico – code: SVC), a subsidiary of Tasco Joint Stock Company (code: HUT), announced its complete divestment from the Luxury Residential Area project in Can Gio, Ho Chi Minh City. The project covers an area of approximately 29.83 hectares.

The project is located in an advantageous position in Can Gio district, Ho Chi Minh City (formerly known as Long Hoa commune, Can Gio district). The divestment was made through a public auction, with GELEX Infrastructure Joint Stock Company, a subsidiary of GELEX Group, as the transferee. The transaction value reached VND 619.44 billion. Van Thanh An Joint Stock Auction Company organized the auction.

Sovico shared that they are in the process of restructuring their real estate portfolio. The divestment from the Can Gio project is a step in their 2025 plan to focus their resources on core business operations.

The Luxury Residential Area project is based on a business cooperation contract dated February 28, 2002, between Savico and Ho Chi Minh City Foreign Trade and Investment Development Joint Stock Company (Fideco – code: FDC). Both parties hold a 50% capital contribution ratio.

According to Fideco’s 2024 annual report, the project’s progress has not shown much positive development due to the need to complete legal procedures.

As of the first quarter of 2025, Fideco recorded nearly VND 159 billion in production and business expenses for the project, including compensation, loan interest, and initial investment costs.

The project was initially designed to meet the housing needs of officers and employees and serve the business objectives and policy of decentralizing the population from the city center to the suburbs.

As per the design, the project is expected to provide 71 commercial terraced houses (170 – 290 sq. m/unit), 75 terraced houses (130 – 220 sq. m/unit), 193 villas (370 – 1,100 sq. m/unit), and a resettlement area for low-income earners.

GELEX Infrastructure Joint Stock Company (formerly known as GELEX Energy One Member Limited Liability Company) was established on December 5, 2016, as a subsidiary of the GELEX Group.

GELEX Infrastructure is currently investing in the energy sector, industrial real estate and social housing, building materials, and clean water production and supply.