In August, the shareholder structure of Sun City Investment and Real Estate Development LLC underwent changes. Currently, Nippon LLC holds nearly 75%, and GWC Real Estate LLC (a subsidiary of SonKim Land) holds over 25%.
Notably, during this period, Nippon LLC’s shareholder structure also shifted, with GWC Real Estate LLC officially acquiring 20%. The remaining 80% is held by Soho Home LLC, Berkley Real Estate LLC, and Tin Nghia Hoa Phat LLC.
Sun City Investment and Real Estate Development LLC is the developer of a nearly 10-hectare project on Mai Chi Tho Street (Saigon Broadway), adjacent to the Thu Thiem urban area in Ho Chi Minh City. Through these ownership changes, SonKim Land has gained control over the Saigon Broadway project.
Saigon Broadway project development site (Photo: Hai Quan).
The Saigon Broadway project was introduced by Novaland Group in 2020, alongside the Aqua City urban development in Bien Hoa, Dong Nai. Located on the frontage of Mai Chi Tho Avenue, near the Binh Khanh Station of Metro Line 2, it faces Novaland’s Water Bay project. The project spans over 96,000 square meters, featuring 12 apartment and office blocks ranging from 25 to 35 floors, with approximately 3,200 units.
In 2020, Novaland transferred over 25% of its capital contribution in Sun City Investment and Real Estate Development LLC—the project’s developer—to Bien Dong Investment and Management Consulting LLC. The remaining capital was held by Novaland’s subsidiary, Nova Nippon LLC. Later, Novaland transferred all capital contributions in Nova Nippon and Sun City to new shareholders.
In September, SonKim Land submitted a bid to auction 3,790 apartments in lots R1, R2, R3, R4, and R5 in An Khanh Ward, Ho Chi Minh City, along with a development and exploitation plan.
In early October, SonKim Land successfully raised a $200 million loan, marking one of the most significant capital transactions in the real estate market recently.
This $200 million private credit facility supports SonKim Land’s long-term strategy to expand its real estate portfolio.
Jefferies, a multinational investment bank headquartered in New York, served as the financial advisor for this transaction.
This is SonKim Land’s largest international capital raise to date. Previously, the company secured investments from foreign investors such as EXS Capital, ACA Investments, Credit Suisse, and Skymont Capital, totaling $121 million in 2021, $46 million in 2016, and $37 million in 2013.
This international fundraising effort comes as SonKim Land actively collaborates with domestic financial institutions to meet its capital needs. Recently, the company used shares in its subsidiaries as collateral for loans.
Notable examples include pledging over 90% of Berkley LLC’s shares to secure a VND 5.5 trillion obligation with Vietcombank and 83% of GWC LLC’s shares to OCB for debt obligations.
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