Specifically, in the second invitation for bids issued by the Department of Agriculture and Environment of Da Nang City, the scope of work includes: determining the specific land prices for residential and commercial land areas as per the planning outlined in Decision No. 2431/QĐ-UBND of the Da Nang People’s Committee, as of May 2023.
Determining the specific land prices for residential areas as per the planning in Decision No. 4680/QĐ-UBND dated December 4, 2020, by the Da Nang People’s Committee, as of May 2023.
The tender package is valued at approximately 275 million VND, inclusive of value-added tax and other related expenses. The contractor selection method is simplified direct appointment, with a 30-day execution period from the contract signing date.
Da Nang Times Square is a mixed-use complex featuring a high-end shopping center, luxury hotel, and premium apartments, strategically located in Da Nang.
Rendering of the CT1 & CT2 towers at Da Nang Times Square. Photo: Newtecons
Regarding the project’s land origin, initially, on December 26, 2016, the Da Nang Department of Natural Resources and Environment (at that time) issued a Certificate of Land Use Rights, Ownership of Houses, and Other Assets Attached to Land for lots CT1 and CT2 of the Da Nang Times Square project to Phuong Trang Investment Joint Stock Company, a member of the Phuong Trang Group owned by businessman Nguyen Huu Luan.
However, shortly thereafter, Phuong Trang Investment transferred the land to Kim Long Nam Joint Stock Company (Kim Long Nam).
In mid-May 2023, the Da Nang People’s Committee approved Kim Long Nam’s request to change the land use purpose for lots CT1, CT2, CT3, and CT7 within the Times Square project to urban residential land for apartment construction. The land use term extends until March 30, 2056.
Specifically, Kim Long Nam was permitted to convert 2,272 sqm of commercial land (1,338 sqm of CT1 and 934 sqm of CT2) and 1,716 sqm of commercial land (904 sqm of CT3 and 812 sqm of CT7) to urban residential land for apartment development.
According to reports, between 2023 and 2024, Kim Long Nam pledged all its current and future assets related to the CT1, CT2, and CT6 towers of the Da Nang Times Square project to Sai Gon – Ha Noi Commercial Joint Stock Bank (SHB) Van Phuc Branch.
SHB Van Phuc Branch is also a familiar credit partner of Kim Long Nam, having previously secured all rights and benefits associated with the operation and exploitation of the CT3 & CT7 towers within the Da Nang Times Square complex (July 2017) and the assets arising from the Business Cooperation Contract No. 03.03/23/HTKD/VTP-KLN between Thuan Phuoc Bay Urban Investment Joint Stock Company and Kim Long Nam (March 2023).
Established in April 2015, Kim Long Nam Joint Stock Company was originally named Kim Long Nam Automobile Joint Stock Company, with its headquarters at the 2nd floor of Danang Plaza Building, 16 Tran Phu Street, Hai Chau District, Da Nang City.
According to the latest business registration update in September 2022, Mr. Truong Dinh Trung (born in 1981) serves as the Chairman of the Board of Directors and the legal representative. Mr. Trung is also a founding shareholder, holding 50% of Kim Long Nam’s capital as of September 2022. The other two founding shareholders, Can Tho Transportation and Construction Joint Stock Company and Mr. Phan Trong Hien, have fully divested.
Mr. Truong Dinh Trung is also associated with Thuan Phuoc Bay Urban Investment Joint Stock Company (Thuan Phuoc Bay), which signed the aforementioned business cooperation contract with Kim Long Nam.
Founded in November 2009, Thuan Phuoc Bay shares the same registered address as Kim Long Nam. Mr. Truong Dinh Trung serves as the General Director and legal representative of Thuan Phuoc Bay.
In April 2020, the company experienced a significant capital increase from 235 billion VND to 1,800 billion VND, with the shareholder structure undisclosed.
Additionally, Mr. Truong Dinh Trung holds the position of Chairman of the Board of Directors and legal representative of Can Tho Transportation and Construction Joint Stock Company, a founding shareholder of Kim Long Nam.
PV
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