Specifically, on January 25th, 2024, according to the writer’s observation, the position of CEO and Legal Representative of Twin-Peaks Corporation has been changed to Mr. Doan Lam Cuong (born in 1982, living in Ho Chi Minh City), replacing Mr. Chong Kah Fu (Malaysian nationality).
In addition, the email address of Twin-Peaks Corporation has been changed to the domain @capitaland.vn instead of @vivaland.com, as announced on January 13th, 2023.
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On March 11th, 2019, the People’s Committee of Hanoi city issued a decision allowing the Investment Advisory and Vietnam Investment Corporation to transfer a part of Vinhomes Metropolis – a complex of commercial center and premium offices located at 29 Lieu Giai – to Twin-Peaks Corporation. The transferred project is Capital Place building, with a total investment of over 1.221 trillion VND at the time of transfer. |
Twin-Peaks was established on November 28th, 2018, with its address right at 29 Lieu Giai. It is known as the legal entity behind Capital Place building after this project was transferred to CapitaLand Group in 2019. By the beginning of 2022, CapitaLand Development (CLD), a subsidiary of CapitaLand Group, announced the divestment of Capital Place project for 751 million SGD (550 million USD) to an undisclosed purchaser. Immediately after that, the business registration information as well as the logo on the building indicated a change to Viva Land, an important legal entity in the ecosystem of Vạn Thịnh Phát Corporation owned by Mrs. Truong My Lan.
The aforementioned change in January 2024 does not rule out the possibility that this building will return to CapitaLand after two years since the Asian real estate giant announced its divestment.
This building has recently been mentioned in the context of assets to mitigate the consequences of the Vạn Thịnh Phát and Sai Gon Commercial Joint Stock Bank (SCB) scandal that is being tried.
In the trial on March 15th, the Chairman announced that he had received a document from Mrs. Lan’s daughter, Chu Diep Phan, stating that someone is offering 360 million USD for this building. At the same time, this building is currently mortgaged to 4 foreign banks for a total of 230 million USD, so after the sale, the remaining money will be used to address the consequences of the case after repaying the banks. Accused person Truong My Lan stated: “There are people offering a price of 400-500 million USD for the building.”
When Twin-Peaks was newly established in November 2018, the Vietnamese CEO was Mrs. Hoang Thi Lan Anh. In May 2019, this “hot seat” was passed on to Mr. Lim Teng-Kiat from Singapore. In the following years, the positions of CEO and Legal Representative have also been rotated among foreign individuals, including Mr. Patrick Liau Kong Voon (Malaysia) on February 21st, 2020, Mr. Lim Boon Hwee (Singapore) on January 13th, 2022, Mr. Ong Khing Wee (Malaysia) on August 24th, 2022, Mr. Yoong Voon Sin (Singapore) on November 11th, 2022, and Mr. Chong Kah Fu (Malaysia) on January 13th, 2023.
 Capital Place building (with red frame) located at a prime location in Hanoi and still with Vivaland logo in January 2023, next to Vinhomes Metropolis (highlighted in yellow) – Photo: Huy Khai, January 2023
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The past owners of the building that Truong My Lan “shouted” billion-dollar prices in Hanoi
