The Real Estate Titan Bcons Ventures to Dalat for a Billion-Dollar Project

On May 2, the People’s Committee of Da Lat City sent a document to the Department of Planning and Investment regarding the approval of the investment proposal and the approval of the investor for the Bcons Viet Phap Alliance Complex project of Jo Stock Company. Investment Mi Mo Sa Valley.

The project has an area of 44,559m2 located in Mang Lin village, ward 7, Da Lat city, with an expected total investment capital of VND 998 billion.

The current status of the area is agricultural land used for production, and the landscape architecture in the area is expected to be mainly natural hills and agricultural land, mainly for perennial crops. The houses in the planning area are temporary houses serving farming activities, and the area has a sloping terrain.

According to the proposal, the investor plans to build 6 commercial apartment blocks, 7 floors high, with 1,102 apartments with an area of 45-65 m2 for sale to middle-income earners, at a price of more than VND 23 million/m2; 1 mixed commercial apartment block, 7 floors high, providing restaurant, hotel, hall, sports hall, swimming pool, community room, and kindergarten services. … for rent.

In addition, the investor arranges a land fund with an area of 6,890 m2 for social housing construction, reaching a rate of nearly 20% compared to the total residential land area of the project.

The People’s Committee of Da Lat City said that the construction of the works, as well as the operation, will partly cause air pollution. Therefore, if the policy is approved, the investor needs to take measures to minimize the environmental pollution when constructing the project and putting it into operation.

Who is Mi Mo Sa Company?

Mi Mo Sa, formerly known as Mi Mo Sa Valley Investment Limited Company, was established on September 24, 2009, with its main business activity being entertainment.

According to the change registration information on January 20, 2016, the company had a charter capital of VND 8 billion, and Mr. Nguyen Tan Loc (Director and legal representative) was the owner. of the business.

In June 2021, Mr. Pham Van Long replaced Mr. Loc as Director. In October of the same year, the company changed its name to Mi Mo Sa Valley Joint Stock Company as it is today, with its charter capital unchanged, and the ownership structure included Mr. Long owning 62.5%, Mr. Dang Van Dat 12.5%, and Mrs. Le Thi No 25%.

In November 2021, Mi Mo Sa welcomed a new shareholder, Bcons Real Estate Joint Stock Company (belonging to Bcons Group), owning 50.98% of capital, Mr. Long reduced his ownership to 49%, and the remaining 0.013% was held by Mr. Ho Ky Lan (General Director and legal representative). Subsequently, the company registered to supplement its business lines from 3 to 20 items, notably adding lines of business related to real estate and construction activities; Mi Mo Sa’s charter capital at this time also increased to VND 108 billion.

Mr. Ho Ky Lan is the General Director of Mi Mo Sa and Vice Chairman of Bcons Group.

Currently, Mr. Lan is also the Vice Chairman of the Board of Directors of Bcons Construction Investment Joint Stock Company (known as Bcons Group). According to our information, Mi Mo Sa’s shareholders also have connections with Bcons Group as founding shareholders of Bcons Alliance Group Joint Stock Company, headquartered in Da Lat city. This enterprise was established on October 19, 2021, with its main business activity being real estate business, with a charter capital of VND 290 billion, including 3 founding shareholders, namely Ms. No contributing 51%, Mr. Long 40% and Mr. Dat (Director and legal representative) 9%.

However, a year later (October 2022), Bcons Alliance Group announced the dissolution of the company due to inefficiency.

Bcons Group was established in 2013 and currently has a charter capital of VND 1,150 billion. It is one of the real estate enterprises that have emerged in Binh Duong province in recent years with C-class apartment projects and small areas. In the area of Binh Duong province, bordering Thu Duc city (Ho Chi Minh City), Bcons has up to ten projects bearing the Bcons brand.