According to the decision on investment policy approval for the project by the People’s Committee of Bac Giang province in 2018, the implementation progress was divided into two phases within 48 months. Phase 1 was from Q4/2018 – Q4/2020, during which the investor constructed 2 resettlement buildings (CT1 and CT1A) and put them into use from Q4/2020. Phase 2 took place from Q1/2019 – Q4/2022, including the construction of 2 commercial buildings (CT2 and CT2A), thus putting them into operation from Q4/2022.
The leadership of TTB proposed to adjust the completion time for the construction and acceptance of all project components to July 2026.
Immediately after being granted the land, up to now, the project has completed and put into use 2 resettlement buildings (CT1 and CT1A) and is expected to hand over 1 commercial building (CT2) by the end of this year, according to the TTB resolution, which also explained that the reason for the delay was that the time of land handover for investment and construction fell right during the 4th outbreak of the COVID-19 pandemic in Bac Giang, causing the project to temporarily halt activities to serve disease prevention and control work.
According to TTB, adjusting the project schedule is “extremely necessary and complies with the law,” based on Article 41 of the 2020 Law on Investment of the National Assembly of Vietnam and the official dispatch of the Chairman of the People’s Committee of Bac Giang province issued in November 2023 regarding the time affected by the COVID-19 pandemic on the progress of project implementation and land use of investment projects using land in the province.
Other contents remain unchanged according to the decision of the Chairman of the People’s Committee of Bac Giang province issued on 29/08/2018. The Board of Directors assigned General Director Phung Van Thai to direct the functional departments of the Company to prepare the dossier and submit it to the competent authorities to complete the adjustment procedures as prescribed.
The Green City apartment project has a total area of 1.6ha, consisting of a complex of 4 apartment buildings, 21 floors high, with more than 1,000 apartments for about 4,000 people. The total investment amount is over VND 1,200 billion. The project was funded by TTB in the form of bond issuance.
TTB started the project in November 2018 and put into use 2 buildings as mentioned above in 2021. In October 2019, the Company continued to construct the third building named Lotus 2 (CT2).
Also, in this residential area, in November 2023, the Board of Directors of TTB decided to invest in the construction of a commercial apartment building on the land lot coded CT3 in collaboration with a joint venture of three companies: Dau Tu Dia Oc Dat Vuong, Bengal Vietnam, and Thuong Mai Tong Hop Thai Nguyen. The total capital need for the project is about VND 780 billion, in which TTB contributes 80%.
Regarding the plan for 2024, the Company said that it would continue to construct building A6 of the TBCO3 expanded apartment project, complete the handover of the remaining apartments of projects CT1 and CT1A, complete the remaining construction items and hand over the technical dossier of the CT2 building of Green City, and strive to inspect the building this year. The plan also includes the expected construction commencement of the CT2A building, participation in the investment cooperation of the CT3 project, and involvement in the implementation of the Binh Minh Phat social housing project in Thai Nguyen city.
After being forcibly delisted by the Ho Chi Minh Stock Exchange (HOSE) due to a series of violations in information disclosure at the end of last year, TTB shares were traded again on UPCoM from January 19, 2024, with a reference price of VND 1,800/share. In July this year, the Company changed its name from Tien Bo Joint Stock Company to TTBGroup Joint Stock Company.
Green City Project Perspective. Source: TTB
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 2 handed-over buildings of the Green City residential area. Source: TTB
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TTB contributes capital to invest in a project worth more than VND 780 billion in Bac Giang
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