Mr. Tran Nhu Tung – Chairman of TC Tower and Mr. Le Hao – General Director of DBFS at the Signing Ceremony.
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TC Tower Company has recently signed a service contract to initiate legal procedures and designs to obtain investment approval for the project. Subsequently, the company will proceed with signing contracts for construction permits and project distribution.
Located at 37 Tay Thanh, Tay Thanh Ward, Tan Phu District, Ho Chi Minh City, the TC Tower project is strategically positioned near the T3 gate of Tan Son Nhat International Airport and in close proximity to the depot along Truong Chinh Street on the Metro Line 2: Ben Thanh – Tham Luong.
Spanning an area of 9,898 square meters, the TC Tower project is anticipated to encompass a total floor area of over 39,224 square meters, featuring approximately 598 mid- to high-end apartments. The estimated revenue from the project is expected to surpass VND 2,800 billion, with projected profits exceeding VND 1,100 billion.
According to DBFS leadership, 2024 marks a pivotal year for the real estate market, with the economy showing signs of recovery and land laws becoming increasingly clear. It is an opportune moment to embark on this project, leveraging favorable market conditions.
With clean land resources from the TC Tower project, owned by TCM, and having already paid land use fees, coupled with DBFS’s project development expertise and distribution capabilities from Dat Xanh, the TC Tower project is envisioned to become a model real estate development in Tan Phu District.
In relation to this project, the Board of Directors of TCM has decided to cancel the plan to seek shareholder approval via written resolutions for the investment strategy of the TC Tower project. Instead, they will finalize the shareholder list on October 9, 2024, to organize an extraordinary general meeting online.
According to the previous shareholder approval process, TCM plans to adjust the total investment capital for the TC Tower project to VND 1,732 billion (over $70 million USD), equivalent to 47% of the company’s total assets as of June 30, 2024.
Of this, the minimum capital contribution for the project is 20% of the total investment. The actual total investment capital will not exceed 50% of the company’s total assets as of Q2 2024.
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Regarding the partner, Joint Stock Company DBFS, formerly known as Joint Stock Company Dat Xanh E&C, was established on March 9, 2021, with a charter capital of VND 200 billion. It was introduced by the Dat Xanh Group as Vietnam’s first company to provide real estate project development solutions and full-package construction contracting. On June 14, 2024, Victory Capital Joint Stock Company (HOSE: PTL) approved its subsidiary, Tan Long Phat Real Estate Investment Joint Stock Company, to purchase 65% of DBFS, thereby becoming its indirect parent company. Victory Capital acquires “former member” of DXG |
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