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The Revival of a Western Ho Chi Minh City Project: What’s All the Fuss About?

2 November, 2024

On October 30, JSC Construction Investment and Development Linh Phong – C.O.N.I.C (Linh Phong Conic) signed a strategic partnership with JSC Real Estate EximRS (EximRS) for the distribution of Conic Boulevard project products.

Conic Boulevard is part of the overall planning of the Residential and High-rise Apartment Area 584 Tan Kien, located on Huynh Ba Chanh Street, Tan Kien Town, Binh Chanh District, Ho Chi Minh City, with a total area of 5.3 hectares and a construction density of about 29%. The project consists of two subdivisions: low-rise with 114 products (already handed over and with existing residents) and high-rise with the commercial name Conic Boulevard, comprising two blocks of 15-story apartments, including 430 units in Block A and 546 units in Block B. The apartments feature two and three bedrooms with sizes ranging from 84 to 114 square meters.

The Residential and High-rise Apartment Area 584 Tan Kien is developed by JSC Investment, Construction, and Exploitation of Traffic Works 584. The project commenced construction in 2005 but was halted in 2020.

Strategic cooperation signing ceremony for the Conic Boulevard apartment project between the project developer – JSC XD DT & PT Linh Phong C.O.N.I.C, the project marketing and distribution unit – JSC Real Estate EximRS, and the financial support unit, Vietnam Asia Commercial Joint Stock Bank (VietABank). Photo: TM

Linh Phong Conic’s Role in the Project:

In an interview, Mr. Phuong Quoc Vinh, Chairman of the Board of Directors and General Director of Linh Phong Conic, shared that the company acquired the Conic Boulevard project from the previous investor in 2018 for development. Subsequently, Linh Phong Conic focused primarily on addressing legal issues, repairing infrastructure and landscapes, and completing the construction of the apartments. The company received active support from local authorities in resolving the project’s legal complexities. “This was considered the biggest hurdle for the project and a matter of great importance to the company,” said Mr. Vinh, adding that buyers will purchase project products through Linh Phong Conic and receive confirmation from the investor.

Currently, the project is completed and undergoing fire protection inspection and other necessary procedures, with expected handover in late Q4/2024 to early Q1/2025. Conic Boulevard is located at the intersection of Vo Van Kiet Boulevard and National Highway 1A, adjacent to the Tham Luong – Ben Cat – Rach Nuoc Len canal, the longest canal in Ho Chi Minh City, spanning nearly 32 kilometers across seven districts and counties. The canal improvement project has a total investment of 8,200 billion VND, commenced in February 2023, and has achieved 70% progress, with completion expected by mid-2025.

With an average selling price of 37 million VND per square meter (excluding VAT), the two- and three-bedroom apartments at Conic Boulevard target middle-income earners and families with young children, as shared by Mr. Vinh.

Conic Boulevard project site.

Executive Vice President of EximRS, Mr. Le Tien Vu, informed that the company has over 15 years of experience in the real estate industry and is associated with 50 trading floors nationwide. EximRS will be the official marketing and distribution unit for the project. It is understood that about 300 Conic Boulevard apartments will be launched during this kick-off phase.

Mr. Pham Linh, Vice President of VietABank (VAB), shared that the bank is the project’s financial partner, offering buyers a maximum loan of 85% over 25 years. The interest rate is 0% per annum for the first 18 months, with a 60-month grace period for principal repayment.

Having previously succeeded with the Conic 13B Residential Area project, spanning nearly 30 hectares and located in Lot 13b Nguyen Van Linh, this Binh Chanh-based enterprise continues to consider this area a key real estate development market. Additionally, Mr. Vinh expressed their desire to expand into Dong Nai, Binh Duong, and Long An provinces. The company can participate through various forms, such as bidding in accordance with the Investment Law or responding to local investment invitations. Following the orientation set by the General Meeting of Shareholders and the Board of Directors, the company will acquire projects from investors facing financial difficulties or struggling with legal complexities. “We will provide support to revive these stalled projects,” affirmed the Chairman of Linh Phong Conic.

Who is Linh Phong Conic?

According to our understanding, Linh Phong Conic was established in 1999. As announced in August 2022, the company significantly increased its charter capital from 285.5 billion VND to 1,000 billion VND. At that time, the shareholder structure included Sun Holdings JSC, holding 41.67%, followed by Ms. Le Thi Loan with 30.56%, Mr. Hoang Anh Dung with 15.36%, Ms. Luu Thi Thanh Huong with 8%, Ms. Nguyen Thi Kim Oanh with 1.73%, Mr. Luong Tuan Anh with 1.23%, Mr. Nguyen Van Thanh with 0.95%, Mr. Nguyen Ngoc Toan with 0.25%, and Mr. Pham Van Niem with 0.25%. Mr. Phan Van Quynh served as General Director and legal representative. In August of this year, Mr. Phuong Quoc Vinh, Chairman of the Board of Directors, replaced Mr. Quynh.

It is known that Mr. Vinh previously served as General Director of Global Investment JSC and was a member of the Board of Directors and General Director of Sacom Real Estate Joint Stock Company (Samland, SLD).

Additionally, Mr. Vinh is the brother of Mr. Phuong Xuan Thuy. Mr. Thuy was Vice Chairman of VietABank (from June 2018 to June 2020) and currently serves as Chairman of the Board of Directors of Infinity Group Joint Stock Company, Vice Chairman of the Board of Directors of SAM Holdings Joint Stock Company (HOSE: SAM), Vice Chairman of the Board of Directors of SJ Group Joint Stock Company (HOSE: SJS), Member of the Board of Directors of Dam Sen Water Park Joint Stock Company (HOSE: DSN), and Member of the Board of Directors of Phu Tho Tourism Service Joint Stock Company (UPCoM: DSP).

Thu Minh