According to SSI Securities Corporation’s Q1 2024 financial report, the company recorded a construction in progress expense of approximately VND 388.8 billion, including the cost of purchasing a 19-story office building in Hanoi.
The consolidated financial statement for 2024 also reported the same expense, amounting to VND 387.6 billion.
As of March 31, 2025, SSI still recognized a short-term payable of VND 74.4 billion to Vietnam Petroleum Real Estate Joint Stock Company – SSG (PV-SSG), the investor of phase 2 of the My Dinh Pearl project, which comprises two 40-story towers, a 19-story office building, and a 27-story hotel.
Previously, phase 1 of the project, featuring two 38-story apartment buildings providing nearly 1,000 units, was completed and handed over in 2019.
PV-SSG is a member of SSG Group, a prominent real estate developer in the southern region with numerous completed projects such as Saigon Pearl and Thao Dien Pearl. SSG and related parties are also major shareholders of IDICO Corporation.
The 19-story office building acquired by SSI is named My Dinh Pearl Office Tower and is located at 1 Chau Van Liem, at the intersection of Thang Long Boulevard and Chau Van Liem Street, opposite the Ministry of Foreign Affairs, and close to the National Convention Center and Hanoi Museum.
The building occupies an area of approximately 14ha and offers roughly 9,600 sqm of office space. Each typical floor has an area of 616 sqm.
Additionally, Thang Tien Electrical and Mechanical Company has recently announced winning a VND 2.5 million package for the M&E system at the SSI My Dinh office building in the My Dinh Pearl complex. This package is expected to be completed in Q2 2025.
SSI’s representative shared that the building is currently being completed, aiming for operation in early 2026.
Having a dedicated office building is essential as the Hanoi branch, after many years of operation, can no longer accommodate the growing personnel and faces deteriorating infrastructure.
SSI’s current Hanoi branch, located at 1C Ngo Quyen, Ly Thai To Ward, Hoan Kiem District, Hanoi, has been operating for almost 23 years since July 2002.
If the new building has unused space, SSI can lease out the vacant area. However, the company emphasizes, “SSI does not have a policy of engaging in real estate business.”
Previously, SSI expanded its real estate investment to the international market, particularly the United States, where SSI International Company (SSIIC) has been purchasing properties for leasing purposes since 2010.
In 2024, rental income from this portfolio exceeded VND 8.1 billion, while real estate transfer revenue reached nearly VND 92 billion.
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