The founder of Tan Hiep Phat Group, who turned downed a $2.5 billion purchase offer from Coca Cola, is venturing into real estate business.
Ba Ria Vung Tau provincial authorities have announced the owner of a prime land plot which is earmarked for high-rise apartment development in the downtown of Vung Tau city.
Tran Qui Thanh, the founder and CEO of beverage giant Tan Hiep Phat Group, has won the auction for a 18,165 square metre plot in Ba Thang Hai street, Ward 10.
Thanh paid more than $17 million, or $6 million higher than the starting price set by Ba Ria Vung Tau Auction Centre. Thanh beat four other candidates, including Housing Development and Trading Jsc., Hung Thinh Land Jsc., Cat Tuong Real Estate Group, and a partnership between Vung Tau - Saigon Tourism Jsc. and Hacom Holdings Investment Jsc.
The land plot is currently vacant and no compensation for land clearance is required.
Thanh has made a deposit of more than $2 million and will pay the rest at once to own this land in long term.
This is the first time Tan Hiep Phat Group owner has participated in a land auction since he publicly expressed intention to invest heavily in the real estate market.
Talking to TheLEADER earlier, Thanh confirmed that real estate was drawing the group’s interest and it would spend thousands of billion Vietnam dong to participate in this market.
Thanh said that Tan Hiep Phat would take advantages of its capital source and land fund to participate in real estate sector.
Tan Hiep Phat is currently one of the biggest non-alcoholic beverage producers in Vietnam and it was said to have turned down a $2.5 billion purchase offer from Coca Cola about seven years ago.
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