Owner of King's Garden Resort & Villas sold entire stake in 30-storey building

By Dang Hoa - Jan 22, 2018 | 06:10 PM GMT+7

TheLEADERThang Long Investment Group has divested all of its stake in the Thang Long Royal Plaza project after many years of suspension.

Owner of King's Garden Resort & Villas sold entire stake in 30-storey building
The project site

The Thang Long Investment Group (TIG) has found the partner purchasing its stake after the Board of Directors approved the Resolution on capital divestment last month.

The project’s investor is Hanoi ICT Plaza JSC, of which 61.8 per cent of charter capital belonged to TIG. In the beginning of last month, TIG bought an additional amount of 400,000 shares, raising its ownership in Hanoi ICT Plaza JSC to 71.2 per cent.

On December 19, 2017, TIG’s Board of Directors approved the Regulation on the divestment of 8.9 million of shares from the project and mandate Nguyen Phuc Long, Chairman of Hanoi ICT Plaza JSC’s Board of Directors, to negotiate the selling price which must not be lower than VND12,000 (roughly US$0.52) per share.

The total value of shares is about VND89 billion (roughly US$3.9 million). However, the selling price and buyer of the project have not been revealed yet.

Thang Long Royal Plaza project, which is also known as TIG Tower, is located on the parcel No. 3 – E9, Cau Giay new urban area and opposite to National Conference Center. TIG Tower project is next to Hanel Investment JSC’s 45-storey building project that is expected to be kicked off in next quarter.

The project is constructed on an area of 3,871 square meters with different functions including trading center, office, hotel and serviced apartments.

Despite announcing to own a number of real estate projects and have the charter capital of up to VND772 billion (roughly US$34.046 million), TIG’s shares are currently traded at the price of below VND4,000 (roughly US$0.17) per share.

Apart from Thang Long Royal Plaza, TIG has also announced to invest in a number of projects including the TIG Dai Mo Green Garden House constructed on an area of 6,112 square meters; the 21-storey residential block in parcel No. 8.1, My Dinh 2 ward; Vantri Ecoland project invested by the venture between TIG and Hadico, of which 70 per cent stake held by the former.

The group is also developing the King's Garden Resort & Villas constructed on an area of 65ha in Thanh Thuy district, Phu Tho province. Apart from the rented hotel area, TIG is constructing villas for sale.

King's Garden Resort & Villas

Recently, Hanoi Tax Department has announced TIG’s tax arrears of VND1.67 billion (roughly US$73,649.4) through inspection in 2015 and 2016. It is also fired nearly VND335.5 million (roughly US$14,796) due to incorrect tax report and VND137.7 million (roughly US$6,072) due to late payment of tax.