Besides the industrial park in Long An province was offered for sale at nearly VND10 trillion (US$441 million) through the auction, Sacombank is also selling many real estate assets worth to trillions VND in Ho Chi Minh city (HCMC) and Binh Duong province.
A real estate asset offered for sale is a 16.5ha residential project located near the new Eastern Bus Station and the Depot of Metro Line No.1 in District 9, HCMC.
This project has been issued land allocation decision with the completed land acquisition and compensation. The bank will auction the asset at the starting price of VND1,745 billion (US$77 million).
Another real estate asset which is offered at the starting price of VND520 billion (roughly US$230 million) is located on Nguyen Van Linh street, Binh Chanh district, HCMC. This is an agricultural land where a 10.5ha project was planned to be developed.
In Binh Thanh district, Sacombank is also selling a real estate asset with the area of 6,382 square meters located on highway D2 at the starting price of VND471 billion (US$20.7 million).
In Binh Duong province, Sacombank also announced to sell Phu Tan Industrial Park at the starting price of VND1,266 million (US$55.8 million). The Industrial Park has an area of 1.33 ha and is two kilometers far from Binh Duong’s administrative center.
Previously, Sacombank announced the auction of three assets in Duc Hoa III Industrial Park, Long An province at the starting price of nearly VND10 trillion (US$441 million). After two unsuccessful auctions, Sacombank reduced the starting price of these assets by nearly VND1 trillion (US$44.1 million).
According to this year’s plan, Sacombank will handle and recover from VND15 trillion to 20 trillion of bad debts (US$661.5 million to 882 million). In last September, the bank announced that it has recovered about VND7 trillion (US$308.7).
At the end of last September Sacombank signed a cooperation agreement with Vietnam Asset Management Company (VAMC) to buy and sell debts at market price. This is considered as a basis for Sacombank to sell its bad debts to collect cash serving its business activities.
Sacombank’s objective is thought to be feasible as many bad debts of the bank are secured by high transferable assets. In last September only, Sacombank sold three debts to VAMC at a market price of VND2,580 billion (US$113.7 million).
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