The ownership of T&T Twin Towers remains a mystery

By Tran Dung - May 13, 2018 | 10:30 AM GMT+7

TheLEADERT&T Group has rejected to be the owner of big sized T&T Twin Towers project in Da Nang city but said that its subsidiary T&T Land would take part in the project as the developer and distributor only.

Recently, the news of T&T Twin Towers project has heated up the real estate market in Da Nang city.

Located at the intersection of Pham Van Dong street and Vo Nguyen Giap street, T&T Twin Towers project can be considered as the most prominent project in Da Nang city at the moment thanks to its valuable position, which is only 50 metres from My Khe beach and East Sea park.

T&T Twin Towers will have 1,254 apartments and a total investment value of nearly $110 million.

Rumours say that T&T Twin Towers has received many fancy offers up to $3,300 per square metre.

Currently, T&T Land, an unit of T&T Group is believed to be the owner of T&T Twin Towers due to lots of information being posted online.

The involvement of T&T Land casts doubt on T&T Group’s preparation to enter the field of resort real estate.

“T&T Group is not the owner of T&T Twin Towers project,” said the representative of T&T Group.

The land for T&T Twin Towers project in Da Nang.

Specifically, according to the corporation, T&T Land, a subsidiary of T&T Group will only take part in the project as the developer and unit distributor for both CT1 and CT2 buildings, which belong to Times Square Da Nang project, also known as T&T Twin Towers.

The use of the commercial trade name as T&T Twin Towers comes from the negotiation between T&T Group and the project owner. T&T Group allows the owner to use the T&T element in the project name to improve the brand value.

"Currently, T&T Land has not released the information about the project such as product information, price list and sales policy. Thus, we confirmed that all current informations available on social media and on the market are not official data provided by T&T Land, the official distributor of the T&T Twin Towers project,” said the representative of T&T Group.

The big question remains on who is the actual owner of T&T Twin Towers. The ambiguous identity of the project owner leads to an investment uncertainty.

Especially, considering the complicated history of the land, the ownership of the land had been transferred through various owners.

According to the conclusion of the Government Inspectorate in 2013, the land was transferred to Hoang Hai and Trung Thi Lam Ngoc in 2006 by the People’s Committee of Da Nang city, with a total contract value of $3.7 million.

Nevertheless, the land was then transferred to Pham Dang Quan with a transfer price of $25.5 million by 2008, due to the failure to carry out the project by the previous owners.

In 2009, Pham Dang Quan assigned the land with the value of $25.7 million to Futaland Corp, a company which specialises in car dealing, passenger transportation, real estate and service businesses.

In spite of all the changes, at the groundbreaking ceremony of T&T Twin Towers on last May 9th, Kim Long Nam Joint Stock Company was introduced as the owner of the project.

Nguyen Hai Dang, General Director of Kim Long Nam Joint Stock Company spoke at the groundbreaking ceremony. Photo: Coteccons

Kim Long Nam Joint Stock Company was launched on January 14th 2018 with a chartered capital of $88 million, specializing in investing in Da Nang real estate.

Coteccons Construction Joint Stock Company will be the general contractor of T&T Twin Towers. The crude part of the project is expected to complete after 16 months.