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Third tallest tower in HCMC put up for auction

Monday,  Apr 2,2018,23:21 (GMT+7)
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Third tallest tower in HCMC put up for auction

HCMC – The Vietnam Asset Management Company (VAMC) announced last week to auction off Saigon One Tower, the third tallest building in HCMC, news site Vietnamnet reports.

The sale of the building at 34 Ton Duc Thang Street, District 1 is to settle bad debt totaling VND7 trillion (US$306.9 million). This is the biggest settlement of bad debt since a National Assembly resolution on settlement of bad debt took effect in mid-August last year.

Assets of the tower, formerly known as Saigon M&C Tower, include nearly 15,000 square meters of luxury apartments, a basement, a commercial center, offices for lease and supporting facilities. Their estimated reserve price is VND6.1 trillion.

Those interested can sign up for the auction from today to April 10.

On August 21, VMAC seized control of the building which had been used as collateral by the Saigon One Tower JSC to deal with nonperforming loans. VAMC asked Saigon One Tower JSC to hand over the assets prior to May 5 but the company has yet to make a move.

Saigon One Tower, which is more than 195 meters high, had been invested some VND5 trillion, with M&C holding a stake of 49%, Saigontourist 30%, and Dong A Bank, Phu Nhuan Jewelry JSC and others the remainder.

In addition to Saigon One Tower, VAMC bought bad debts of Lien Phat Investment JSC, Minh Quan Investment Construction Consultation JSC and New Superdeck M&C JSC.

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