The investor of the super project One Central HCM extended 10,000 billion VND in bonds越南文
The investor of the super project One Central HCM extended 10,000 billion VND in bonds
The investor of One Central HCM project - a super project in the center of Ho Chi Minh City has successfully renewed 10 lots of bonds worth VND 10,000 billion.
Extend bond for another 2 years, interest rate reduced
Recently, Saion Glory Co., Ltd., the investor of the One Central HCM project, announced on the Hanoi Stock Exchange (HNX) that 10 lots of bonds with codes SGL-2020.01 to SGL-2020.10 are worth each lot. is 1,000 billion VND and will be extended for another 1-2 years.
Of these 10 bond lots, there are 5 lots due in August 2025 and extended until the end of November 2026; 3 lots maturing in June 2023 will be moved to June 2025 and 2 lots maturing in July 2023 will be moved to July 2025.
The interest rates of the bond lots have also been adjusted to be lower than the old level. Specifically, the new interest rate is 8%/year instead of the old rate of no less than 11%/year.
Saigon Glory Company Limited was established in 2018 with an initial charter capital of VND 7,000 billion, all of this capital belongs to Bitexco Group Company Limited (Bitexco Group).
One Central HCM project is one of the projects with a prime location in the center of Ho Chi Minh City, opposite Ben Thanh market and located between 4 frontages of Ben Thanh quadrangle including Pham Ngu Lao - Pho Duc Chinh - Le Thi Hong Gam – Calmette.
One Central HCM project is located on 4 frontages in the center of District 1, Ho Chi Minh City. (Photo: BL)
The project is up to 8,600 m2 wide and is promoted by the units as building 2 towers of 46 floors and 57 floors. In which, Saigon Glory is the investor, Masterise Group is the project developer and Newtecons is the general contractor. The 56-story tower will include rental offices and a hotel. The 47-storey tower will include apartments and services provided by the hotel through the base and basement.
The project "stalled" for ten years
It can be said that One Central HCM is a project that wastes a lot of "paper and ink" from the media. The original project was called The Spirit of Saigon, invested by Bitexco with a capital of about 500 million USD. The project was built in the period from 2012 to 2013. However, it was not until 2021, when it returned to Masterise Homes, that The Spirit of Saigon was renamed One Central HCM.
Not long after that, in August 2022, contractor Newtecons and new investor Viva Land officially "jumped" into this super project. In addition to One Central HCM, Viva Land Company also revived the decades-old "dead" project Saigon One Tower.
After that, the project continued to be in the hands of Bitexco's Saigon Glory. After more than a decade of construction, the project is still a pile of concrete in the middle of the city center.
Right from the beginning of 2024, Mr. Vu Quang Hoi, Chairman of Bitexco Group, sent a letter to Saigon Glory bond owners.
According to the content of the letter, in recent times, the internal problems of the parties involved in Saigon Glory Company and the Ben Thanh Quadrangle project have not been resolved. Currently, although it no longer plays a key role in Saigon Glory, Bitexco Group is still facing many difficulties.
However, Mr. Hoi and Bitexco Group are still responsible for resolving obligations related to the bond packages that Saigon Glory Co., Ltd. has issued.
The head of Bitexco Group said that he does not want to mention more about the difficulty and complexity of handling secured assets because this often takes a long time.
In addition, in the current reality context at Saigon Glory Company and the Ben Thanh Quadrangle project, there are concurrent legal and other financial obligations of related parties, financial handling Guaranteed assets will be more difficult and complicated.
Therefore, the best solution mentioned by the Chairman of Bitexco Group is for bondholders to agree to extend the bond principal and interest payment time so that the issuing organization has more time to restructure its financial sources; Promote investment, construction and project business, thereby soon having a concentrated source of revenue for paying bond obligations.
