In a document sent to the State Securities Commission on October 21, Investment Joint Stock Company FLCHomes Business and Real Estate Development (FLCHomes) said that on October 20, this unit and FLC Group signed a Public Purchase Contract Construction project with Gateway Hanoi Joint Stock Company on the purchase and sale of construction works associated with land use rights at 265 Cau Giay Street, Dich Vong Ward, Cau Giay District, Hanoi City.
Sell price of the project Construction cost is 2,000 billion VND, including value added tax and excluding the value of the sold area.
This project was originally project named Construction mixed housing, office and commercial center – FLC Twin Towers. The project includes 2 towers of 50 floors and 38 floors, including 5 commercial center floors and 4 connected basements.
Owner invest FLC Twin Tower is a Joint Stock Company of FLC Group. The project was designed and constructed by FLC Faros Construction Joint Stock Company. The project was started in August 2015 with a total investment capital of VND 5,200 billion and began operating in 2019.
At the time of topping out in 2018, FLC Twin Towers was one of three towers. The highest in Hanoi, providing the market with 66,484m2 of apartment floor, 35,960m2 of office floor and 25,000m2 of commercial floor.
On the market, the selling price of apartments at FLC Twin Towers is 45-47 million VND/m2 for apartments with an area of 98-1274m2.
The location of this project at 265 Cau Giay of FLC Group is quite favorable when it is near large parks such as Thu Le park, Nghia Do park, Cau Giay park and large hospitals such as Transport download Hanoi Obstetrics Central Pediatrics… At the same time, the project is also close to large commercial centers such as LotteBigC… or famous schools located in Cau Giay district, Dong Da Ba Dinh.
This building is where FLC Group and many member companies such as Bamboo AirwaysFLC Faros… have been headquartered in recent times.
To have capital to deploy the project at the end of 2015, FLC Group signed a credit contract with Vietcombank. Credit limit No. 1 is 800 billion VND and credit limit No. 2 is 265 billion VND for the term. For loan number 1 is 48 months, for loan number 2 is 60 months, the loan principal grace period is 24 months. The fixed interest rate of this credit is 8%/year for the first 12 months from the date of disbursement Subsequent periods are calculated based on the 12-month deposit interest rate plus a margin of 33%. The loan’s collateral is the entire source of assets from loan capital and equity capital.
In 2018, FLC signed a credit contract of 750 billion VND with Orient Commercial Joint Stock Bank (OCB) Hanoi branch, in which the loan limit is 400 billion VND and the guarantee limit is 350 billion VND Additional capital to implement the FLC Twin Towers project. Collaterals are assets formed from loan capital and equity capital of the project.
In addition, in June 2018, FLC Group also borrowed from the organization. Credit Suisse Singapore branch 30 million USD with a floating interest rate of 5% compared to Libor with a loan period of 27 months. Part of this loan is to finance FLC Twin Towers.
On September 21, 2020, the Board of Directors of FLC Group approved the use of assets at 265 Cau Giay to secure financial obligations. Bamboo Airways main office at OCB Thang Long branch.
Then on November 9, 2020, the Board of Directors issued a resolution to use the FLC Twin Towers building to assign debt to replace the debt repayment obligations of FLCFLCHomes Corporation JSC Construction of FLC Faros (ROS), FLC Stone Investment and Minerals Joint Stock Company (AMD) and Tre Viet Aviation Joint Stock Company (Bamboo Airways) at OCB. This building has therefore been owned by OCB since 2020.
At the end of June, FLC’s Board of Directors issued a resolution approving that FLC and FLCHomes bought the building 265 Cau Giay from OCB. And after the acquisition, FLCHomes and FLC signed a contract with Gateway Hanoi Joint Stock Company (Gateway Hanoi) to sell the project for 2,000 billion VND.
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