With recent positive market signals, real estate companies have made efforts to implement projects, strengthen financial health, adjust business plans as well as implement numerous projects, operating with confidence that the market will recover soon.
In the first six months of 2024, although the real estate market is still challenging, Saigon Thuong Tin Real Estate Joint Stock Company (TTC Land; HOSE: SCR) continues to prioritize the search for expansion solutions. The development of a closed value chain in pillar areas including civil real estate, commercial real estate, and service real estate, in addition to the strategic direction of combining industrial and logistics real estate with a vision to 2030 regarding favorable conditions. As a result, TTC Land's global operations have made significant progress to date.
Panomax River Villa project restarted for sale attracting a lot of attention from customers. (Photo: Investor).
Implementing key projects, consolidating core business areas
According to experts, entering the second half of 2024, the real estate market is considered to have gone through the most difficult period. While waiting for relevant policies on legal, bank interest rates, and real estate business laws to promote positive effects, TTC Land has proactively implemented solutions to implement the project, making every effort to ensure commitment to customers and be ready for a new recovery cycle.
In 2024, TTC Land will start implementing key projects. For example, the TTC Plaza Da Nang complex building project with a golden location in the coastal city, the advantage of 4 facades, was started by the contractor Coteccons on January 10, 2024. This project owns types of products that meet the needs and tastes of customers, including offices, hotels, commercial centers... is expected to bring stable revenue to TTC Land in the near future.
Also in the 1st quarter of 2024, TTC Land signed a memorandum of understanding with AEONMALL Vietnam to deploy the Aeon Mall shopping mall at the TTC Plaza Da Nang project. In May, Mr. Le Trung Chinh, Deputy Secretary of the City Party Committee, Chairman of Da Nang City People's Committee, and leaders of departments, Da Nang City departments and agencies had a working session with TTC Group, TTC Land and AEONMALL Vietnam to inform the cooperation situation between the two parties as well as have reports, recommendations and difficulties in the project implementation process.
Recently, senior leaders of TTC Land and AEONMALL Vietnam have also continuously had meetings to agree on the terms of the Lease Contract of TTC Plaza Da Nang General Project before the two parties sign the official contract, expected this year.
Regarding the TTC Plaza Da Nang project, in addition to promoting the implementation of Aeon Mall with AEONMALL Vietnam, TTC Land's Board of Directors is also working with partners, who are well-known hotel management units in the world to cooperate in exploiting, operating, and managing hotel products under the project.
Typically, units such as The Ascott (belonging to The Ascott Limited) which is known as one of the world's leading operators and owners of international serviced apartments from the island nation of Singapore, Tui Blue (belonging to TUI Group), the world's largest travel and tourism group based in Germany.
Ms. Huynh Bich Ngoc, Standing Vice Chairman and General Director of TTC Group and TTC Land's Board of Directors met with Mr. Artur Gerber, General Director of TUI BLUE. (Photo: Investor).
It is known that in the development strategy for the 5 years of 2021 - 2025, TTC Land focuses on optimizing revenue from commercial floor leasing activities and management services. In TTC Land's portfolio of upcoming potential projects, TTC Plaza Da Nang stands out with the proportion of revenue from leasing activities. It is expected that the project will be completed and put into operation at the end of 2025.
TTC Land's cooperation with international partners is a guarantee to provide good products and services to the local community, and at the same time contributes to promoting the growth and sustainable development of the Da Nang retail market.
As of the end of June 2024, the TTC Plaza Da Nang project has recorded new steps in the construction progress such as the completion of basement B1, and the construction of basement B2, creating a solid foundation for the next items.
With the continuous efforts of the investor and contractor Coteccons, the TTC Plaza Da Nang project is being accelerated to ensure the handover on time, promising to become a new architectural highlight for Da Nang city, contributing to promoting the local economy and improving the standard of life for the people here.
TTC Plaza Da Nang project has completed the B1 basement, B2 is under construction, the contractor is urgently accelerating the progress to ensure on-time handover. (Photo: Investor).
In addition to the TTC Plaza Da Nang project, TTC Land is also focusing on sales and researching business strategies for key projects such as Panomax River Villa, Selavia Phu Quoc...
Efforts to ensure commitment to customers, ready for a new recovery cycle
In 2023 and the first 6 months of 2024, although the real estate market situation is still difficult, TTC Land still completes the legal documents and procedures for granting "Land use rights, house ownership, and land-attached assets" to residents of the following projects: Carillon 3, Carillon 7, Jamona Heights, Jamona Golden Silk, Jamona Home Resort and other projects.
In addition to awarding the "Pink Book", from April 2024 until now, TTC Land has also implemented the conversion of Social Housing Lease Purchase Contracts to Purchase and Sale Contracts for hundreds of customers of the Jamona Apartment project (District 7) in accordance with the law, reaching a rate of more than 80%. The remaining units are still being converted by TTC Land until completion, to ensure the interests of residents.
This is considered a great effort of TTC Land in fulfilling its commitment to customers, bringing positive confidence to investors.
In the 2021-2025 strategy, TTC Land focuses on consolidating the entire leadership apparatus. The strategy is very cautious, not expanding projects, consolidating projects as well as not issuing bonds. Up to now, TTC Land has no outstanding bonds.
Via Vietnambiz