3 "terrible" plots Sacombank offered to sell nearly 3,000 billion dong

3 "terrible" plots Sacombank offered to sell nearly 3,000 billion dong

Three lots of land that have been sold many times have not been found yet, currently offering more than 16,100 billion dong, down by nearly 3,000 billion dong compared to half a year ago.

Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank - STB) said it is liquidating a series of real estate to handle bad debts.

The first big trillion real estate project that Sacombank is selling is in Binh Tan district, Ho Chi Minh City is the whole project of high-rise housing and sport and recreation area of sub-area 3 - Binh residential area. Dong Dong and a part of 122 land are also in Binh Tri Dong Ward B. The real estate market is offered for sale with a starting price of VND 6,029 billion, down more than VND 600 billion compared to half a year ago. Part of the parcel of land 122 with an area of 60,960 m2 is built of housing and infrastructure. Sub-project 3 - Binh Tri Dong Residential Area has an area of 473,164 m2.

The next real estate sector is a residential area project in Binh Thuy Ward, Binh Thuy District, Can Tho City. Sacombank said that all 2,455 land use rights in this project have a total area of 602.225.8m2, about 4.5km from Can Tho city center. The starting price offered by Sacombank is 3,424 billion dong, down by over 1,100 billion dong comparing to half a year ago. All tax and fee obligations related to asset transfer will be borne by the buyer.

Previously in October last year, Sacombank also offered to sell the Phong Phu Industrial Park project in Binh Chanh district with an offering price of VND 6,650 billion, a reduction of VND 1,000 billion compared to the initial offering price. In particular, auction assets include 67ha of industrial park land, 67ha of land for industrial service areas (specialist houses, supermarkets, hospitals, ...). The whole is industrial park land with a useful life of 50 years. The project is invested by Phong Phu Industrial Park Joint Stock Company.

Thus, these three plots are being offered for sale by Sacombank with a total value of over VND 16,100 billion.

Sacombank's debt handling activities are still being promoted and the focus in the past 2018. Accordingly, the bank has strongly increased the risk provisioning cost by nearly 2 times to VND 1,592 billion. The total amount of bad debt in the table of Sacombank by the end of 2018 also dropped by nearly half compared to the beginning of the year to 5,427 billion dong, the bad debt rate on total customer loans dropped sharply from 4.67% to 2.11%.

Hai Van