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Vingroup acquires StarCity Centre

Released at: 08:43, 24/08/2015

Vingroup acquires StarCity Centre

OceanGroup and Vingroup agree to terms over transfer of owner of StarCity Centre in Hanoi.

by Quynh Nguyen

OceanGroup has signed a contract to transfer 90 million shares in the Ocean Thang Long Investment Joint Stock Company (OTL) to Vingroup.

OTL owns 80 per cent of the capital in the StarCity Centre in a new urban area in Hanoi’s Tran Duy Hung Street. The value of the transfer was not disclosed.

StarCity Centre has total investment capital of VND7.5 trillion ($330 million). The project is located on a “golden land plot” in Hanoi, as it faces three streets - Tran Duy Hung, Khuat Duy Tien, and Hoang Minh Giam.

The project has an area of over 5 ha and includes a business center, apartments, offices, and a hotel. Despite receiving an investment license in 2010 it is yet to be implemented.

After being transferred to Vingroup the project will be called Vinhomes Tran Duy Hung and construction will be get underway shortly. It is expected to become the most luxurious complex in Hanoi.

At the annual shareholders meeting in late July, Ms. Nguyen Thi Dung, Deputy General Director of OceanGroup, said the transfer would have a price tag of VND18,000 ($0.8) per share. She also said that the profit expected would be no less than VND1 trillion ($44 million).

OceanGroup previously transferred Ocean Retail to Vingroup.

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