Saigon General Service Corporation (Savico) announced on 1/8 that Gelex Infrastructure JSC will acquire its entire stake in the 29.83-hectare Luxury Residential Area project located in Can Gio district, Ho Chi Minh City. The transfer price is 619.4 billion VND.
The Luxury Residential Area project is based on a business cooperation contract signed on 28/2/2002 between Savico and Ho Chi Minh City Investment and Development JSC (Fideco). According to Fideco's 2024 annual report, the project has been delayed due to unresolved legal issues. The project is planned to include villas and townhouses.
 |
A rendering of the Luxury Residential Area project. Photo: Fideco. |
A rendering of the Luxury Residential Area project. Photo: Fideco.
According to a Savico representative, the company is restructuring its real estate portfolio. The divestment from the Luxury Residential Area project aims to focus resources on its core business.
Established in 1992, Savico is a member of Tasco Auto (Tasco Auto owns over 54% of Savico). Tasco Group, in turn, holds a 96.4% stake in Tasco Auto, making Savico an indirect subsidiary of Tasco.
Tasco operates in various sectors, including insurance, automotive manufacturing and distribution, and real estate. The company distributes cars from brands like Volvo, Lynk&Co, and Geely. It has also partnered with Geely, a Chinese automaker, to open an assembly plant with a capacity of 75,000 vehicles per year and a total investment of 168 million USD.
Tasco's car sales in 2024 reached 40,555 units, a 10.7% increase compared to the previous year, accounting for 13.7% of the domestic market. In the first half of this year, the company recorded 15.3 trillion VND in revenue and 150 billion VND in after-tax profit, both up over 30% year-on-year.
Gelex Infrastructure is a subsidiary of Gelex Group, focusing on energy development, industrial park and social housing real estate, construction materials, and clean water production and supply. The company is the parent company of several enterprises, including Viglacera, Song Da Water, and Long Son Petrochemicals Industrial Park.
Trong Hieu
