According to its recently released financial report, Marina Center Company Limited recorded an after-tax loss of over 201 billion VND in the first half of this year. This represents a nearly 32% improvement compared to the same period last year. As a result, the company bears an accumulated loss of nearly 497 billion VND.

As of the end of June, the company's equity stood at approximately 10,618 billion VND, a decrease of over 200 billion VND from the same period last year, primarily due to profit deficits. Meanwhile, total liabilities increased by 310 billion VND to 10,498 billion VND.

Bonds constitute the largest portion of the company's debt. In March, Marina Center raised over 10,195 billion VND through a bond issuance to professional organizations. These bonds have a 10-year term and carry an annual interest rate of 4%.

Outside the Saigon Marina IFC building in 8/2025. Photo: Quynh Tran

Marina Center Company Limited was established in December 2021, formerly known as Masterise Luxury Lifestyle Company Limited. The company owns the Saigon Marina IFC building on Ton Duc Thang Street, Saigon ward, TP HCM. This building is considered the inaugural project for the city's roadmap to establish an International Financial Center (IFC), boasting a prime location with direct connectivity to Metro line 1.

During the inauguration ceremony in August 2025, Nguyen Thi Phuong Thao, Permanent Vice Chairwoman of the Board of Directors of HDBank (HDB), described the building as a "meeting point for banks, financial institutions, technology, and logistics corporations with over 10,000 professionals working daily".

Saigon Ratings served as the credit rating agency for the bond issuance in March. According to their report, Marina Center acquired all shares of Capitaland Central Tower, becoming the owner of Saigon Marina IFC in Q4/2025.

The Saigon Marina IFC building began operations in mid-August 2025. Consequently, its revenue for 2025 reached nearly 20 billion VND. According to the developer's plan, the key operational phase and primary revenue generation are expected to commence this year.

The Saigon Ratings report indicates that most office and retail space has been confirmed or leased by customers. Retail floor space is projected to reach approximately 95% occupancy by the end of Q2, while office products could achieve 95% occupancy by the end of Q3.

In an updated report released two weeks ago, Saigon Ratings stated that Marina Center intends to divest the Saigon Marina IFC building in the long term. The proceeds from this transaction are expected to generate profit, thereby enhancing the company's capital recovery capability.

Tat Dat