BIDV puts real estate project’s debt on sale for $174 million

BIDV is putting Kenton Node on sale (Source: NDH) The asset for auction is the land use right and assets attached to the land at the Kenton Node project located at Nha Be district, Ho Chi Minh City. This asset was mortgaged at three banks, namely BIDV, MSB, and PVCombank, with 58 per cent owned by BIDV with the total valuation of VND4.06 trillion ($176.5 million). Located opposite the Hoang Anh Gia Lai apartment project and near Phu My Hung urban area, Kenton Node was previously known as Kenton Residence and was expected to become a billion-dollar new urban project in the southern Ho Chi Minh City. Covering on an area of 10 hectares, the project has three areas (Plaza, Sky Villa and Residences) with nine buildings, 16 towers, and 1,683 apartments with full utilities. Besides, the project would also house a 5-star hotel system and 586 condotel units. The highlight would be the theatre. The project has a total initial investment capital of $300 million. The construction was started in 2009 and Kenton Node (then Kenton Residence) opened the first phase of sales with 100 apartments. The selling prices were between $1,566 and $1,250 per square metre. According to… Read full this story

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