Ocean Group to sell property projects

February 06, 2015 | 13:20

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According to information disclosed by Ocean Group’s (OGC’s) board of directors, the decision has been made to sell a series of real estate projects including Star City Hotel, Lega Fashion House and Star City Centre.

Lega Fashion House

OGC was founded in 2005. It has developed business in rapidly growing and diverse sectors including: private aviation, agriculture, real estate, corporate finance, banking and fiduciary services, technology, media and internet. The group has overseas offices in New York, London, Geneva and Moscow.

In August 2011 OGC and the Vietnam High Command of Border Guard signed the cooperation agreement to build a complex consisting of a trade centre, office buildings, hotels and apartments for lease at 25 Tran Khanh Du street, Hoan Kiem district, Ha Noi. According to the provisions of the agreement OGC would carry out the necessary construction works for the above-mentioned project. However, in January 2015, OGC decided to establish TKD Vietnam Real Estate Investment Trading Co., Ltd as a subsidiary. The company has the chartered capital of VND115 billion ($5.4 million) and OGC contributed 98 per cent of the stakes, an equivalent of VND112.7 billion ($5.3 million).

In October 2010, the group announced that it would invest VND600 billion ($28.1 million) in the Lega Fashion House complex of office buildings and shopping centre in Ho Chi Minh City, which it promptly started construction in 2011. By the end of 2012 OGC invested more than VND28 billion ($1.3 million) in the project.

Meanwhile, Star City Centre in Hanoi is another complex of luxury apartments, hotels and office buildings for lease.

By By Kim Oanh

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