Sacombank auctions 11,222 sqm land in HCMC

Sacombank will auction nearly 11,222 square meters of land in Ho Chi Minh City with a starting price exceeding VND592.93 billion ($25 million) on December 29.

The land is located at 2 Tay Thanh street, Tay Thanh ward, Tan Phu district, with the purpose of using for production and business.

Property attached to the land has a construction area of over 5,644 sqm, a usable area of nearly 6,414 sqm, three floors and a terrace, according to a release from the Global Partnership Auction Group.

The time of the auction is 9 a.m. on December 29, and the place is 15M Floor, 266-268 Nam Ky Khoi Nghia street, Vo Thi Sau ward, District 3, HCMC. The fee to buy the application is VND500,000 ($21).

The time to sell, consult and receive documents will commence during office hours from December 6 to December 27. Time and location of property viewing will take place from 8 a.m. on December 12 to 5 p.m. on December 13 at 2 Tay Thanh street, Tay Thanh ward, Tan Phu district, HCMC.

Auction participants should pay VND59.29 billion ($2.51 million) in deposit to the bank account of the Debt Handling Center at Sacombank headquarters during office hours on December 26-27.

Previously, the Global Partnership Auction Group had announced to organize an auction of 18 debts secured by assets at the Phong Phu Industrial Park project offered by Sacombank.

Besides the 18 debts related to Phong Phu IP, Sacombank also auctioned many other collaterals worth hundreds of billions of Vietnamese dong (VND100 billion = $4.23 million).

Early this month, Dragon Capital, a leading fund management company in Vietnam, completed the purchase of 5.1 million Sacombank (STB) shares, raising its ownership at the lender to 5.25% from 4.98%.

Established in 1991, Sacombank (HoSE: STB) was one of the first joint stock commercial banks in HCMC. In the first nine months of the year, the private bank reported pre-tax profits of VND4,440 billion ($186 million), fulfilling 84.1% of the year's target. Interest accounted for 60.6% of its total revenues.

On the Ho Chi Minh City Stock Exchange, the STB price closed the Tuesday morning session at VND21,650 ($0.92) per unit.