Taseco Land seeks buyer for hotel in $234 mln Hanoi property project

By Hai Yen
Sat, February 8, 2025 | 4:51 pm GMT+7

Taseco Land, one of Vietnam’s major property developers, is looking to sell a 55-floor hotel, offering potential buyers the opportunity to own part of a VND5.93 trillion ($234.4 million) property project in Hanoi.

The hotel is part of the Landmark 55 project, a hotel, office, retail, and service complex situated in the Starlake urban area – a prime location in central Hanoi.

This decision follows Taseco Land’s completion of the Landmark 55 office building sale to Singapore-based Mapletree in December 2024.

Illustration of the Landmark 55 project in Hanoi. Photo courtesy of Taseco Land.

Illustration of the Landmark 55 project in Hanoi. Photo courtesy of Taseco Land.

Taseco Land’s subsidiary, Taseco Invest, took over the Landmark 55 project through its affiliate, West Lake View, from South Korea’s THT Development Company Ltd., the developer of Starlake.

Following the full divestment of West Lake View to Mapletree, Taseco Land (UpCoM: TAL) earned VND560 billion ($22.3 million) in profit from the office building transfer.

This transaction significantly boosted TAL’s 2024 earnings. The company reported a net profit of VND678.4 billion ($26.8 million) last year, marking a 43.5% year-on-year increase and exceeding its target by 43%.

Taseco Land recorded VND1.68 trillion ($66.5 million) in net revenue in 2024, down 47.9% from the previous year, while financial revenue surged to VND825 billion ($32.6 million) from VND85 billion in 2023.

According to Vietcombank Securities, the sale of Taseco Land-owned property projects could generate VND1.2 trillion ($47.4 million) in profit between 2024 and 2026.

Comments (0)
  • Read More
Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Elon Musk company okayed to pilot Starlink satellite internet service in Vietnam

Vietnam has allowed the U.S.'s SpaceX to pilot Starlink low-orbit satellite internet service in the country on a pilot basis until January 1, 2031.

Industries - Wed, March 26, 2025 | 5:18 pm GMT+7

Danish toymaker Lego to open $1.3 bln Vietnam plant next month

Danish toymaker Lego to open $1.3 bln Vietnam plant next month

Denmark's Lego will officially open its factory in VSIP III Industrial Park in Vietnam's southern province of Binh Duong on April 9.

Industries - Wed, March 26, 2025 | 4:18 pm GMT+7

Top Singaporean firms earn high incomes in Vietnam

Top Singaporean firms earn high incomes in Vietnam

Singapore is the second-biggest foreign investor in Vietnam, with over $84 billion in registered investment capital as of end-January and many prominent investors raking in high incomes.

Companies - Wed, March 26, 2025 | 3:45 pm GMT+7

Vietnam, Singapore ink significant deals in Hanoi

Vietnam, Singapore ink significant deals in Hanoi

Vietnamese Prime Minister Pham Minh Chinh and his Singaporean counterpart Lawrence Wong on Wednesday witnessed the signing of many cooperation deals between agencies and enterprises of the two countries.

Economy - Wed, March 26, 2025 | 2:51 pm GMT+7

Vietnam's major policies are reshaping economic development

Vietnam's major policies are reshaping economic development

Major policies are reshaping Vietnam's approach to economic development, which focuses on science, technology, and private enterprises, said a leader at the Vietnam Chamber of Commerce and Industry (VCCI).

Economy - Wed, March 26, 2025 | 12:11 pm GMT+7

PM okays over $10 bln urban area project in central Vietnam

PM okays over $10 bln urban area project in central Vietnam

The over VND260.3 trillion ($10.16 billion) Cam Lam New Urban Area project in the south-central province of Khanh Hoa has received in-principle approval from Prime Minister Pham Minh Chinh.

Real Estate - Wed, March 26, 2025 | 8:58 am GMT+7

S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO

S Korea's KIM Fund raises stake in Vietnam's marine transportation firm VIPCO

South Korea’s KIM Fund has increased its stake in Hai Phong city-based Vietnam Petroleum Transport JSC (VIPCO, HoSE: VIP) to 2.73%, making it the latter’s second-largest shareholder.

Companies - Wed, March 26, 2025 | 8:30 am GMT+7

Vietnam, Singapore seek cooperation chances in semiconductor industry

Vietnam, Singapore seek cooperation chances in semiconductor industry

The Vietnam Trade Office in Singapore, in collaboration with the Singapore Semiconductor Industry Association (SSIA), organized a hybrid seminar on Monday to introduce Vietnam's potential, advantages, and development strategies for the semiconductor industry.

Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7

OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition

OV intellectuals in UK suggest blueprint for Vietnam’s int’l financial hub ambition

Vietnam can rise as a major international financial centre, both regionally and globally, with a strategic vision that highlights transparency, a skilled workforce, modern infrastructure, robust financial markets, and strong international branding, the Vietnam Intellectual Society in the UK and Ireland (VIS) told visiting Vietnamese Permanent Deputy Prime Minister Nguyen Hoa Binh in a recent meeting.

Southeast Asia - Tue, March 25, 2025 | 10:55 pm GMT+7

Vietnam Deputy PM discusses financial center development with ECB

Vietnam Deputy PM discusses financial center development with ECB

Vietnam's Standing Deputy Prime Minister Nguyen Hoa Binh on Monday met with representatives of the European Central Bank (ECB) to discuss plans for the establishment of financial centers in Vietnam, as part of his working visit to Germany – the final stop in his European tour.

Southeast Asia - Tue, March 25, 2025 | 10:52 pm GMT+7

Indonesia keeps commitment on energy transition

Indonesia keeps commitment on energy transition

Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto on Monday affirmed that the U.S. decision to pull out of the Just Energy Transition Partnership (JETP) will not impact the other partners' commitment to it.

Southeast Asia - Tue, March 25, 2025 | 10:35 pm GMT+7

Malaysia’s electric vehicle sales surge

Malaysia’s electric vehicle sales surge

Malaysia’s automotive industry is gaining momentum, with electric vehicle (EV) sales soaring over the past two years and continuing to rise in 2025, driven by both domestic and international manufacturers.

Southeast Asia - Tue, March 25, 2025 | 10:23 pm GMT+7

Japan turns to Vietnam, Indonesia to tackle truck driver shortage

Japan turns to Vietnam, Indonesia to tackle truck driver shortage

Logistics and transportation companies in Japan have begun recruiting foreign nationals as drivers now that their industries qualify for a special employment visa amid a severe labor shortage.

Southeast Asia - Tue, March 25, 2025 | 10:19 pm GMT+7

Malaysia expected to achieve economic growth of 4.5-5.5% in 2025

Malaysia expected to achieve economic growth of 4.5-5.5% in 2025

The Malaysian economy is projected to expand between 4.5% and 5.5% in 2025, underpinned by resilient domestic demand and ongoing investment activity, despite external uncertainties, according to the country’s central bank Bank Negara Malaysia (BNM).

Southeast Asia - Tue, March 25, 2025 | 10:10 pm GMT+7

Singapore’s core inflation falls in Feb

Singapore’s core inflation falls in Feb

Singapore’s core inflation declined for the fifth straight month in February after falling sharply in January as most spending categories saw smaller year-on-year price increases.

Southeast Asia - Tue, March 25, 2025 | 10:01 pm GMT+7

China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam

China’s apparel giant 'unwinds' Texhong Industrial Park expansion in Vietnam

China-headquartered Texhong, among the largest core cotton textile suppliers in the world, will “unwind” the expansion of its Texhong Industrial Park (Texhong Hai Ha Industrial Park) in the northern Vietnam province of Quang Ninh, the firm said on Monday.

Industrial real estate - Tue, March 25, 2025 | 9:28 pm GMT+7