Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank) has offered for the second time three real estate plots at a total offering price of over 16.1 trillion dong, down by 2.762 trillion dong compared to September 2018.
The biggest real estate plot is Phong Phu Industrial Part project (in Binh Chanh district, HCM City) with a starting price of 6.650 trillion dong, down by 950 billion dong compared to the previous offered price. The land plot locates on Nguyen Van Linh street with an area of 134 hectares, including 67 hectares of industrial land and the remaining is for service area. The land use term of the project is 50 years, invested by Phong Phu Industrial Part Joint Stock Company.
The second land plot locates in Binh Tan district, HCM City, including the whole project of high-rise buildings and sport area of sub-area 3 Binh Tri Dong residential area and a part of the land plot number 122 in Binh Tri Dong B ward. The total area of the land reaches more than 530,000 square meters, offered at starting price of 6.029 trillion dong, down by 669 billion dong.
The third land plot is in Can Tho the residential area project of Binh Thuy ward, Binh Thuy district. The offering price of this land plot was most reduced among three land plots, reaching only 3.424 trillion dong, down by up to 1.143 trillion dong compared to the previous price. The total land area of the project is 600,000 square meters, including 2,455 land use rights.
Thus, the selling price of these three huge assets this time dropped by 2.762 trillion dong compared to September 2018.
According to Sacombank’s leaders, in 2018, the bank’s bad debt settlement process after the merger faced difficulty due to the incomplete legal framework. However, according to the consolidated financial statement in the fourth quarter 2018 of Sacombank, bad debt handling continued to be a central task when the bank significantly increased the provisions for risks by twofold, reaching 1.592 trillion dong.
Sacombank’s on-balance sheet bad debts fell by nearly half in 2018 to 5.427 trillion dong. Accordingly, the ratio of bad debts on total outstanding loans sharply dropped from 4.67 percent to 2.11 percent.
Sacombank announced its consolidated pre-tax profit in 2018 at more than 2.2 trillion dong, 20 percent exceeding the task assigned by the Shareholders Meeting.
