Seven properties in Ho Chi Minh City linked to Truong My Lan have been valued at nearly VND1.1 trillion. The Ho Chi Minh City Civil Judgment Enforcement Department is preparing to auction them to recover money for her obligations to repay more than VND30.081 trillion to over 43,100 bondholders.
In October and November, the department will hold auctions for several properties linked to Truong My Lan, 70, chairwoman of Van Thinh Phat's board.
On October 23, four auctions will be held in succession at the Ho Chi Minh City Property Auction Service Center.
Property 1, auction at 9:30 a.m. A house and land at 142 Vo Van Tan Street, Xuan Hoa Ward, Ho Chi Minh City. The starting price is more than VND94 billion.
The land covers 115.9 sq. m and is zoned for urban residential use. The building footprint is 86.8 sq. m, with a total floor area of 791.9 sq. m. The property has six floors, a basement and a mezzanine. The street setback line on Vo Van Tan is 20 m.
Property 2, auction at 10 a.m. A villa at 22B Nguyen Thi Dieu Street, Xuan Hoa Ward, Ho Chi Minh City. The starting price is more than VND202.5 billion.
The land covers 298.9 sq. m, is privately used and zoned for urban residential use with an indefinite term. The villa has a building footprint of 164.4 sq. m and a total floor area of 326.1 sq. m. The street setback line on Nguyen Thi Dieu is 14 m.
Property 3, auction at 10:30 a.m. An apartment on the second floor at 25 Dong Khoi Street, Sai Gon Ward. The starting price is more than VND41 billion.
The apartment has a floor area of 79.37 sq. m on the second floor of a six-story building. The land attached to the property is part of lot 2 on map sheet 44, covers 113.19 sq. m and is jointly used.
Property 4, auction at 11 a.m. A house and land at 151 Dong Khoi Street, Ben Nghe Ward, former District 1, now Sai Gon Ward. The starting price is more than VND37.3 billion.
The land covers 26.43 sq. m, is privately used and zoned for urban residential use with an indefinite term. The three-story house has a building footprint of 26.43 sq. m and a total usable area of 62.42 sq. m.
Four properties worth more than VND700 billion await new owners
On November 12, the department will also auction two properties at 7 Ham Nghi Street, Sai Gon Ward. They have been valued at more than VND161.2 billion.
The ground floor and third floor are valued at more than VND115.5 billion, while the first-floor apartment is valued at nearly VND45.77 billion.
No. 7 Ham Nghi is also one side of the IFC One Saigon project, formerly known as Saigon One Tower, one of the best-known unfinished property projects in central Ho Chi Minh City.
The building is usually identified by the address 34 Ton Duc Thang or the Ton Duc Thang-Ham Nghi intersection. Its Ham Nghi frontage is mentioned less often.
Construction began in 2008 on a site of more than 6,600 sq. m near the Saigon River, with total investment of about VND5 trillion.
Construction unexpectedly stopped in 2011, when about 80% of the structural work had been completed. The building stood empty in the city center for years and became one of the market's best-known stalled property projects.
Two other properties have been valued, but their auction dates have not been set. They are a house and land at 123 Nguyen Hue Street in former District 1, valued at more than VND349.4 billion, and a villa at 41 Nguyen Thi Dieu Street in former Ward 6 of former District 3, valued at more than VND204.6 billion.
Enforcement authorities are continuing to process more than 600 other properties linked to Truong My Lan to meet her court-ordered obligations. She was sentenced to death.
Earlier, the Ho Chi Minh City Civil Judgment Enforcement Department auctioned seven of her assets and raised more than VND1.8 trillion:
The house and land at 44 Tran Dinh Xu Street, Cau Ong Lanh Ward, former District 1, Ho Chi Minh City, covering more than 1,157 sq. m, sold for VND635 billion.
The house and land at 64-68 Tran Quoc Thao Street, Xuan Hoa Ward, former District 3, sold for VND647 billion.
The house and land at 53 Pham Ngoc Thach Street, Xuan Hoa Ward, former District 3, sold for more than VND469 billion.
Two white alligator-skin Hermes bags sold at auction for more than VND14.2 billion.
A Mercedes-Maybach with license plate 51F-199.99 sold for VND16.6 billion.
A BMW with license plate 50LD-069.47 sold for VND879 million.
A diamond jewelry set consisting of earrings, a necklace and a ring sold for about VND25 billion.
Sources: Thanh Niên
