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Da Nang Megacity Encroaching The Sea Project Has Changed The Owners

the Sunrise Bay Da Nang project

According to the announcement of the change of business registration content of The Sunrise Bay Co., Hoang Huy Trading Development Investment JSC holds 99% of the value of capital contribution, equivalent to over 666 billion VND.

Da Nang metropolitan project
Da Nang super-urban land reclamation project has changed owners

This is a company newly established in June this year by a group of shareholders including real estate companies related to Novaland Group (Gia Duc, Central Avenue, Anh Tu) and three other individuals.

However, at the beginning of August, most of the shareholders no longer hold shares in Hoang Huy, except for Gia Duc real estate company holding 19%. General Director and legal representative of Hoang Huy Company is Phan Do Hanh – a major shareholder of Vegetexco Port Joint Stock Company (HNX: VGP).

Vegetexco Port Joint Stock Company is under the control of T & T Group through the Vegetexco Fruit and Vegetable Corporation. As of June 2017, T & T and its related parties hold 95% of Vegetexco.

The Sunrise Bay Co., Ltd. (formerly known as DAEWON CANTAVIL Co., Ltd) is currently the Owner of Da Phuoc International New Urban Area Project at Thuan Phuoc and Tan Binh Ward, Hai Chau District, Da Nang city.

This 181 hectares site is located in the north of Da Nang City, aiming to encroach the sea for the construction of more than 8,500 apartments, commercial centers, offices, hotels and 18-hole golf courses.

In 2016, after many options, Daewon decided to transfer all the capital contributed to this project for Nova – Bac Nam Vietnam 79 JSC. In January 2017, Nova – Bac Nam 79 changed Daewon Cantavil Company Limited into The Sunrise Bay Company Limited.

You can read more information at Vietnam Real Estate News

Da Nang metropolitan project
illustration

On 20/4/2017, No Va Investment Joint Stock Company (Novaland Group) has approved the transfer of the contributed capital of approximately 1,939 billion VND in the chartered capital of Gia Duc Company. Gia Duc owns the equivalent of 19% of the Sunrise Bay project (legal name is Da Phuoc new urban area).

The Board of Directors of Novaland Group has further increased its land fund, including the 181-hectare The Sunrise Bay complex in Da Nang City. The Group is completing legal procedures to gradually take possession of this project.

The purpose of the purchase of capital Gia Duc Company is the premise for Novaland Group to progress to officially own the project Sunrise Sunrise, contributing to complete its business plan in the following years.

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Da Nang Megacity Encroaching The Sea Project Has Changed The Owners
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