Masterise Group – Masterise Homes | Projects 2023
Official website of the Masterise Group Investor in 2023, of which the member is Masterise Homes, specializing in the development of large real estate projects in Vietnam including: Ho Chi Minh City, Hanoi…. Focusing on investment areas urban, real estate townhouses, villas, luxury apartments to brand names.
Mục Lục
Masterise Group Portrait
Masterise Group was formerly known as Thao Dien Investment. Under the management of former Sacombank Chairman Kieu Huu Dung, Thao Dien has become more or less a well-known brand, investing in a number of apartment projects in Ho Chi Minh City such as Masteri Thao Dien, Masteri An Phu, Millennium, M- One South Saigon, M-One Gia Dinh.
It was not until the name was changed to Masterise at the end of 2019, the real estate group of Techcombank Chairman Ho Hung Anh’s family burst out strongly, introducing a series of projects, all of which focused on the high-end and luxury segments. In early 2021, Masterise Homes signed a comprehensive and long-term strategic cooperation with Marriot International (the world’s No. 1 hotel group) to develop the luxury real estate segment (Branded Residences).
In Ho Chi Minh City, Masterise’s growing portfolio of projects includes Global City (formerly Saigon Binh An Urban Area), Grand Marina Saigon project (formerly The Centenial Ba Son), Masteri Lumiere Riverside project, and Masteri Lumiere Riverside project. The Masteri Center Point project is located in the Vinhomes Grand Park complex, while in Hanoi, it is the Masteri West Heights project located in the Vinhomes Smart City complex or the Masteri Waterfront project is located in the Vinhomes Ocean Park complex.
In addition, the project fund that Masterise has painstakingly acquired over the years is also very respectable.
In Ho Chi Minh City,
Of the 8 plots of land separated from the original Ba Son Complex, except for the VP2 lot, the remaining 7 lots are now in the Masterise group, of which the HH5-1 lot is managed by Minh Huy Land Investment Co., Ltd. Grand Marina Saigon project, while lots HH1, HH2 and HH3 are managed by Supreme Real Estate Investment JSC, backpacks HH4-1, HH4-2, HH4-3 have a new owner, Elegance Real Estate Investment JSC.
After changing its name to Masterise at the end of 2019,
The real estate group of the Chairman’s family Techcombank has expanded strongly, introducing a series of luxury projects.
Masterise also set foot in the 87 Cong Quynh project, when he appointed a representative to be the Chairman of the Board of Directors of the project enterprise, Golden Hill Investment JSC, and at the same time arranged many trillions of dong for the group of former owners to restructure debts.
Going down to Binh Thanh district, Masterise bought Thanh Da Housing Development JSC – the investor of Thanh Da Residence project with an area of over 73,000m2.
In Hanoi,
Masterise has quietly M&A project 22-24 Hang Bai from Tan Hoang Minh Group. This group has also deposited thousands of billions of dong to buy back a part of the Dream City Hung Yen project.
The names mentioned above do not fully represent Masterise’s land fund/project, but preliminary estimates also have a total investment of up to many billion USD.
Some small projects in the past can hardly be a springboard for the rapid rise of Masterise in recent times. In that context, the close relationship between this group and Techcombank has become even more remarkable.
Motivation from Techcombank
According to the Announcer’s observation, the Masterise ecosystem is not organized according to the mother-child model, but mainly owned by individuals/legal entities in their name. This model, whether intentionally or unintentionally, also helps this ecosystem avoid the line of credit, which is currently at 25% of the bank’s equity for a group of related businesses.
According to the writer’s statistics, almost all of Masterise’s projects are being mortgaged at Techcombank. Along with that are tens of thousands of billion dong worth of shares in project enterprises and intermediary legal entities being pledged at the bank of President Ho Hung Anh.
Collateral shares are mandatory and accompanying collateral, but the huge absolute value partly reflects the scale of cash flow that Techcombank is “nurturing” and flowing throughout the Masterise ecosystem.
In a typical example, at Ba Son Complex, all shares of shareholders in Minh Huy Land, Supreme, Elegance, and all shares owned by these three legal entities in project businesses, and business cooperation contracts are mortgaged at Techcombank, with a value of more than VND 30,000 billion.
Techcombank’s capital flow is not only abundant, but also very “cheap”, partly explaining the outstanding rise of Masterise over the past time.
It must be emphasized that Masterise’s cooperation with Techcombank or TCBS is not a negative issue, if the financial safety norms under the Law on Credit Institutions are complied (substantively).
In one example, Masterise Dream City Villas Real Estate Co., Ltd., from July 21-26, 2021, raised 3 consecutive 1-year 1-day bond lots with a total value of up to VND 7,200 billion, The fixed interest rate is only 8%/year. The huge amount of money collected is used to deposit a part of the Dream City Hung Yen project.
While also during this period, TCB/TCBS arranged bonds for partners with very high interest rates, such as the 2,300 billion VND lot of Voyage Investment JSC (87 Cong Quynh project) at 10.5%/year. for the first year and equal to the reference interest plus a margin of up to 4.3%/year for the remaining years; or 15,500 billion VND of the trio of legal entities Osaka Garden, Hoang Phu Vuong, Hoa Phu Thinh (Global City project) with interest rates up to 10.3-12.9%/year for the first period and floating interest plus margin. 3.1-4%/year for the remaining time.
Techcombank’s capital flow is not only abundant, but also very “cheap”, partly explaining the outstanding rise of Masterise over the past time.
In contrast, 2 years ago, on June 21, 2019, Masterise Dream City Villas, then also known as Tan Lien Phat Saigon Real Estate Trading Company Limited, issued 2 lots of bonds, including 1 lot. value of 1,561 billion dong term 1 year 1 day with interest rate of 8.85%/year for the first interest period (3 months) and equal to the reference interest plus a margin of 1.45%/year for the remaining periods; and lot 2 has a value of 668 billion dong for a term of 3 years, the interest rate for the first period (3 months) is 9.35%/year, the following periods are equal to the reference interest plus a margin of 1.42%/year.
The bondholder who bought the whole 2 lots of these bonds is Techcombank.
On the same day of June 21, 2019, Techcombank simultaneously bought 2 lots of bonds from another Masterise Group member, Tan Lien Phat Tan Cang Real Estate and Logistics JSC, with a value of VND 593 billion for 3-year term and 1,386 billion VND 1 year 1 day term, with the same interest rate as Tan Lien Phat Saigon Real Estate.
At the end of 2019, Techcombank continued to buy another VND 2,091 billion of Tan Lien Phat Saigon Real Estate and VND 2,029 billion of Tan Lien Phat Tan Cang Real Estate, both with a term of 1 year and 1 day.
These are not the only members of Masterise Group who have been arranged by TCB/TCBS to raise low-cost capital.
Hoa Binh Debt Trading Company Limited (HBDC) – a discreet member of Mr. Ho Hung Anh’s ecosystem, on May 26, 2021 and October 11, 2021, issued a total of 750 billion VND of bonds. 3-year term, in which the first lot is worth 300 billion, the interest rate is 9%/year for the first interest period (3 months each) and equals the reference interest plus a margin of 2.78% for the remaining time. ; the second lot has a value of 450 billion dong, the interest rate for the first 2 periods (6 months each) is 8.5%/year, the following years are equal to the reference interest plus 2.9%.
This is a rather low interest rate, given that both of these bonds are unsecured.
Or in another case, TCB/TCBS on October 31, 2018 arranged to issue VND4,000 billion of bonds with a term of 14 months for Nam Ha Tourism Development JSC. The principal and interest payment report shows that in the first half of 2019, this enterprise paid 146.55 billion dong of interest, while the balance of principal and interest at the beginning and the end of the period remained the same; This means that the bond interest rate is only about 7.6%/year.
The General Director cum legal representative of Nam Ha is Ms. Nguyen Thi Oanh. Businesswoman born in 1962, should know, is also in charge of Ho Chi Minh City Branch of TCO Real Estate Trading and Consulting Joint Stock Company – a member of Masterise system.
Cheap and abundant capital allows Masterise to participate in the real estate market with a secondary investment strategy, without taking time to apply for procedures from the beginning, but just buying back completed projects or a large part of the project. juridical.
And it was not until Masterise was formed and launched to the public that the real estate ambition of Techcombank owners became clear, but long before that, it did not stop at just investing in a few single projects, Mr. Ho Hung Anh and his associates, privately, have accompanied and “participated” in many famous real estate projects across the country. Details will be covered in the next article.
