Close-up of the "bare bones" project after 14 years, BIDV has just lowered the selling price

The Joint Stock Commercial Bank for Investment and Development of Vietnam ( BIDV ) has just announced that it will continue to auction the debt at the Kenton Node project, Nha Be district, Ho Chi Minh City, belonging to Tai Nguyen Construction Production and Trade Company Limited. The starting price for this debt is 4,419 billion VND.

Previously, in early October, BIDV announced the auction of this debt with a starting price of VND4,904 billion. Thus, after only about a month, the auction price has decreased by about VND500 billion.

According to BIDV, the total outstanding debt of Tai Nguyen Company as of July 26 was nearly VND5,721 billion, of which more than VND2,506 billion was principal debt, the rest was interest debt. The collateral for the debt includes land use rights and assets attached to land formed in the future under the Kenton Node project and property rights to exploit stone quarries in Hoa Thach and Phu Man communes, Quoc Oai district, Hanoi .

Part of the project is adjacent to Rach Dia River, the investor plans to build a marina and shuttle service to central areas.

According to Dan Tri reporters, currently, while the project is surrounded by crowded residential areas, Kenton Node is still a collection of roughly finished buildings that are rusty and stained due to years of exposure to the sun and rain.

Inside the construction area, there are no signs of construction. Entrances to many buildings and basements are fenced off.

Outside the project, there are many billboards and posters introducing Kenton Node, a familiar stop for some residents.

Many parts of the project have seriously deteriorated over time. However, the project still has a few security guards on duty.

Previously, in 2009, Tai Nguyen Company organized the groundbreaking ceremony for the project and opened for sale for the first time in 2010. However, the real estate market fell into a frozen period, the investor encountered difficulties in capital sources, so the project was suspended for a long time, and was restarted but still could not be completed.

In 2022, Novaland appeared in this project as the project developer. Many signs around the project were also changed to identify with the Novaland brand. However, this group has not officially announced information about this deal.

The fate of the Kenton Node project remains uncertain after 15 years of not being able to take shape. BIDV put up for sale the debt related to this project in 2020, and has continued to do so now but with no results, especially in the context of the current difficult real estate market and the project is deteriorating day by day.

Source: https://dantri.com.vn/bat-dong-san/can-canh-du-an-tro-xuong-sau-14-nam-bidv-vua-ha-gia-rao-ban-20241107132059290.htm