Nguyen Duc Quang, PR Manager at the BRG Group, confirmed with VN Economic Times (VET) on July 12 that the Hanoi’s People Committee has approved its plans to build the complex at 22-32 Le Thai To Street.
“BRG is now preparing specific plans and architectural adjustments to ensure compliance with the capital’s regulations on planning and conservation,” he said. “If things go smoothly, ground will be broken in September.”
A source from Hanoi’s Party Committee also confirmed with VET that it has agreed in principle with the BRG project.
The “golden” land plot has a total area of 2,871 sq m and is currently an Intimex supermarket owned by the Vietnam Intimex Joint Stock Company, a subsidiary of BRG.
In 2009 BRG Group secured 11.59% of Intimex. In late 2015 it surprised Vietnam’s financial market when it acquired 34.3% of the Intimex Co. through the Kings’ Valley Limited Company, a member of the Group. After the acquisition Kings’ Valley became the strategic partner of Intimex Co.
The acquisition brought its holding to nearly 46% and many asked what interest Intimex could hold for BRG. The answer has perhaps now come: its plot of land near Hoan Kiem Lake.
According to the Hanoi People’s Committee, construction of the complex must fully comply with regulations on planning and conservation and be in line with the local landscape and architecture.
BRG Group, established by Nguyen Thi Nga who is now its Chairwoman, is one of Vietnam’s largest private groups, with charter capital of VND1.8 trillion (US$80 million). Its main business lines are finance, hotels, golf courses, and residential real estate, with significant brands such as SeaBank and Kings’ Island Golf Resort.
It also owns several other golf courses, including the Haiphong-based Do Son Seaside Golf Course and the Hanoi-based Legend Hill Golf Resort. Last year it became a majority shareholder in the Ho Chi Minh City-based Tran Phu Printing House.
BRG is also known for construction planning of urban areas, with a highlight being the financial, trade and urban complex capped off with a 108-storey tower along the Nhat Tan-Noi Bai Highway (also known as Vo Nguyen Giap Highway) in Hanoi. With strong financial resources, many experts believe BRG will also become the investor of the project.
Over recent years, through the acquisition of shares or assets, BRG Group also became involved in the real estate sector by acquiring many hotels and major projects located in prominent locations in Hanoi.
In 2012 it completed the acquisition of the five-star Hilton Opera Hotel, which only became known to the media after all arrangements had been completed.
In early 2015 it also contributed capital to the Thang Loi Hotel, which was renamed Hilton Hanoi Westlake and is in one of the best locations in Hanoi, on the shores of West Lake.
In addition to these two hotels it also owns the Hilton Garden Inn Hanoi in Tran Hung Dao Street, Hoan Kiem district, and the Nhue River Hotel in Ha Dong district, Hanoi, and has major holdings in hotels such as the Pan Horizon Hotel and InterContinental Hanoi Westlake.
BRG is also the investor of many real estate projects, including the high-end office tower Oriental Tower in Dong Da district and the Oriental Palace apartment building in Tay Ho district, Hanoi.
The group also partnered with Vietnam Television (VTV) and the State Capital Investment Corporation (SCIC) to build the world’s tallest TV tower, at 636 meters in height, in Tay Ho district with total investment of US$900 million. The tower is expected to be finished in 2020.