Foreign firm buys old building in Saigon for $35 million: report

Thanh Nien News

Email Print

The old building in downtown Ho Chi Minh City has been sold for US$35 million. Photo credit: Nguoi Lao Dong The old building in downtown Ho Chi Minh City has been sold for US$35 million. Photo credit: Nguoi Lao Dong

RELATED NEWS

A French colonial time building located at a prime land plot in downtown Ho Chi Minh City has been sold to a foreign company for US$35 million (around VND753 billion), local media reported.
The old villa is situated on an area of more than 2,900 square meters (44x66m) at 110-112 Vo Van Tan Street in District 3 with Ba Huyen Thanh Quan and Nguyen Thi Dieu on both sides.
The new owner, who is not identified, recently removed a temporary house near the villa, a car park and requested café shops to move out.
The building used to belong to 7 people, including two women holding the ownership title, Dang Kim Chi and Nguyen Kim Sa Dang, both 80 years old.
In early 2013, it was advertised for $47 million before being lowered to $35 million.
The villa was built in French colonial time and construction materials were transported from France.
Construction was completed in a year with dozens of experienced constructors.
It is unclear how would the foreign company use the building.
Many real estate experts said it can be turned into an office or trade center for early profits.
Nguyen Anh Tuan of HCMC Department of Planning and Architecture told Nguoi Lao Dong the villa is among the list of old villas listed by the city authorities.
The city authorities will have a decision on these old villas by this year’s end and it may be listed as constructions need to be preserved, he said.

More Business News