Hoa Lam Corporation sells LIM II Tower for $61.4 million

11:40 | 09/04/2018
Vietnam Thuong Tin Commercial Joint Stock Bank (Vietbank) plans to spend VND1.4 trillion ($61.4 million) acquiring LIM II Tower in Ho Chi Minh City’s District 3 from Hoa Lam Corporation, according to the bank’s documents prepared for its 2018 shareholders’ meeting.

If the plan is approved, an acquisition deal between Vietbank and Cho Dui Co., Ltd., a member of Hoa Lam Corporation and developer of LIM II Tower, shall be concluded in the second half of the year.

hoa lam corporation sells lim ii tower for 614 million
Hoa Lam Corporation sold LIM 2 tower with $61.4 million

Tran Thi Lam, chairwoman of Hoa Lam Corporation, is the wife of Duong Ngoc Hoa, chairman of Vietbank.

LIM II Tower is constructed on an area of nearly 2,200 square metres. The building consists of 18 levels, including four floors for commercial business, 13 floors of office space, a rooftop, and three basements for parking and other facilities. The 6,255sq.m basement can accommodate about 120 cars, providing safety and convenience for clients. The total construction area is about 28,000sq.m.

Hoa Lam Corporation is a co-founder of Vietbank, contributing 35 per cent of the bank’s capital in 2007.

Hoa Lam Corporation was found in 1993 with the initial name of Nhat Nguyen Transport Service and Trading Company, established by Duong Ngoc Hoa and Tran Thi Lam.

In 1999 it was renamed to Hoa Lam Corporation and started manufacturing Halim motorcycles. In 2004 the company name was changed to Hoa Lam Development and Investment Company which manufactured Kymco motorcycles.

In 2006 Hoa Lam joined the financial market by acquiring a major stake in Vietbank. So far, the bank has been developed to have hundreds of branches and offices nationwide.

In 2010 Hoa Lam joined the real estate market with its first office tower LIM I in District 1 of Ho Chi Minh City. In 2015 LIM II located in District 3 was put into operation.

In 2014 Hoa Lam opened Hoa Lam Shangri-La Health Centre on a 4.7-hectare land plot in Binh Tan district of Ho Chi Minh City. One year later Hoa Lam started operation of its second hospital under the private-public partnership format.

Apart from these, Hoa Lam is also the owner of the Vietcombank building and many other on-going projects, including the residential areas 2, 3, and 4 in Thanh My Loi ward, District 2 of Ho Chi Minh City.

By Bich Ngoc

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