First of all, please allow me, on behalf of Dai Quang Minh Corporation,to send the warmest greetings and best wishes and sincere thanks to the leaders and guests who spend time attending today’s 5th Anniversary Ceremony of Dai Quang Minh Corporation.
Ladies and gentlemen!
Dai Quang Minh was established on March 22, 2011 to make investment in Thu Thiem New Urban Area with the enthusiasm and desire to contribute to making Thu Thiem a new urban center in Ho Chi Minh City.
At that time, the economic crisis was occurring, the real estate market completely frozen, interest rates rose up to over 20% per year ... Although Thu Thiem had seen land compensation and clearance over 95%, the area was in the middle of nowhere and housed no construction works. There was no infrastructure but Thu Thiem Bridge, which connects Binh Thanh District to Saigon River tunnel along with the finishing East-West Highway passing through Thu Thiem. Major transport infrastructure projects in Thu Thiem such as 4 main roads, Thu Thiem 2 Bridge have been handed over to investors in the form of Build-Transfer (BT) contracts, still unimplementable, while other investors have come and examined Thu Thiem's investment, even deposited a large amount of money but then asked to cease their participation in the project.
Facing such difficulties and challenges, but with the belief that Thu Thiem is a land of potential, and the real estate market will be restored in the direction of necessary change towards real values, we also came to realize that in order to succeed, it is necessary to make investment in simultaneous and synchronous construction: main traffic works inside Thu Thiem, traffic works connecting with the existing city center, as well as community facilities in Thu Thiem; and to build a large-scaled urban area modernly planned and designed with a full range of housing products, and a diversity of educational, medical, and commercial services.
Following this investment strategy, Dai Quang Minh negotiated with VIDIFI to join the project to build Thu Thiem's four main roads. Since June 2013, after the City People's Committee allowed Dai Quang Minh to replace VIDIFI, Dai Quang Minh has expedited to sign the BT contract on November 12, 2013 and commenced the project on February 15, 2014.
Later, on the approval of the City People's Committee, Dai Quang Minh negotiated and paid for VINACONEX to take up Thu Thiem 2 Bridge Project in the BT form in May 2014. Dai Quang Minh tried to implement the break-ground in February 2015.
Also in 2014 and 2015, Dai Quang Minh was approved by the Prime Minister and the City People's Committee as the investor of the Central Square, Riverside Park, and the Southern Delta projects. These projects are crossed by the four main roads and connects Thu Thiem technical infrastructure, which is why they should be designed and built synchronously with the 4 main roads and Thu Thiem 2 Bridge to make the best use of the efficiency and functionality of the main transport system and community facilities in Thu Thiem Area, concurrently saving investment costs, construction time, and eliminate environmental impacts.
In parallel with the investment in major transport projects and community facility projects in the form of BT contracts in Thu Thiem New Urban Area, Dai Quang Minh has made a payment of VND3,325 billion to the city budget and the City People's Committee approved to allocate to the Company the land in southern Mai Chi Tho Boulevard and 9 land plots in functional area number 6 inside Thu Thiem area with an area of about 106 hectares to implement the other project to pay for the above-mentioned BT contracts, namely Sala City.
In addition, along with the operation and maintenance of the Southern Delta as a Wetland Ecological Forest and Public Park for the local residents, Dai Quang Minh Corporation has delivered more ecotourism products which portray the river area within the delta as well as social facilities and shopping malls of Sala City, along with the tourist routes along Saigon River to the Mekong Delta and coastal provinces such as Vung Tau, Binh Thuan, etc.
Ladies and gentlemen!
Up to date, after 3 years since the start of the first work in Thu Thiem, Dai Quang Minh has achieved initial results and continues to accelerate the construction progress, with details as followed:
1. 04 main roads: Dai Quang Minh Corporation has applied the most advanced and suitable technologies such as the treatment of weak soil by using cement reinforced concrete piles and vacuum prefabricated vertical drains, and underground technical infrastructure. Up to now, the total volume of construction on the site is estimated at 65% and disbursed about VND2,439 billion. The areas without land clearance will be completed and handed over no later than December 30, 2016, exceeding the committed schedule. In particular, on the occasion of National Day September 2, R2 - Central Lake Drive will be put into trial section from the North South road to the C4 intersection and R4 - Crescent - Delta Boulevard from C4 intersection via viaduct No. 1 to C5 intersection, connecting to the North South road.
2. Thu Thiem 2 Bridge: we have signed a design consultancy contract with Finland's WSP to make a technical design drawing, construction is expected to be implemented in District 2 first, on the Vietnamese National Day, and set for completion in 2018.
3. Central Square and Riverside Park: We have signed the 1/500 detailed planning contract and set up an investment project with France's DESO - the winner of the design ideas contest. It is expected that by November 2016, the investment project will be approved and completed by 2018.
4. Southern Delta (Ecological Park): has been approved in terms of the 1/500 planning task. At the moment, we are currently negotiating with the design consultant to set up the 1/500 Detail planning and investment project. The project is expected to complete and put into operation in 2018.
5. Sala City: We are carrying out a series of works including technical-transport infrastructure, above-grade works such as Shop House, villas, Condominium, Club house, and landscaped parks. The urban area is expected to be completed by the end of 2018.
Since the first product launch in May 2015, Dai Quang Minh has sold 870 condominiums, 126 shop houses, and 30 villas with the total sales of VND10,872 billion.
To this point, we has handed over 40 shop houses (Sh1-Sh4); 353 condominiums, 45 shop apartments, and 14,000 m2 of commercial podium of Sarimi Condominium, and Sala Park, marking the important event that Dai Quang Minh Corporation has welcomed the first residents to Sala City after 3 years of construction and also the first inhabitants of Thu Thiem New Urban Area after nearly 20 years since it was planned to develop into a financial, commercial, service, and modern urban center in Ho Chi Minh City.
Ladies and Gentlemen,
As a Vietnamese newly-established private company, Dai Quang Minh has ventured its investment in a large-scaled urban area and BT construction projects of traffic infrastructure, major, highly aesthetic, and high-quality public works on weak soil, especially amidst the economic turburlences and high interest rates. Three years ago, doubts were raised about our determination and investment plans. But until now, certain results have been achieved, allowing us to share the learned lessons as followed:
1. Our determination and investment plans have received the understanding, sharing, and encouragement from the city's top leaders, support of the city authorities, especially, the timely approval of the Government and ministries. Therefore, specific mechanisms have been carried out to shorten the time for legal work and save a lot on budget.
2. The mechanism of payment and implementation of other projects at the same time as the BT contracts helps maintain the construction price from 2013 which will not include interest rates as well as depreciation costs, even though the BT projects are being implemented in the long-term from 2013 to 2018, thus saving on construction costs and the state budget. For the 4 main roads alone, an amount of VND3,917 billion was saved on the total investment of VND12,182 billion. Thu Thiem 2 Bridge saves VND1,178 billion out of a total investment of VND4,260 billion. And totally, all BT projects are estimated to save VND7,000 billion on the total investment of about VND24,500 billion.
3. The payment of VND3,325 billion has relieved difficulties in city budget in 2012-2013 and the construction of the four main roads is basically completed, contributing to encourage other investors to Thu Thiem;
4. We can only receive land plots of other projects to implement construction and sell products after they have been balanced against the payment we made for the land use fees, and the construction costs of BT projects which have been carried out, accepted, and identified volume. This process is strict and transparent;
5. BT projects such as 4 main roads, Thu Thiem 2 Bridge, Central Square, Riverside Park, ecological forest area, embankments are closely related in terms of architecture, functions as well as having intersections and connection of technical infrastructure have been assigned to one investor, so the planning, design, and construction are synchronous, sticking to the general plan, avoiding errors, saving costs, and achieving high efficiency.
6. BT projects' design and construction are reported as appropriate with proper procedures and regulations, high quality with the highest sense of responsibility.
7. Sala City is entering the phase of construction and putting into use of each item and zone; has played a pioneering role and contributed to change the appearance of Thu Thiem urban area, initially assessed as the best project in Ho Chi Minh City in particular and Vietnam in general in terms of scale, location, planning, and density. The traffic system has been built in strict accordance with high standards and quality, especially apartments, townhouses and villas with harmonious architecture, optimal utilities, difference, and the most premium standards.
8. The fact that the company organizes the sales activity on its own, not via external brokerage channels, the consistency with the business philosophy of "Delivering values to customers via our products and services, and be honest to customers about the values that we bring to them", along with the understanding that "housing products are a living environment that is shaped in the future, and a great asset to a family, a human's life" have made a difference and a new trend in the real estate business (no emails, no junk messages, and refund if the clients suffer financial difficulties, or hardship).
9. The concept "Parallel Management" of the company with the design consultants, supervisors, suppliers, construction contractors in the spirit of mutual respect, equality, sharing, and support has the most effective results being limiting and overcoming the errors, improving the quality of construction works from design, construction, and operation.
10. Ensuring our financial ability, on-time and proper payment have earned the confidence from partners, ensured the progress of construction, and saved costs.
Ladies and Gentlemen
From the very beginning, embracing the business philosophy based on "The spirit of contribution and dedication", together with the message "Devoted to true values", we have come up with serious studies, proposed appropriate and different investment strategies, and developed a comprehensive and detailed plan for the implementation of the BT projects and the construction of Sala City. On such foundation, we have gradually formed a management system with a staff of over 600 people who are considered to be ethical, enthusiastic about working, professional, and good at management.
With the initial achievements as well as the experience gained in the past, we pledge ourselves to continue to make efforts to build high-quality, economical, and on-scheduled BT projects. At the same time, Sala City is gradually developed into an eco-urban area which offers tourism, commerce, educational, health care, and high-end rental housing services targeted at foreign residents to contribute to the economic growth and substantial budget to the city. From such premises, Dai Quang Minh Company will be developed into a leading enterprise in investment and construction of traffic infrastructure and real estate, playing its part in the development and urbanization of Ho Chi Minh City and throughout Vietnam. (Although in the coming time, it is forecasted that the economy may slow down and the real estate market will be more difficult due to the oversupply and the absorption capacity of the market, all BT projects enter the construction and finishing phase, we still make the commitment to complete the plan as scheduled.)
Ladies and Gentlemen!
All that Dai Quang Minh Corporation has achieved till now are partial thanks to the great sharing, understanding, positive and appropriate solutions that ensure the balance between the interests of the State and Investors from the leaders of City Party Committee, People's Committee of Ho Chi Minh City, the Government, and Ministries, together with the great responsibility of the departments, districts, and wards, and especially the City Transport Department's and Thu Thiem Area Authorities' during the past time.
At today’s 5th anniversary ceremony, we would like to express our deep gratitude to the leaders of all levels from the central level to the leaders of the city, the departments, HCMC Department of Transport, Thu Thiem Management Board, leaders of District 2, District 1, and wards where the projects situate. We would like to express our sincere thanks to our consultants, contractors, suppliers, financial partners, media agencies who have been with us. At the same time, we give thanks to all customers who have trusted Dai Quang Minh Company and chosen Sala as their residence. And I would also send my thankfulness to over 600 staff members who have made up Dai Quang Minh as today.
Lastly, I wish you all good health, happiness, and success.