Taseco Land seeks purchaser for lodge in $234 mln Hanoi assets undertaking

Taseco Land, one of Vietnam’s major property developers, is looking to sell a 55-floor hotel, offering potential buyers the opportunity to own part of a VND5.93 trillion ($234.4 million) property project in Hanoi.

The hotel is part of the Landmark 55 project, a hotel, office, retail, and service complex situated in the Starlake urban area – a prime location in central Hanoi.

This decision follows Taseco Land’s completion of the Landmark 55 office building sale to Singapore-based Mapletree in December 2024.

Taseco Land’s subsidiary, Taseco Invest, took over the Landmark 55 project through its affiliate, West Lake View, from South Korea’s THT Development Company Ltd., the developer of Starlake.

Following the full divestment of West Lake View to Mapletree, Taseco Land (UpCoM: TAL) earned VND560 billion ($22.3 million) in profit from the office building transfer.

This transaction significantly boosted TAL’s 2024 earnings. The company reported a net profit of VND678.4 billion ($26.8 million) last year, marking a 43.5% year-on-year increase and exceeding its target by 43%.

Taseco Land recorded VND1.68 trillion ($66.5 million) in net revenue in 2024, down 47.9% from the previous year, while financial revenue surged to VND825 billion ($32.6 million) from VND85 billion in 2023.

According to Vietcombank Securities, the sale of Taseco Land-owned property projects could generate VND1.2 trillion ($47.4 million) in profit between 2024 and 2026.