Real estate developer asks: Will you use blockchain to develop high-rises in downtown Saigon?
Real estate developer Ken Vo is the General Director of TAP Investment. Previously, he served as managing director of FUTA Corp., a real estate company. From 2008 to 2012, he was the Senior Manager in Partner Coordination for Savills, the largest real estate firm in Vietnam.
Vo is especially notable for his ability to locate prime real estate development sites. Cantavil Premier, which he references below, is in a catchment (the area from which a city, service or institution attracts a population that uses its services) directly across from Thu Thiem. The immediately serviceable area of Cantavil includes the area from Hanoi Highway to Mai Chi Tho Avenue, the main artery that directly connects to the Thu Thiem downtown area. Thu Thiem is a $50 billion USD project to create a new downtown for Saigon, a project unlike any undertaken before. $50 billion represents roughly one-quarter of the nation’s yearly GDP, the equivalent of New York City embarking on a $4.5 trillion development project. It will totally and permanently change the terrain of Ho Chi Minh City, and both Cantavil Premier and this new development are poised to benefit from this new central hub.
Relex is an international investment platform that uses blockchain technology to facilitate fast, secure, and easy investments.
The correspondence below is written by Vo for potential investors using the Relex platform. I reproduce it here with his full expressed permissions.
For those of you who attended our recent conference call, thank you for taking the time out of your day to consider my proposal. For those of you hearing this for the first time, I appreciate your attention and interest.
I have recently come across a project opportunity that caught my attention immediately upon seeing it, and would like to share details of this project with you, the Relex proxy developer community. I hope you will be as excited as I am about the possibilities presented by this project and agree to finance it using the Relex platform.
To begin, I must introduce one of my previous projects, the dual-tower style Cantavil Premier, pictured above. Cantavil Premier is a department store/shopping complex/F&B/cinema complex located in District 2 in Ho Chi Minh City (Saigon), Vietnam. The project is directly across the street from the Metro rail station currently under construction, that will soon make Cantavil a one-stop shop destination for residents and tourists from all over this Asian megacity of 12 million people. Furthermore, Cantavil Premier is set to benefit by being in close proximity to the new epicenter of the downtown area, Thu Thiem. The new downtown area is a bold move by the city to physically move the downtown area to this new area across the river. It is approximately a $50 billion USD investment, which will result in hundreds of thousands of people traversing through its newly paved streets every day- with the Cantavil Premier in close proximity and in a direct catchment area directly benefiting from Thu Thiem’s completion. (For more information about Thu Thiem, please see this article identifying its promise by Relex CEO Keith Hilden.)
It’s important to note the special qualities of this tract of land, as seen below. Cantavil Premier is located in the catchment area, positioning it on the “right side of the road,” so to speak, to serve the nearby community of Mai Chi Tho. It is simultaneously adjacent to Thu Thiem, sandwiching it in the ideal place as the downtown of Saigon relocates as a consequence of the $50 billion development project. In fact, Mai Chi Tho Avenue runs directly into Thu Thiem as one of its primary arteries. I hope Cantavil Premier serves as an example of my ability to identify and secure desirable areas of land with enormous profit potential.
I am confident that this new land plot I have identified and made moves to secure will parallel or surpass the market opportunity that Cantavil Premier has presented to previous and future investors, and I am looking forward to providing more information beyond this to your esteemed proxy developer community. Numerical specifics will only be provided with registered proxy developers through Relex.
On the east side of Ho Chi Minh City, in the District 2/District 9 ranged area, I see this very promising plot of land ideal for residential and commercial mixed-use developments. This area is already very much a hotspot, as every apartment on this side of the city starts at essentially $200k, and sells like hotcakes at this price point. The balance of the market has tipped the scale from a speculators’ market, to a buyers’ market. Banks have been very supportive towards providing loans for homebuyers to better support the overall wider market.
Regarding the new project’s land plot details, every residential development in Vietnam requires “red tape” documents to be satisfied before they get a green light to proceed. Authorities require a variety of certificates, documents and approvals of which this project already possesses. Requirements such as the 1/500 master plan has already been completed. Regarding land compensation status, the land is clean and clear — we as the developers just need to move in and acquire the land. No land compensation is needed.
The proposal is to acquire a specific company, which would result in the acquisition of a land bank consisting of multiple land plots. Multiple plots of land in this case are all under one ownership certificate, which saves us a lot of time.
Phu Kim Toan is one of my many companies I have set up looking for investment opportunities. For each project, I open up a new company in order to have a clear slate on company history, as well as clean finances. Phu Kim Toan was set up specifically for just this project alone — no other projects will be pursued (that would otherwise potentially result in less cash flow). One clean, and clear, Special Purpose Vehicle (SPV), for one clean, and clear, project.
Relex community involvement in terms of acquiring the land bank involves flexible options of either acquiring the company directly, or by enabling rights of investors to participate in profit sharing for all land plots acquired in the land bank, which unlocks profit from multiple real estate developments executed in the future.
Relex proxy developers who have already registered through Relex will receive full details, including full financials with attached financial statement. For those of you who are interested in this project, I encourage you to become an active Relex proxy developer to contribute your energy, expertise, and skills to my project from the ground up -- I would be more than happy to send you more information about my project upon your further interest.
To join the conversation about whether to accept Ken Vo’s partnership proposal or to become a proxy developer, visit the Relex community:
Telegram: https://t.me/relex_core.
Relex website: www.relex.io
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