REE Real Estate Limited Liability Company (REE Land) has successfully bid for a commercial housing development project in Bo Xuyen Ward, Thai Binh city – the former site of the Military Command of Thai Binh Province, at a price of 389 billion VND.
REE Real Estate Limited Liability Company (REE Land)
REE Real Estate Limited Liability Company (REE Land) has successfully bid for a commercial housing development project in Bo Xuyen Ward, Thai Binh City – the former site of the Military Command of Thái Bình Province, at a price of 389 billion VND.
Specifically, REE Land won the auction for the land use rights and is recognized as the investor for the commercial housing development project in Bo Xuyen Ward, Thai Binh City – the former site of the Military Command of Thái Bình Province.
The former Military Command site covers a planned total area of 19,375.2m2. The land use plan includes linked houses, villas; high-rise commercial housing; and other technical and social infrastructure facilities. The project, named The Light Square, is expected to be launched at the end of December 2023.
REE Land, a subsidiary of Refrigeration Electrical Engineering Corporation (REE), was established in 2006 and is headquartered in Tan Binh District, Ho Chi Minh City. The company is currently investing in real estate and expanding its investments in market segments including residential, community, office, commercial services, and industrial infrastructure in major cities nationwide.
According to MB Securities (MBS), the real estate sector’s business results in 2020 and 2021, and early 2022 were quite lackluster. During this period, REE Land had limited activities and did not introduce new products to the market.
REE also operates office rental buildings with a total area of 150,000m19,375.2m2, which will increase to 200,000m2 once E.Town6 becomes operational.
Regarding the e.Town 6 project, it is located in Tan Binh District (Ho Chi Minh City) with an area of 40,000 m2, and construction commenced in early 2021. The investment capital disbursed in 2021 is estimated by MBS to be 17 million USD, funded through a loan from HSBC. E.Town 6 is expected to be rented at 27-28 USD/m2.
REE Land is currently the development unit for the group’s real estate projects. Additionally, REE is still a mechanical and electrical contractor, an EPC contractor for energy projects, and also distributes air conditioners under the Reetech and Fujitsu brands.
According to the financial report published by the company, REE has up to 31 subsidiaries and 18 associated companies spanning its four main business areas. Notable among these associated companies are Saigon Real Estate Corporation, Phả Lại Thermal Power, Thác Bà 2 Hydropower, Central Hydropower, Sông Ba Hạ Hydropower, Thác Mơ Hydropower, Sông Đà Water Company, Gia Định Water Supply, Nhà Bè Water Supply, Saigon Water Investment and Trading JSC, BOO Thủ Đức Water JSC, Phả Lại Thermal Power, Thác Bà 2 Hydropower, Central Hydropower, Sông Ba Hạ Hydropower, Thác Mơ Hydropower, and others.
