Savico Corporation, a subsidiary of Tasco, has completed the transfer of its stake in the Can Gio Luxury Residential Area project to Gelex Infrastructure Corporation for 619 billion VND. The project spans approximately 29.83 hectares in Can Gio, Ho Chi Minh City, and was sold through a public auction. This divestment is part of Savico’s plan to restructure its real estate portfolio, focusing on its core business in 2025. The Can Gio project was initiated under a partnership agreement between Savico and Fideco, each holding a 50% stake. Reports indicate limited progress due to pending legal matters, with Fideco recording 159 billion VND in unfinished business costs by the end of Q1 2025. The project aims to provide various housing types including linked houses, villas, and low-income resettlement homes.
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