Recently, the QMS Top Tower project, called the Mixed-use Building Project: commercial services and housing on To Huu Street, Dai Mo Ward, Nam Tu Liem District, Hanoi (old commercial name: QMS Tower 2) invested by Quang Minh School Services Joint Stock Company, was officially opened for sale for the first time.

QMS Top Tower is located on a 3,500m2 plot of land on To Huu Street, with a total investment of approximately 1,500 billion VND.

The 45-storey project includes 490 apartments, of which floors 1-5 are commercial and service areas; floor 6 is a community living area; floors 7-37 are residential apartments; floors 38-44 are hotel apartment floors; floor 45 is used for services.

The QMS Top Tower project was built in 2018 and was expected to be completed in 2020. However, after starting construction in July 2018, by April 2020, the project had only completed the shell and roof, then was left empty for many years.

In early August 2024, the investor officially opened the first phase of sales and promised to hand over the houses to customers in the first quarter of 2025 with legal rights to long-term land use.

According to Nguoi Dua Tin, this project is currently being sold at prices ranging from 60 million VND - 90 million VND/m2, equivalent to each apartment ranging from nearly 5 billion VND to more than 10 billion VND.

Education business doing real estate

Quang Minh School Services Joint Stock Company (Quang Minh QMS) was established in 2007 with its headquarters located at Startup Tower Building, Ton That Thuyet Street, Nam Tu Liem, Hanoi; the business owner is businesswoman Nguyen Thi Thuy Huong (born in 1970).

Previously, Quang Minh QMS was known as an enterprise operating in the field of education and educational services, providing human resources for the domestic and international labor market.

It was not until 2013 that this company entered the real estate market by forming a joint venture with Hanoi Surveying and Measurement Company Limited to implement the project of the Mixed-use Building of Commercial Center, Headquarters and Office for Lease (QMS Tower1) on lot D14, Ton That Thuyet Street, Cau Giay Urban Area, My Dinh 2 Ward, Nam Tu Liem District.

QMS Tower1 is built on plot D14, 1,204 square meters wide, with a total investment of 150 billion VND. This is the plot of land that Hanoi City planned for Hanoi Surveying and Measurement Company Limited to build its office and production and business facilities after equitization.

The form of land use is land lease from the State, paying annual land rent according to regulations.

However, after cooperating with Quang Minh QMS, this land plot was "magically" transformed into a place to build a complex of commercial centers and offices for rent. The project started in December 2016 and has been in operation for many years now.

The second project associated with the name of Quang Minh QMS is the QMS Knowledge Park located on a 2.3ha plot of land in Residential Group No. 6, Phuong Canh Ward, Nam Tu Liem District, Hanoi with a total investment of about 300 billion VND.

And finally, the QMS Top Tower project at To Huu was shared by the investor as "the result of more than 4 years of serious work, hard work, construction and refinement of QMS Top Tower with a unique design style, creating a product with the company's own mark".

Hundreds of QMS apartments mortgaged

Although the list of projects is not too large, the notable point is that most of Quang Minh QMS's real estate products are mortgaged at 2 familiar credit institutions.

According to the secured transaction registration portal, in November 2020 and December 2023, the investor Quang Minh QMS mortgaged the profits earned from the business of exploiting the value of land use rights and assets attached to land arising from the "QMS Knowledge Park" Project at the Electricity Finance Joint Stock Company (EVNFinance).

In addition, the company has also mortgaged the profits from the business of exploiting the value of land use rights, assets attached to land and infrastructure on land arising from the QMS Tower1 project at EVNFinance in December 2022.

For the QMS Top Tower project that is being heavily marketed, this investor has also mortgaged all 464 residential apartments from floors 7 to 37; 7 service and commercial floors; 112 apartment hotels from floors 38 to 44 and 5 basements at Agribank Tay Do branch since 2020.

In 2022 and 2024, the company will withdraw some of these collateral assets from the bank (all of which are residential apartments) such as 11 apartments on floors 10, 11, 12, 14, 15, 17, 19, 21, 29, 37; 3 apartments on floors 8, 10, 11; 1 apartment on floor 17; 37 apartments on floors 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37; 141 apartments on floors 7; 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23 and 75 apartments on floors 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37.

Thus, the company has just withdrawn 268 apartments from the bank out of a total of 464 residential apartments currently being mortgaged at the bank.

In addition, the service and commercial floors; apartment hotels and basements are still located at the bank.

The two credit institutions that are holding the majority of Quang Minh QMS's real estate are also the organizations that stand up to lend customers who buy real estate products at QMS Top Tower up to 80% of the apartment's value using the purchased property.