TTC Land (SCR) Raises Stake in Dao Kim Quy Developer to 87.63%

Overview

TTC Land (HOSE: SCR) has won an auction for 27.54 million shares, equal to 51% of the charter capital of Tin Nghia - A Chau (TNAC), lifting its ownership from 36.63% to 87.63%. The transaction turns TNAC, the developer of the 48-hectare Dao Kim Quy project in Bien Hoa, Dong Nai, from an associate into a subsidiary of the Vietnamese real estate group.

Key Facts

• TTC Land won an auction for 27.54 million TNAC shares, representing 51% of TNAC’s charter capital.
• Ownership in TNAC rises from 36.63% to 87.63% after the transaction completes.
• TNAC will move from an associate to a subsidiary under TTC Land’s control.
• TNAC is the developer of the Dao Kim Quy project, spanning roughly 48 hectares in Bien Hoa, Dong Nai.
• The project comprises 571 townhouse and villa units across three subdivisions.
• Dong Nai province has handed over nearly 13,000 sqm of land for the QH-D35 and QH-D6 planned roads.
• In May 2025, TTC Land launched the Dao Kim Quy brand and signed an MOU with TTC Education for a Yersin Primary School at the site.

What Happened

TTC Land (SCR) announced it had won the auction for 27.54 million shares, or 51% of the charter capital of Tin Nghia - A Chau (TNAC). Before the transaction, TTC Land held 36.63% of TNAC. Following completion, the ownership structure will rise to 87.63%, and TNAC is expected to convert from an associate into a subsidiary under TTC Land’s control.

TNAC is the investor behind the Dao Kim Quy project in Bien Hoa, Dong Nai, a roughly 48-hectare development with 571 townhouses and villas across three subdivisions. The project is planned as an ecological urban area combining housing with commercial, education, sports and riverside park facilities. According to TTC Land representatives, the increased ownership will strengthen management control and allow the company to focus resources on the next steps of a project already in its development pipeline. In May 2025, TTC Land launched the Dao Kim Quy brand and signed an MOU with TTC Education to develop a Yersin Primary School at the project. Dong Nai province has also handed over nearly 13,000 sqm of land for the QH-D35 and QH-D6 planned roads, and the project is currently implementing infrastructure and social works.

Market Context

SCR trades on the Ho Chi Minh Stock Exchange (HOSE) and closed at 4,200 on 15 October 2026. The real estate sector remains sensitive to credit conditions and legal progress on project approvals, with investors focused on developers that can convert land banks into launch-ready products. The Dao Kim Quy project is positioned to benefit from major transport works nearing completion, including the Ho Chi Minh City Ring Road 3 and the extended Ben Thanh - Suoi Tien metro line, as well as broader infrastructure planning for the Southeast region.

Strategic Significance

Consolidating TNAC into a subsidiary gives TTC Land direct control over the Dao Kim Quy project’s execution, cash flows and phasing rather than sharing decisions with a partner. For long-term investors, the key question is whether the 48-hectare site can be monetised into presales and revenue within a market where buyers remain selective and financing is tight. The location near Ring Road 3 and the metro extension supports a residential and township thesis, but the value case depends on infrastructure delivery timelines and the company’s ability to fund construction without straining its balance sheet.

What to Watch

• Completion of the TNAC share transfer and formal recognition of subsidiary status in TTC Land’s consolidated financial statements.
• Launch schedule and presales disclosure for the 571 townhouse and villa units at Dao Kim Quy.
• Progress on the Ho Chi Minh City Ring Road 3 and the Ben Thanh - Suoi Tien metro extension, which underpin the project’s connectivity thesis.
• TTC Land’s next quarterly earnings release for updates on project spending, inventory and debt levels.
• Any further Dong Nai land handovers or approvals related to the QH-D35 and QH-D6 roads.