According to the January 2024 bulletin, No Va Real Estate Investment Corporation (Novaland) recently posted updated progress information on its prominent real estate projects being implemented in Ho Chi Minh City.
Specifically, at The Grand Manhattan project, Novaland completed the construction of the elevator core concrete at floor 38 and carried out the pouring of the roof concrete at floor 39. This project is located in District 1, Ho Chi Minh City, with a construction area of 14,000m2, providing around 1,000 fully equipped, luxurious, and modern apartments.
At Vicoria Village project, Novaland is simultaneously constructing in 4 towers of the project. According to the representative of the contractor Ricons, Victoria Village is expected to complete the roof construction of tower 2 and tower 3 in January 2024. This project has a scale of nearly 4.3ha, with a total of 1,208 products, implemented since the second quarter of 2017, and handed over the lower floors from the third quarter of 2019. It is known that Victoria Village, along with NovaWorld Phan Thiet, Aqua City, NovaWorld Ho Tram, NovaHills Mui Ne, Soho Residence are the key projects of Novaland.
Next is the Sunrise Riverside project, tower G6 is almost completed on the exterior, workers are installing ground floor drainage pipes, installing cable tray and water pipes on floor 24… Meanwhile, in tower E2, many construction items are being carried out simultaneously such as plastering, installing pipes, soundproof boxes for floors 16-18.
Sunrise Riverside project is located on the main arterial road Nguyen Huu Tho, in the bustling residential area Tran Thai (adjacent to Nam Saigon Urban Area), easily connected to the center of District 1 and Phu My Hung Urban Area. The total construction area of the project is about 39,305m2, expected to provide more than 2,000 apartments to the market.
Thus, Novaland currently has a total of 7 high-rise towers in 3 ongoing projects.
As of the end of 2023, the inventory value of the Chairman of Novaland’s enterprise is slightly higher than at the beginning of the year, recording 138.6 trillion VND (accounting for 61.8% of total assets). Of this, about 9,000 billion VND of inventory is completed construction real estate. The remaining part is all pending real estate.
It is worth noting that the investment value of the above 3 mentioned projects has not been detailed by Novaland. However, it can be imagined that Novaland’s inventory structure mainly focuses on key projects such as: Aqua City Urban Area (scale of 1,000ha in Dong Nai), NovaWorld projects in Binh Thuan and Ba Ria – Vung Tau…
Currently, many projects of Novaland have encountered legal and planning difficulties. The government and local ministries and departments have intervened and resolved many obstacles in 2023.
Accumulated in 2023, Novaland recorded nearly 4,760 billion VND in revenue, and net profit reached 805 billion VND, down 57% and 63% respectively compared to the same period last year. It should be noted that this company has lost over 1,000 billion VND in the first half of the year.
