BV Land Aims for Impressive Growth in 2024 Amidst Ongoing Project Developments
BVL sets ambitious targets for 2024, aiming for approximately 1,350 billion VND in revenue and over 118 billion VND in after-tax profit, representing a 30% increase and more than double the actual figures achieved in 2023. BVL plans to distribute a 7% stock dividend for 2023, with expectations of increasing it to 10% for the 2024 profit.
Regarding ongoing projects, BVL announced that in October 2023, BV Invest, a subsidiary of BV Land, successfully bid and was granted a land use certificate by the People’s Committee of Thai Nguyen Province to develop a mixed-use high-rise residential and commercial building in Hoang Van Thu Ward, Thai Nguyen City (marketed as BV Diamond Hill – Thai Nguyen). With an estimated investment of over 1,500 billion VND, the project is set to become the tallest building in Thai Nguyen City. Currently, the project is undergoing the necessary legal procedures to obtain a construction permit.
The BV Diamond Hill Thai Nguyen project is strategically located on Bac Son Street, Hoang Van Thu Ward, Thai Nguyen. Source: Thai Nguyen Provincial People’s Committee
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BVL anticipates approval of the project’s feasibility study report in Q2/2024 and obtaining an exploitation license to prepare the site and complete the construction permit procedures in Q3.
Meanwhile, at the BV Bavella Green Park new urban area project (Bac Giang), land clearance is nearly complete. In September 2023, the Bac Giang Provincial People’s Committee issued a decision to approve the partial adjustment of the project’s 1/500 planning. On February 23, 2024, the Provincial People’s Committee issued a decision to allocate the first phase of land, followed by the Department of Construction granting a construction permit for the allocated land.
In 2024, BVL aims to complete land allocation and construction permit procedures, execute infrastructure construction as per schedule, and finalize project settlement.
Finally, the BV Bavella Thanh Ba new urban area project in Thanh Ba District, Phu Tho, received approval from the Prime Minister on April 26, 2023, to convert the project’s agricultural land use to residential land. On August 31, 2023, the District People’s Committee issued a decision to approve the adjustment, and the project’s investment plan is currently being revised.
The project is currently in the land clearance and adjustment of the investment plan stages, completing legal procedures to obtain land allocation and construction permits. If the timeline is met, construction will commence in Q4/2024.
For projects already launched, the BV Diamond Hill – Bac Giang project recorded sales of 126 units in 2023, achieving 92% of the planned target. As of December 31, 2024, the project has successfully sold a total of 310 out of 406 units, representing 77%.
At the BV Bavella Lac Ngan project, total sales reached 200 out of 209 units by the end of 2023, equivalent to 95%.
In 2024, BVL‘s management team aims to secure investment in or acquire at least two new development projects to prepare for future growth.
Another significant development approved at the 2024 Annual General Meeting of Shareholders is the delisting of BVL shares from the UPCoM market and their listing on the HOSE market. The AGM authorized the Board of Directors to prepare the necessary documentation and select the appropriate time for the share listing.
