What’s the Buzz About Novaland and the Aqua City Project Files Request by the Police?

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Following the request from Ho Chi Minh City’s Public Security for the provision of documents related to the Aqua City urban project in Dong Nai province, Novaland (HOSE: NVL) stated that the mentioned customers chose not to resolve their disputes through civil litigation or arbitration. Instead, they filed complaints with various authorities, including the Ho Chi Minh City Police Investigation Agency.

As a result, the agency has been verifying the information following legal procedures to provide an official response to the customers.

Additionally, NVL has received requests for information verification and project document provision. The real estate giant is cooperating with authorities to clarify these matters.

NVL’s cluster projects, such as Aqua City in Dong Nai province, Novaworld Phan Thiet in Binh Thuan province, Novaworld Ho Tram in Ba Ria-Vung Tau province, and projects in Ho Chi Minh City, are currently under construction and are prioritized for legal resolution by ministries, sectors, and local governments.

In late 2023, 752 low-rise houses in part I + V of the Aqua City project met the conditions for future real estate trading. These included 441 terraced houses, 82 twin villas, 58 garden villas, and 171 detached houses.

Aqua City, developed by Aqua City Company Limited (a Novaland subsidiary), spans 305 hectares and offers diverse property types such as land plots, villas, and townhouses. The project’s progress has spanned multiple phases, starting in 2017 and expected to continue until 2030.

In 2023, Aqua City Company Limited recorded an after-tax loss of VND 359 billion, compared to a loss of over VND 135 billion in 2022 and a profit of VND 732 billion in 2021. As of the end of 2023, its owner’s equity stood at nearly VND 1,131 billion, with payables exceeding VND 11,400 billion, including VND 2,500 billion in bond debt.

Aqua City project in Long Hung commune, Bien Hoa city, Dong Nai province

Tu Kinh

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