Chairman of the Board, Nguyen Van Dat (center) and CEO Bui Quang Anh Vu (right) at an investor meeting. Photo: Screen capture
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According to Chairman of the Board, Nguyen Van Dat, in the first half of the year, amidst an extremely challenging legal market, PDR‘s revenue did not meet the set plan. However, profits are on track.
The top priority for PDR at present is to exist and develop. Therefore, the company’s approach in the first six months has been to sell assets to generate operating cash flow. On the other hand, the second half of the year will bring more positive news, specifically the completion of land use payments and construction for the Bac Ha Thanh project in September. For the Thuan An 1&2 project in Binh Duong, land use calculations will be made in October, and it is expected that by November, the conditions for sales will be met.
With the goal of ensuring survival, PDR may or may not sell assets in the third quarter, but they hope for a different scenario in the fourth quarter.
Updates on PDR‘s key projects:
Currently, the Bac Ha Thanh project has been allocated 90% of the land, according to PDR‘s leadership. Under new regulations, local authorities will check for any land-related violations by the company in other provinces before allocating land. This indicates that PDR has not violated any land laws and thus, has been granted the land.
Regarding the Thuan An 1&2 project, Board member and CEO Bui Quang Anh Vu stated that the project has received approval for land use conversion and has been issued a construction permit. The company is currently calculating land use fees and expects to complete this process by October. After that, the project will be inspected and ready for business and sales by November of this year.
As for the Cadia Quy Nhon project, with an area of over 5,000 square meters, it is divided into two blocks: one for condotels (approximately 800 apartments) and the other for hotels. The total number of units is estimated at 3,200. The project has met all legal requirements related to land, construction, and investment and is expected to be operational by early next year.
Mr. Vu added that the Serenity Phuoc Hai project is one that PDR acquired through an auction, so all the indicators are already available, and they are currently working on the necessary procedures to bring the product to market.
The total sales value of these three projects over the next three years is expected to reach VND 35,000 billion. The Bac Ha Thanh and Thuan An 1&2 projects alone are projected to generate a total revenue of VND 20,000 billion. In addition, in the next three years, PDR will develop the Serenity Phuoc Hai project (Ba Ria – Vung Tau) as well.
Has PDR received a green light in Ba Ria – Vung Tau?
The Chairman of PDR shared that recently, the company participated in a bid to select an investor for an industrial park in Quang Ngai, spanning 400 hectares, and being the sole bidder, PDR is legally entitled to the project. Additionally, Ba Ria – Vung Tau province is allowing PDR to explore over 1,300 hectares for investment proposals, and the company also plans to invest in a 2,000-hectare industrial park in Dong Thap. In the future, PDR will have multiple industrial parks in these provinces, along with Binh Duong and Dong Nai.
Mr. Dat mentioned that two days ago, the leaders of Ba Ria – Vung Tau province invited PDR to a meeting to discuss the company’s proposals. During this meeting, the Provincial Party Committee Secretary took note of the company’s proposals and provided a direction for handling them.
The Chairman of PDR considers this positive news as the company currently holds 7.3 hectares of land in the Serenity Phuoc Hai project, 12.7 hectares in Tropicana (Ben Thanh Long Hai tourist area), and 12 hectares in Poulo Condor (Con Dao). With a significant product offering and competitive pricing, with units priced below VND 2 billion each, they are confident in quick sales once the market rebounds next year.
Regarding the search for additional projects, the Chairman shared that the company is focusing on auctions to acquire projects with complete legal documentation, allowing for immediate development.
Addressing the company’s current land bank, Mr. Vu stated that the land PDR is pursuing involves multiple steps and is estimated at 4,000 hectares. Additionally, the company’s current inventory levels are high due to the inclusion of the Everich 2 and 3 projects. PDR has completed the transfer of these projects to their partners and has received full payment. The partners are responsible for certain procedures to facilitate the transfer, after which PDR‘s inventory levels will significantly decrease.
PDR shares surged to the ceiling price in the session on August 16, closing at VND 18,800 per share, with a trading volume of over 18 million shares, the highest since April 16, 2024.
| Price movement of PDR shares since the beginning of 2024 |
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