“Chairman of Phat Dat Delights Shareholders with News of Additional Land Acquisition for the Bac Ha Thanh Project, Proving No Land Violations in 63 Provinces.”

At the investor meeting, Mr. Nguyen Van Dat, Chairman of Phat Dat, shared some good news with shareholders.

“Phat Dat has been allocated an additional 15.8 hectares of land to develop the Bac Ha Thanh Urban Area project in Phuoc Thuan commune, Tuy Phuoc district, Binh Dinh province. With this new allocation, the company now possesses a total of 90% of the project’s land area. This demonstrates that Phat Dat operates with no land-related violations across 63 provinces and municipalities, as evidenced by the company being granted this additional land allocation after the new Land Law of 2024 came into effect,” Mr. Dat stated.

The Chairman of Phat Dat further shared that according to the new Law, when allocating land, local authorities will scrutinize land-related violations across 63 provinces and municipalities. Only businesses with a clean record will be eligible for land allocation.

Providing an update on Phat Dat’s business performance for the first half of 2024, Mr. Dat commented: “Despite the extremely challenging market conditions in terms of both legal framework and market dynamics, although revenue has not yet reached the set plan, profits are on track. Currently, Phat Dat is finalizing the legal procedures for important projects before launching them.”

“In the second half of the year, Phat Dat will have more positive news to share. We will complete the land use fee calculation and construction to meet the conditions for the opening sale of the Bac Ha Thanh project in September. For the Nguyen Thi Minh Khai project in Binh Duong, we will calculate the land use fee in October, and by November, we will be ready to sell. At present, Phat Dat is in a very favorable position,” said Mr. Nguyen Van Dat.

Regarding the resources for project development, Mr. Bui Quang Anh Vu, CEO of Phat Dat, stated: “Phat Dat has meticulously prepared the financial resources required for the upcoming period. Financially, PDR has successfully issued private placement shares and shares to existing shareholders, and we have raised sufficient capital. Moreover, Phat Dat has the backing of a large bank for project development and sales, including attractive financing packages for future customers.”

On the topic of land fund resources, Mr. Vu shared that Phat Dat is in the process of finalizing several large and promising land funds. The company has two projects that are nearing completion, and the focus will be on selling these two projects to generate significant cash flow, creating a source of development for PDR in the near future.

Offering an assessment of the real estate market, Chairman Nguyen Van Dat opined: “The market has been subdued for the past few years, which has served as a period to weed out weaker businesses. If a company has survived until today, things will improve significantly within the next four months. Currently, projects in Binh Duong province are experiencing good absorption rates, resulting in high prices. Land transactions are robust, and both apartment and land prices are performing well. In contrast, there are no land plot products available in Binh Dinh, where Phat Dat is developing projects.”

Regarding the outlook for businesses, Mr. Dat believes that “companies that could not withstand the challenges of the past period have already revealed their vulnerabilities. On the other hand, companies with stronger endurance will see improvements in the near future, if not by 2025 at the latest.”

Mr. Bui Quang Anh Vu, CEO of Phat Dat, echoed this sentiment, stating: “The new policies and laws, particularly the Land Law, will filter out investors. Reputable and financially strong investors with a solid land bank, capable of handling legal procedures and constructing quality products, will prevail in the market. I believe that while the new policies may weed out some businesses, they also create opportunities for larger and more established players in the industry.”