The living space at Aqua City. Photo: Novaland
Novaland, MB, and contractors, including CTCP Investment Tesla and CTCP Green Mark Construction (GMC), recently signed a cooperation agreement to commence the completion of technical infrastructure for phase 2 of the Aqua City project (Bien Hoa, Dong Nai).
Accordingly, MB committed to disbursing a package of VND 1,100 billion to Aqua City Urban Development and Investment Co., Ltd., the investor of the Aqua City project, and the project’s direct contractors according to the progress.
Earlier, at the conference to update business results and growth prospects for 2024 of MB, Mr. Luu Trung Thai – Chairman of the Board of MB, continued to answer shareholders’ questions about loans at Novaland.
Mr. Thai said that this year, Novaland also reduced VND 1,500 billion on the total outstanding debt at MB. According to the Chairman of the Board of MB, Novaland’s loans are not in a dangerous state as many investors are worried about.
For this enterprise, MB has disbursed three projects, which are progressing well. Among them, the project in Vung Tau is fully completed and is in the sales process. The project in Phan Thiet has no legal entanglements and is currently in the process of land valuation under the new Land Law.
As for the Aqua City Dong Nai project, the bank is regularly monitoring and updating information to complete the legal procedures. According to information received by MB from Nova and related parties, the process of resolving legal issues is being implemented with the accompaniment of the Government to “break the freeze” for the real estate industry.
Aqua City, with a scale of 1,000 ha, is located in Long Hung Ward, Bien Hoa City, Dong Nai Province. The project consists of 9 subdivisions, 6 of which are awaiting new planning from Bien Hoa City before continuing with other legal procedures.
Among them, the Aqua Riverside 81-ha, Aqua Waterfront 91-ha, and Aqua City 112-ha subdivisions have met 65% of the legal requirements and have been granted a sales license. Construction on these subdivisions has also resumed.
“Leading Developer Novaland Reports a Loss of Over VND 100 Billion in the First Half of 2024 for its Aqua City Project, Burdened by a VND 11.3 Trillion Debt”
With an estimated total property value of over VND 12.3 trillion, Aqua City is a formidable development.
Aqua City Secures MB Loan of VND 1,100 Billion for Phase 2, NVL Whopper Deal
On September 10th, Novaland Group (Novaland), Military Commercial Joint Stock Bank (MB), Tesla Investment JSC (Tesla), and Green Mark Construction JSC (GMC) signed an agreement to commence the second phase of infrastructure development and continue construction on low-rise residential buildings in the Aqua City urban project.
“MB and Vietnam Healthcare Union Sign a Memorandum of Understanding”
On September 10, in Hanoi, Military Commercial Joint Stock Bank (MB) and the Vietnam Health Trade Union signed a comprehensive cooperation agreement to launch a “Benefits Program.” This program aims to offer financial products and services to union members in the healthcare industry nationwide, thereby enhancing the benefits and welfare of healthcare workers.
