According to disclosures on the Hanoi Stock Exchange (HNX), Summer Beach Investment JSC (SUJC), Seaside Homes Real Estate Investment and Development Co., Ltd. (SREC), and Dai Hung Real Estate Investment and Development Co., Ltd. (DALC) have all repurchased their bonds ahead of schedule. Each company bought back nearly VND 1,500 billion worth of bonds, totaling VND 4,500 billion in the two days of May 7 and May 8, 2025, with maturities ranging from 1.5 to almost 2 years ahead.
Specifically, Summer Beach bought back bonds with the code SUJCH2125001 on May 7, 2025. The bonds were issued on December 30, 2021, with a 6-year term and a scheduled maturity date of December 30, 2027. On the same day, Dai Hung Real Estate bought back the DALCH2226001 bonds, which were issued on June 29, 2022, with a 6-year term and a maturity date in 2028.
Seaside Homes, on the other hand, repurchased the SRECH2226001 bonds on May 8, 2025. These bonds were issued on January 13, 2022, with a 6-year term and an initial maturity date of January 13, 2028.
All three bond issues carried an interest rate of 12.5% per annum. The common collateral for these bonds is the asset rights arising from each company’s business cooperation agreement with Delta – Valley Binh Thuan Co., Ltd. regarding the construction, development, and investment of the Ocean Valley Complex Tourism Area project in Tien Thanh, Phan Thiet City, Binh Thuan province. The project, branded as NovaWorld Phan Thiet, covers an area of over 986.3 hectares and is valued at an estimated VND 2,015 billion.
A glimpse of NovaWorld Phan Thiet project
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In late 2023, the Board of Directors of Novaland Investment Group JSC (HOSE: NVL) passed a resolution to unconditionally guarantee the fulfillment of financial obligations on behalf of Delta – Valley Binh Thuan towards Military Commercial Joint Stock Bank (MBB). This guarantee pertained to credit documents signed between MBB and Delta – Valley Binh Thuan, including a maximum loan of VND 10,000 billion at any time and a maximum due balance of VND 6,000 billion. The purpose of this loan was to finance land use payments and investment, construction, and development needs for the NovaWorld Phan Thiet project.
NVL committed to ensuring the company’s continuous operations by utilizing all available resources, including but not limited to liquidating assets to supplement operating capital. NVL also pledged to maintain its ownership stake in Delta – Valley Binh Thuan at no less than 75% throughout the duration of MBB’s loan to Delta – Valley Binh Thuan. Additionally, NVL agreed to provide financial support to Delta – Valley Binh Thuan for project implementation if the project faced capital shortages.
Delta – Valley Binh Thuan has a charter capital of VND 1,850 billion, of which NVL holds 99.85% of the capital and 100% of the voting rights. The NovaWorld Phan Thiet project was announced in 2019, and the developer started recognizing revenue in 2021, reaching nearly VND 9,000 billion in total revenue by 2024.
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Revenue of Delta – Valley Binh Thuan (in billions of VND)
Compiled by the author
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