KIDO Group’s Foray into Real Estate: Ambitious Plans for Large-Scale Commercial Projects
At the recent 2025 Annual General Meeting of Shareholders, KIDO Group (stock code KDC) announced its ambitious expansion into the real estate sector with large-scale commercial projects worth tens of thousands of billions of VND.
Mr. Tran Le Nguyen, CEO of KIDO, revealed that the group has accumulated a significant land bank over the years. Starting this year, the group will leverage prime locations from KIDO and its subsidiaries such as Tuong An and Vocarimex to develop these projects.
Venturing into Commercial Real Estate with a Mega Project
Despite being new to the industry, KIDO is determined to make a bold entry into the market with a large-scale project dubbed a “mega project,” estimated to be worth tens of thousands of billions of VND. The group also seeks shareholder approval to authorize the Board of Directors to find strategic partners and establish joint ventures to develop these projects.
Unlocking the Potential of Prime Real Estate: 8-12 Le Duan
This is not the first time that KIDO has expressed its real estate ambitions. A decade ago, the group made headlines by investing in the prime location of 8-12 Le Duan, District 1, Ho Chi Minh City. Known commercially as Lavenue, this project faced legal issues from 2010 onwards, which impacted the company’s financial statements. In the fourth quarter of 2023, KIDO decided to make a provision of 753 billion VND for this project.
Image: Location of the project at 8-12 Le Duan, District 1, Ho Chi Minh City.
In addition, KIDO introduced several concepts for upcoming large-scale real estate projects:
(i) Whale Bay: A project with a whale symbol, aiming to become a unique tourist attraction, combining commerce and experiential elements.
(ii) KDC Central Tower: A complex urban development focusing on commercial, office, and serviced apartment segments.
(iii) KDC Residence: Another urban complex with a focus on commerce, shopping, and high-end residential spaces.
Prior to its official entry into large-scale real estate development, KIDO successfully ventured into retail real estate with the establishment of two efficient shopping malls: Van Hanh Mall and Hung Vuong Plaza.
Successful Foray into Retail Real Estate with Van Hanh Mall and Hung Vuong Plaza
Van Hanh Mall, one of the largest shopping centers in Ho Chi Minh City, spans 90,000 square meters, including one basement and seven commercial floors. Catering to the “affordable” segment, the mall houses over 200 stores featuring popular fashion brands (Adidas, Skechers…), bookstores (Phuong Nam Book City…), supermarkets (Co.opxtra), a diverse food court (Gogi House, Haidilao, Sumo BBQ…), and entertainment options like CGV cinema, Powerbowl 388, and Rainbow Noraebang.
According to KIDO’s report as of May 2023, Van Hanh Mall welcomed nearly one million visitors each month, doubling its footfall since 2019, even during the economic downturn and reduced consumer spending. This year, Van Hanh Mall is estimated to achieve a revenue of 450 billion VND and a pre-tax profit of 150 billion VND, corresponding to a profit margin of 33.3% just five years into operation.
Image: Van Hanh Mall in District 10, Ho Chi Minh City.
Following the success of Van Hanh Mall, KIDO introduced Hung Vuong Plaza, which opened its doors in 2023 with 45,000 square meters of commercial space. Mr. Nguyen shared that the leasing rate at the time of operation reached 90%, featuring well-known brands such as H&M, Mango, Nike, Adidas, CGV Cinema, California Fitness & Yoga, Starbucks, Haidilao Hotpot, Dim Tu Tac, and Sushi Hokkaido Sachi.
In 2024, KIDO completed the acquisition of 75.39% of Hung Vuong Plaza (located at 126 Hong Bang, District 5, Ho Chi Minh City) for a total investment of 1,130 billion VND. The group plans to consolidate Van Hanh Mall into the corporation as well.
Previously, Mr. Nguyen had revealed plans for a third shopping mall at Pandora Truong Chinh in Tan Phu District, Ho Chi Minh City.
In summary, KIDO’s foray into real estate is strengthened by its existing ecosystem of retail businesses and robust financial resources, with an annual revenue of 10,000 billion VND.
According to the group’s plans, KIDO aims to achieve a revenue of 13,000 billion VND in 2025, a 56% increase compared to 2024, and the highest in the last ten years. The expected pre-tax profit is 800 billion VND, representing a remarkable growth of 662% and the highest in eight years.
However, KIDO will face competition from industry giants such as Vingroup, Sun Group, Bitexco, Novaland, and Phu My Hung in the commercial real estate and complex segments, as well as SCB, Aeon, and Central Group in the shopping mall segment.
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