Ngo May Company, established in 2019, is a real estate business headquartered at No. 1 Ngo May Street, Nguyen Van Cu Ward, Quy Nhon City, Binh Dinh Province. With a current charter capital of over VND 1,120 billion, PDR owns 94% of the company, while AKYN Hotel Investment and Management JSC and Investment 559 JSC each hold 3%.
The Chairman of the Board of Directors and legal representative of Ngo May Company is Ms. Tran Thi Huong. Ms. Huong is also the legal representative of Binh Duong High-rise Complex Investment and Development Real Estate JSC, the investor of the Thuan An 1&2 complex housing project (Binh Duong).
Notably, Ms. Nguyen Thi Minh Thu – daughter of PDR Chairman Nguyen Van Dat, and legal representative of AKYN, is a member of the Board of Directors of Ngo May Company.
Interestingly, Ngo May Company shares the same address with BIDICI Real Estate Investment JSC, an affiliated company from which PDR divested in 2024.
No. 1 Ngo May Street is the address of the Q1 Tower project, with Ngo May Company as the investor. The project has a land area of 5,245m2 and a commercial area of 39,728m2, comprising two 40-story towers with 864 serviced apartments, 362 hotel rooms, shophouses, and internal infrastructure.
 Q1 Tower Project Perspective
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In terms of legal compliance, the project has obtained a construction permit for the condotel portion and is currently undergoing structural construction. PDR plans to continue construction in 2025 and aims to meet the conditions for sales launch.
In 2019, PDR spent nearly VND 127 billion to win the bid for the land plot where the project is located. As of the end of March 2025, the company had invested nearly VND 309 billion in Q1 Tower.
The divestment from Ngo May Company comes as the PDR leadership proposes an ambitious business plan for 2025, targeting VND 3,200 billion in total revenue and VND 907 billion in pre-tax profit, representing a 2.5-fold and 3.5-fold increase compared to the previous year, respectively. If achieved, 2025 will be the most profitable year for PDR in the last three years (2023-2025).
As mentioned earlier, in 2024, PDR divested its entire 49% stake in BIDICI, generating over VND 1,508 billion, exceeding the minimum expected amount of VND 1,452 billion by VND 56 billion. In contrast, PDR‘s net revenue in 2024 reached only VND 822 billion.
In the documents submitted to the 2025 Annual General Meeting of Shareholders, PDR reiterated its intention to accelerate construction progress at the Q1 Tower project to facilitate an early sales launch. The company anticipates that the project will be ready for operation and hotel leasing by the end of 2025, generating stable cash flow from the hotel business.
PDR’s Q3 profit declines by 50%, revealing the transferee of the remaining 24% stake in BIDICI
Phat Dat sets ambitious target for 2025 with a threefold increase in pre-tax profit
– 11:36 23/06/2025
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Our esteemed client, Mr. Nguyen Van Dat, Chairman of the Board, is seeking partners for negotiations regarding transfer pricing. We are open to discussions, with a floor price set at cost.
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