According to MBS Securities’ real estate industry report, the third quarter of 2025 witnessed the launch of numerous new property projects with positive booking results. This success was accompanied by effective sales promotion strategies, even amidst the traditionally slower Ghost Month period.
In Hanoi, excluding VHM, most new projects were introduced by unlisted real estate companies, including Sun Feliza Suites (Sun Group), The Matrix Premium (MIK Group), and Noble Crystal (Sunshine Group). In Ho Chi Minh City, notable launches included The Opus One – Vinhomes Grand Park (VHM), The Privé (DXG), Gladia complex (KDH), The Gió Riverside (AGG), and Lumier Midtown (Masterise).
Moving further from the city centers, notable projects in other provinces include the Canaria subdivision of Izumi City (Dong Nai) and Solaria Rise within the Southgate project (Long An, now Tay Ninh) by NLG. Strong booking performances were recorded by companies such as DXG and KDH.
For Q3 2025, MBS anticipates a recovery from the previous year’s low base, driven by active sales activities among listed real estate companies. However, most handovers still pertain to existing projects.
Additionally, during Q3, several significant equity transfer deals at various projects are expected to generate substantial financial gains for companies. Notable transactions include the transfer of a 15.1% stake in the completed Izumi City project (NLG) to Tokyu Corporation and the transfer of equity in the Thuan An 1 project.
MBS projects that the profits of tracked listed real estate companies in Q3 2025 will surge by 68.7% year-on-year, either rebounding from a low base or bolstered by one-off financial gains. Newly launched projects during the quarter are expected to contribute to business results from Q4 2025 onward.
MBS forecasts that Nam Long (NLG) will achieve a remarkable 504% profit growth in Q3, reaching 210 billion VND. NLG’s Q3 profits will stem from continued handovers in the Southgate and Nam Long Can Tho projects. During the quarter, NLG finalized the transfer of a 15.1% stake in Izumi City to Japan’s Tokyu Corporation, with the associated profit recognized in Q3 2025 financial revenue.
For Vinhomes (VHM), MBS predicts Q3 profits of 12,948 billion VND, a 65% increase year-on-year, driven by the Royal Island, Wonder City, and OCP 2&3 projects. VHM is projected to achieve 60% of its annual profit target by 9M25. Major projects launched since early 2025, such as Wonder City, Golden City, and Green City, are expected to significantly boost profits in the second half of 2025.
Phat Dat (PDR) is also forecasted to see a 273% profit surge to 190 billion VND in Q3, attributed to the sale of an 80% stake in the Thuan An 1 project. In early September 2025, the company established Thuan An 1 Tall Building Real Estate Investment LLC, with PDR holding a 99% stake. Additionally, the new launch of the Bac Ha Thanh – Quy Nhon Iconic project is expected to positively impact Q4 2025 and 2026 profits.
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