Sunshine Group (HNX: KSF) has unveiled impressive business targets for the final two quarters of the year, forecasting revenue of nearly VND 30 trillion. The company projects after-tax profits of VND 1,474 billion in Q3 and VND 12,419 billion in Q4, bringing the total annual profit to an estimated VND 14 trillion—an 18-fold increase from the previous year and far exceeding the goals set at the Annual General Meeting earlier this year. Financial metrics for Q4 are also expected to surge, with an ROE of 89%, a P/E ratio dropping to 2.2, and equity capital rising to VND 24,456 billion (a fourfold increase from the previous quarter). These figures position Sunshine Group as one of the most profitable and attractively valued companies in the real estate sector.
These results underscore the market’s strong confidence in Sunshine Group and the tangible success of its comprehensive restructuring strategy, which has been aggressively implemented since 2024.
With a market capitalization second only to Vinhomes in real estate, Sunshine Group’s full portfolio of multi-billion-dollar projects has yet to be fully unveiled.
A key strategic move in Sunshine Group’s restructuring has been the successful public acquisition of Sunshine Homes (SSH), boosting its market capitalization to nearly VND 80 trillion—second only to Vinhomes in the real estate sector.
However, industry experts suggest that the current valuation does not fully reflect Sunshine Group’s scale and long-term growth potential. A closer examination of the group’s economic concentration filing, confirmed by the National Competition Commission in June 2025, reveals a more comprehensive picture.
Sunshine Group is focused on large-scale economic consolidation and standardization, aiming to establish itself as a dominant player in Vietnam’s real estate market and beyond.
Beyond Sunshine Homes, the group is actively pursuing mergers and acquisitions with several prominent real estate and construction firms, including Sunshine Sky Villa, DIA Investment, Sunshine Tay Ho, Thien Hai, Wonderland Real Estate, Thai Minh Land, Long Bien Land, Kim Thanh Trading, and notably, SCG Construction Group (HNX: SCG).
A VND 300 trillion revenue pipeline from 2025–2027 projects, delivering real value to end-users
Through these strategic acquisitions, Sunshine Group has secured a portfolio of multi-billion-dollar projects with complete legal frameworks, slated for delivery between 2025 and 2027. The total revenue from these projects is expected to exceed VND 300 trillion (excluding projects still in legal resolution or early development stages). Notably, each project is designed to deliver tangible value to end-users, featuring prime locations, sustainable luxury designs, comprehensive amenities, and transparent legal processes.
In the Tay Ho Tay area, two standout projects are Noble Crystal Tay Ho WorldHotels Residence, a 5-tower complex with 40 floors each, scheduled for delivery in Q2/2027, and Noble Palace Tay Ho, comprising nearly 500 luxury villas and shop villas, set for delivery in Q4/2025.
Noble Crystal Tay Ho WorldHotels Residence offers nearly 1,000 branded Sky Villas and over 50 premium amenities, scheduled for delivery in Q2/2027.
Noble Palace Tay Ho features a limited collection of luxury villas and shop villas with private multi-purpose basements and discreet underground transportation systems, scheduled for delivery from Q4/2025.
In the Tay Thang Long area, Noble Palace Tay Thang Long is under synchronized construction with nearly 2,500 shophouses, scheduled for delivery from Q4/2025, while Noble Palace Garden offers approximately 630 luxury garden villas, set for delivery in Q2/2026.
Noble Palace Tay Thang Long spans over 70 hectares with nearly 2,500 townhouses, scheduled for delivery from Q4/2025.
In Long Bien, Noble Palace Long Bien with nearly 200 villas is in the final stages of construction, set for delivery from Q4/2025, while Noble Crystal Long Bien offers over 400 branded Sky Villas, targeting delivery from Q3/2026. Both projects will benefit from the upcoming Tran Hung Dao Super Bridge.
Noble Palace Long Bien is nearing completion, with some units already reaching the roofing stage, scheduled for delivery from Q4/2025.
In the southern region, two mega-projects—Noble Crystal Riverside with 12 towers and over 3,000 luxury apartments, and Sunshine Sky City with 9 towers and nearly 3,500 apartments—are under active development.
Sunshine Sky City has completed and launched Sky 1, topped out Sky 2, Sky 3, and Sky 4 in 2024, and is set to deliver over 1,100 apartments from Q1/2026.
In addition to these developments, Sunshine Group has surprised the market with recent moves, including the simultaneous groundbreaking of two mega-projects—Sunshine Legend City (Hung Yen) and Sunshine Bay Retreat Vung Tau (Ho Chi Minh City)—on August 19, with a combined investment of over USD 3 billion. The group has also formally proposed to participate in the auction of 3,790 resettlement apartments in Thu Thiem New Urban Area and aims to replace Lotte in the Thu Thiem Eco Smart City project, valued at over VND 20 trillion.
Sunshine Legend City is creating a buzz in eastern Hanoi with nearly 8,000 luxury apartments delivered to 5-star standards, priced 20–25% below market rates.
These rapid and strategic moves indicate that Sunshine Group is meticulously preparing for a breakout growth phase from 2025 to 2030, while positioning itself for deeper integration into the global value chain.
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