Sunshine Group Joint Stock Company (Stock Code: KSF) has released its Q3/2025 Consolidated Financial Report, showcasing robust growth in scale. The company’s 9-month cumulative net revenue reached VND 4,882 billion, reflecting steady growth compared to the same period last year. Pre-tax profit stood at VND 2,042 billion, while post-tax profit hit VND 1,591 billion, marking the highest in the Group’s operational history.
As of September 30, 2025, Sunshine Group’s consolidated total assets reached VND 78,780 billion, positioning the Group among the largest real estate enterprises in terms of asset scale. Shareholders’ equity surged to VND 13,817 billion, highlighting the Group’s expanding financial capacity and high capital safety ratio.
Key profitability metrics continued their positive trend: ROS increased to 29.4% (from 24.4% in 2024), ROE reached 18.81%, and ROA stood at 3.58% for the 9-month period, placing Sunshine Group among the market leaders in financial efficiency and capital utilization. The cost-to-net revenue ratio significantly dropped from 88% to 68%, boosting gross profit margins to nearly 60%—one of the highest in Vietnam’s real estate sector.
Alongside strong financial performance, 2025 is shaping up to be a breakthrough year for Sunshine Group, with major projects launching, a massive land bank, and surging liquidity. This success follows the Group’s comprehensive strategic restructuring in 2024, focusing on streamlined governance, cost control, and cash flow-driven projects.
The 6 towers of Legend 9 – Legend 12B, located at the project’s heart, feature a riverside frontage along the 2km-long Cửu An heritage river, adjacent to the Hanoi-Hai Phong Expressway, with expansive views of the Red River.
In mid-October, Sunshine Group dominated Hanoi’s real estate market. Following the record-breaking sell-out of 1,067 units in just 5 hours during the first launch, Sunshine Legend City continued its momentum with over 5,000 bookings for its second phase.
Industry experts attribute the project’s success to its competitive pricing, starting from just VND 50+ million/m²—20-25% lower than the surrounding area, triggering rapid market response upon launch.
Overview of Sunshine Sky City in South Saigon.
Later in October, Sunshine Group is set to make waves in Ho Chi Minh City’s real estate market with the launch of Towers V7, V8, and V9 in the Thịnh Vượng subdivision of Sunshine Sky City. This 4.0 integrated commercial, service, and hotel-standard apartment complex is located on Phú Thuận Street, Tân Mỹ Ward (former District 7).
Sunshine Sky City apartments are expected to start at just VND 70+ million/m², significantly below the average asking price of VND 99 million/m² in HCMC—the highest in two years.
Following Sunshine Sky City, Sunshine Group will launch Sunshine Bay Retreat Vung Tau in Q4—a new-generation 5-star integrated resort spanning nearly 20 hectares, with approximately 8,000 apartments and a total built-up area of nearly 800,000 m². The project stretches along the Chí Linh coastline, one of Vung Tau’s most beautiful beaches, in Phước Thắng Ward, HCMC.
Sunshine Bay Retreat Vung Tau is part of Sunshine Group’s portfolio of 20,000 high-quality, affordably priced apartments in Hanoi and HCMC, addressing the housing needs of young professionals, in line with the Prime Minister’s call.
Sunshine Group has significantly expanded its land bank and “billion-dollar” project portfolio in 2024–2025. Recent major projects include: Noble Palace Riverside (Hanoi), Sunshine Legend City (Hanoi), Sunshine Marina Mui Ne (Lam Dong), and Sunshine Bay Retreat Vung Tau (HCMC). The Group’s pipeline continues to grow with luxury projects such as: Noble Crystal Tay Ho WorldHotels Residence, Noble Palace Tay Ho, Noble Crystal Long Bien, Noble Palace Long Bien, Noble Palace Tay Thang Long, and Noble Palace Garden.
Through aggressive M&A strategies, Sunshine Group now boasts a fully legalized project portfolio, ready for handover from 2025 to 2026, with a total value exceeding VND 200,000 billion (excluding projects under legal resolution and development preparation). In 2025 alone, the Group plans to deliver thousands of low-rise and high-rise units from key projects like Noble Palace Long Bien, Noble Palace Tay Ho, Noble Palace Tay Thang Long, and Sunshine Sky City, totaling approximately VND 100,000 billion.
Phan Nam
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