Phat Dat Real Estate Development JSC (HoSE: PDR) has approved the divestment of its entire stake in its subsidiary, Bac Cuong Investment JSC, at an expected price of over VND 1.1 trillion.
According to the resolution, Chairman Nguyen Van Dat is authorized to represent PDR in seeking partners, negotiating prices, selecting divestment timing and methods, and signing related legal procedures.
Bac Cuong JSC has a charter capital of VND 500 billion, with Phat Dat holding 99%. The company owns a prime 2,700 m² plot at 223-225 Tran Phu, Phuoc Ninh Ward, Hai Chau District, Da Nang City—a highly desirable location with three frontages along Tran Phu, Bach Dang, and Le Hong Phong streets.
As of Q3/2025, Phat Dat has invested VND 640 billion in this project, covering land acquisition, land use rights, and infrastructure development. In 2021, PDR acquired 99% of Bac Cuong’s capital, gaining full control over the project’s development.
The 2024 annual report states that the Tran Phu – Da Nang project has obtained 1/500 planning approval and a construction permit. In 2025, the company plans to finalize zoning adjustments and infrastructure before proceeding further.
Prior to divesting from Bac Cuong Investment JSC, on October 27, 2025, Phat Dat approved the divestment of 79% of its stake in its subsidiary, Thuan An 1 High-Rise Real Estate Investment LLC. Notably, this company was established on September 4, 2025, less than two months prior.
Thuan An 1 is headquartered at 39 Pham Ngoc Thach, Xuan Hoa Ward, Ho Chi Minh City—the same address as PDR. Its primary business is high-rise real estate development, led by CEO and legal representative Bui Quang Anh Vu. The company has a charter capital of VND 250 billion, with PDR holding 99% and Tran Phuoc An holding 1%. PDR established this subsidiary to expand its high-rise urban development in Binh Duong, aligning with its 2026–2030 strategy.
The Thuan An 1&2 complex spans over 44,677 m², with Thuan An 1 occupying nearly 18,147 m². It features 39 floors above ground and 3–4 basement levels, offering approximately 2,700 apartments and shophouses. The company fulfilled its financial obligations for Thuan An 1 by April 2025 and received the land use rights certificate on May 9, 2025.
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