Billionaire Trần Bá Dương Sells 3,500 m² Prime Land in Ho Chi Minh City’s Heart After 8 Years of Dormancy to Phát Đạt

The Board of Directors of Phat Dat Real Estate Development Corporation (HoSE: PDR) has approved the acquisition of all shares held by Dai Quang Minh Real Estate Investment Corporation in AKYN Commercial and Service Investment Joint Stock Company.

Following this transaction, Phat Dat will own 50% of AKYN’s charter capital. AKYN is the developer of a commercial housing project located at 239 Cach Mang Thang Tam, Ban Co Ward (former District 3), Ho Chi Minh City.

This prime 3,500 m² plot, with nearly 3,000 m² suitable for development, is slated for a mixed-use complex featuring residential apartments, a shopping center, and office spaces. The project, with an estimated investment of VND 5.5 trillion, is scheduled for implementation from 2026 to 2030.

AKYN, the project’s developer, received approval from the former District 3 People’s Committee in 2017 and completed compensation for 50 households. However, construction has been delayed due to unresolved ownership issues regarding a portion of the shared floor area belonging to the state. Earlier this year, AKYN proposed paying the value of the shared area based on new construction costs instead of the remaining quality ratio.

Originally established in 2013 as T.A.M Commercial and Service Investment Joint Stock Company in former District 8, Ho Chi Minh City, with a charter capital of VND 68 billion, AKYN was founded by Ms. Nguyen Thi My Kim (92% ownership) and two other shareholders, Nguyen Huu Le and Phan Thanh Tam.

In June 2018, Ms. Nguyen Minh Thu, daughter of Phat Dat’s Chairman Nguyen Van Dat, became the legal representative and Chairwoman of the Board. The company was renamed AKYN in early 2019. Notably, in late 2022, the company reduced its charter capital from VND 2.018 trillion to VND 513 billion. In mid-2023, Mr. Nguyen Hoang Thue, CEO of Dai Quang Minh, assumed the role of Chairman and legal representative of AKYN, while Ms. Thu remained as CEO.

Mr. Nguyen Hoang Thue also serves as CEO of THADICO and Deputy CEO of THACO Group, in addition to his roles at AKYN and Dai Quang Minh.

Dai Quang Minh, a real estate company within billionaire Tran Ba Duong’s THACO ecosystem, is chaired by Mr. Tran Ba Duong, who also serves as Chairman and CEO of THACO Group.

Alongside the AKYN acquisition, Phat Dat has been divesting assets to bolster its cash flow. Last week, the company sold a 99% stake in Bac Cuong Investment Corporation (Da Nang), owner of a 2,700 m² plot in Hai Chau District, for a minimum of VND 1.1 trillion. In October, Phat Dat also approved the sale of a 79% stake in Thuan An 1 High-Rise Real Estate Investment Company (Ho Chi Minh City).

Notably, Phat Dat authorized its subsidiary, Binh Duong High-Rise Real Estate Investment and Development Joint Stock Company, to purchase nearly 19 million newly issued shares of another subsidiary, Thien Long High-Rise Real Estate Investment and Development Joint Stock Company. Following the transaction, Binh Duong High-Rise will transfer its entire 141 million shares in Thien Long to domestic or foreign investors.

Phat Dat’s aggressive M&A and asset restructuring efforts have yielded positive results in Q3/2025, with revenue reaching VND 506 billion, a 195-fold increase year-on-year, primarily from property transfers in the Bac Ha Thanh project (former Binh Dinh) and the Ky Dong project (Ho Chi Minh City). After expenses, the company reported an after-tax profit of VND 85.8 billion, up 68%.

For the first nine months of the year, Phat Dat recorded revenue of over VND 964 billion, a fivefold increase year-on-year. After-tax profit reached VND 201 billion, up 31%, achieving nearly 28% of the annual plan.