No Va Land Investment Group Joint Stock Company (Novaland) has approved the divestment of its entire capital contribution in Tan Kim Yen Real Estate Investment LLC (Tan Kim Yen), valued at 204.8 billion VND.
Tan Kim Yen Real Estate Investment LLC is the parent company of Gia Phu Real Estate LLC, the developer of The Sun Avenue project, located on Mai Chi Tho Street, Binh Trung Ward, Ho Chi Minh City.
This divestment means Novaland will no longer be associated with The Sun Avenue project.
According to Novaland, the divestment aims to restructure its investment portfolio efficiently, focusing on core and high-potential business activities.
It’s important to note that this change in capital structure does not alter the legal entity of The Sun Avenue’s developer, ensuring no additional procedures or costs that could affect the rights of residents who have purchased properties here.
The Sun Avenue project developed by Novaland
Gia Phu Company has confirmed its commitment to expedite the completion of red book issuance for 2,894 apartments at The Sun Avenue, in line with the planned schedule. Thousands of red books have already been issued and handed over to customers.
In other news related to Novaland, the company recently announced plans to accelerate the development of The Park Avenue, a high-end residential, commercial, and service complex located on Ba Thang Hai Street, Phu Tho Ward.
The project received its underground construction permit and commenced construction in 2016, with the underground portion completed in October 2017. However, it wasn’t until August this year that the main construction permit was issued, and construction began in December.
According to the plan, The Park Avenue is expected to reach its topping-out point by the end of 2026 and be fully completed by Q3 2027.
In addition to The Park Avenue, several other Novaland projects in central Ho Chi Minh City, including Victoria Village and The Grand Manhattan, are also being expedited in terms of construction and completion.
Between 2025 and 2026, the company plans to issue approximately 10,500 red books to residents across various projects such as Sunrise Riverside, The Sun Avenue, Kingston, Sunrise City North, Palm A1, Garden Gate, Lexington, Lucky Palace, Tropic Garden 1, Tresor, and Rivergate.
Positive developments in legal compliance and project progress have been reflected in the stock market. In the first trading session of the week on December 29, Novaland’s stock (NVL) surged to its ceiling price, reaching 14,150 VND per share.
Novaland Seeks to Fully Divest Stake in Subsidiary
Novaland has officially approved the transfer of its entire 204.8 billion VND capital contribution in Tan Kim Yen Real Estate Investment Company Limited.
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