Aqua City JSC has revealed its financial report for the first half of 2024, indicating a loss of over 100 billion VND. In the same period last year, the company incurred a loss of nearly 204 billion VND.
As of June 30, 2024, Aqua City’s equity stood at 1,030 billion VND, with a debt-to-equity ratio of 10.95, translating to approximately 11,300 billion VND in liabilities. Of this, the outstanding bond debt amounts to about 2,400 billion VND. Thus, the company’s total assets are estimated to exceed 12,300 billion VND.
According to HNX, Aqua City has issued a total of eight bond lots, amounting to 4,600 billion VND in value. Currently, only 2,400 billion VND of these bonds remain in circulation, bearing an interest rate of 10% per annum.
Aqua City is a subsidiary of Nova Real Estate Group (Novaland – stock code NVL) and the developer of the Aqua City Project. The 1,000-hectare Aqua City Project is designed as a smart city, with 752 future housing units planned.
The Aqua City Project has faced challenges over the past two years. When Novaland took over the project, it had already received approvals for its master plan and detailed planning at a 1/500 scale, along with land allocation and lease decisions. However, the adjustment to the master plan of Bien Hoa city in July 2014 and the C4 sub-planning in September 2016 were not aligned with the detailed planning at a 1/500 scale, leading to a halt in the project.
As of June 2024, Mr. Duong Van Bac, Novaland’s Deputy General Director, provided an update on the project’s progress, stating that Aqua City comprises nine subdivisions, six of which are awaiting new approval from Bien Hoa city. It is anticipated that in August 2024, the detailed planning at a 1/5,000 scale for subdivision C4 will be approved, followed by adjustments to the 1/500 scale planning in October, before proceeding with other legal procedures.
Aqua City Secures MB Loan of VND 1,100 Billion for Phase 2, NVL Whopper Deal
On September 10th, Novaland Group (Novaland), Military Commercial Joint Stock Bank (MB), Tesla Investment JSC (Tesla), and Green Mark Construction JSC (GMC) signed an agreement to commence the second phase of infrastructure development and continue construction on low-rise residential buildings in the Aqua City urban project.
The Storm’s Devastating Wake: Insurers Brace for Trillions in Claims from Typhoon No. 3
Preliminary statistics from major insurance companies reveal that the compensation payout for the damage caused by Typhoon Yagi has surpassed 1,000 billion VND.
