Novaland to speed up projects to capitalise on giant infrastructure works

Thursday, Apr 29, 2021 12:00

Novaland executives at the company’s annual general meeting in HCM City on Tuesday. — VNS Photo

Property developer Novaland Group has said it will speed up construction of its three key projects, NovaWorld Ho Tram, NovaWorld Phan Thiet and Aqua City, this year.

It said at its annual general meeting in HCM City on Tuesday that it targets achieving their revenue and profit targets within the next three years, five years earlier than the original plan.

It told shareholders that the estimated profits from them are worth US$2 billion.

It is speeding up the work since it wants to take advantage of a number of national transport infrastructure projects like the Long Thanh International Airport to be completed in 2025 and the Phan Thiet International Airport and HCM City – Dau Giay - Phan Thiet Expressway to be completed next year.

At the meeting, the company tabled an impressive business plan for 2021 with estimated revenues of over VND27 trillion (US$1.17 billion) and profits of VND4.1 trillion ($178 million).

It said it would consider selling several large projects with high expected profit margins at an appropriate time in 2021.

It announced plans to develop an eco-system comprising retail, education, services, and consumption to offer greater convenience to people living in its projects.

It also plans to acquire lands in provinces like Lam Dong, Ninh Thuan, Khanh Hoa, Phu Yen, and Binh Dinh to increase its holdings to 15,000ha by 2030.

Novaland is a giant developer with over 40 housing and hospitality projects.

NovaWorld Ho Tram and NovaWorld Phan Thiet are hospitality-tourism projects in Ba Ria-Vung Tau and Phan Thiet and Aqua City is a modern urban project in Dong Nai Province. — VNS

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