Novaland eyes expansion into provinces with growing infrastructure

Monday, Mar 21, 2022 07:56

NovaWorld Ho Tram, which Novaland is developing in Ba Ria-Vung Tau Province. The company plans many projects in a number of provinces and cities around the country this year. — Photo courtesy of Novaland Group

Property developer Novaland has announced plans for 2022, which include selling 15,000 products in a range of segments from housing to hospitality.

It plans to develop 100,000 products in 2021-25 totally valued at VND600 trillion (US$26 billion).

This year it will sell projects like NovaWorld Mui Ne (700ha), NovaWorld Nha Trang (600ha) and NovaWorld Lang Co (280ha).

In HCM City, it will join hands with the Tai Nguyen Company to develop the Grand Sentosa in Nha Be District and is also considering some projects in the Thu Thiem area where authorities are soliciting investment.

Under construction are Aqua City, NovaWorld Ho Tram and NovaWorld Phan Thiet, which will be accelerated for completion in 2023.

But to expand, Novaland is developing projects in many parts of the country.

It said it had over 610ha in HCM City, was acquiring 600ha in neighbouring Dong Nai Province, and had 3,000ha in Ba Ria-Vung Tau and 3,700ha in Binh Thuan.

In Lam Dong, it planned to build NovaWorld Da Lat on an area of 1,000ha and another project on an area of 3,000ha in Lien Khuong.

Last year, despite the challenges caused by COVID-19, the company achieved sales of nearly VND654 trillion ($28.5 billion) and profit after tax of VND3.5 trillion ($152 million).

Five years after listing on HoSE as a housing developer, Novaland has become a giant property developer with its finger in various categories ranging from urban areas to hospitality.

It plans to expand to provinces where infrastructure is being developed like Lam Dong, Binh Thuan, Ninh Thuan, Khanh Hoa, Phu Yen, and Quang Nam. — VNS

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