Novaland says focus remains on housing development

Thursday, Aug 09, 2018 18:50

Novaland’s analyst meeting in HCM City. The company announces to spend 80 per cent of its capacity to develop housing projects. – VNS Photo

Novaland Group will continue to spend 80 per cent of its resources on developing housing projects.

At an analyst meeting in HCM City recently, the company said the other 20 per cent would be used to expand its tourism property projects in Can Tho, Ba Ria – Vung Tau, Phan Thiet city, Cam Ranh, Phu Yen, Binh Dinh, and Da Nang.

It informed the analysts that it has 6.5 million square metres of land, much of it in HCM City.

This year it is focused on handing over to buyers 11 housing projects with 6,700 units, mostly in HCM City’s Districts 2, 7, Binh Thanh, Phu Nhuan, Tan Phu, and Nha Be.

It targets after-tax profit of VND3.2 trillion ($140 million) this year, up 55 per cent, on revenues of VND21.8 trillion (US$956 million), an 87 per cent rise.

In the first half of the year it reported a profit of VND1.4 trillion ($61 million), a 74 per cent jump year-on-year.

Novaland has developed around 40 housing projects so far, most of them in the southern metro. – VNS

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