Property developer Novaland Group said it expects revenues for this year to jump by 53 per cent to VND17.8 trillion, but fall short of the target it has set.

It said it is likely to achieve only 82 per cent of the target, attributing it to difficulties it faces in fulfilling legal procedures before handing over houses to buyers.

It said due to these difficulties VND6.4 trillion would not be added to its revenues this year and would go into the books in the next few quarters.

This year it has handed over 5,000 units to buyers in The Sun Avenue in District 2, Wilton Tower in Bình Thạnh District, Golden Mansion, Orchard Parkview and Newton in Phu Nhuan District, Botanica Premier in Tan Binh District, and Sunrise Riverside in District 7.

It said it would continue to focus on luxury housing.

It recently launched an ultra-luxury apartment project called The Grand Manhattan in District 1 at a price of around US$6,000 per square metre.

It would have around 1,000 units.

The company revealed plans to invest in tourism property projects in places with huge potential like Cần Thơ, Bà Rịa – Vũng Tàu, Phan Thiết, and Cam Ranh.

In Mui Ne – Phan Thiet, the company is launching the NovaHills Mui Ne Resort & Villas.

It will have 600 villas facing the ocean and be managed by foreign operators.

Novaland has developed around 40 house, condo and villa projects, all in HCM City market. – VNS