Novaland to invest more in satellite urban, resort properties

Illustrative photo (Source: VNA)

Hanoi (VNA) – Giant property developer Novaland Investment Group Corporation (NVL) owned more than 4,894 ha of land bank by the end of 2020, with 1,394 ha in central Ho Chi Minh City and satellite urban areas, and 3,500 ha for resort projects.  

The group said it will continue to invest in mid-and high-end segments, covering central HCM City and satellite urban areas, and resort-tourism properties.

Its leaders expect that the upgraded transport infrastructure would give a boost to Novaland to implement such satellite urban and resort projects.

According to a report, Novaland’s net revenue was 27.49 trillion VND (1.19 billion USD) and after-tax profit was 4.1 trillion VND in 2020, up 447 percent and 5 percent year-on-year, respectively.

In the first quarter of this year, its net revenue stood at 4.5 trillion VND, a rise of 158 percent from the same period last year, mainly from such projects as Saigon Royal, Victoria Village, Aqua City, NovaHills Mui Ne, NovaWorld Phan Thiet and others in central HCM City.

The group’s net profit reached 701 billion VND in the three months, up 132 percent year-on-year.

In 2021, Novaland aims to sell 10,000 products, up 40 percent from the previous year, mainly projects in HCM City’s outlying areas, and resort properties./.

VNA