Property developer FLC Group has forecast a revenue of 5.5 trillion VND (255.8 million USD) and profit of 1.16 trillion VND (54 million USD) for this year.

It reflects a 2.5-fold growth, compared with the same period last year. This year is being considered a breakthrough year for the group as several of its real-estate projects would go on sale.

The firm has executed various real-estate projects with a total investment capital of 1 billion USD.

In addition, the FLC Group is also planning to list its shares on the Singaporean stock market.

Speaking at the recent shareholder meeting in Hanoi, Doan Van Phuong, FLC General Director, said its shareholders approved to raise charter capital to 8.4 trillion VND (392.5 million USD). The additional charter capital would be supplemented from its property projects.

Phuong said the charter capital had been raised because it expected to see strong business in the real-estate market this year. This was also the reason why the company wants to concentrate all of its resources to quickly introduce its property projects in the market.

Trinh Van Quyet, Chairman of the Management Board, added that the projects will certainly bring benefit to the group this year.

"There have been a number of organisations available for financing – Vietinbank for example has offered 25 trillion VND funding for the 2014 to 2020 period," Quyet said, adding that the company would not have to use preferential bank loans to implement its projects.

This year, it will continue to negotiate to acquire some housing projects, especially those that have completed legal procedures and land clearance to shorten execution work, thus capturing opportunities from the strongly recovered property market.

He said that according to Savills' valuation, the total capital used for real-estate projects was up to 10 trillion VND (467 million USD), much higher than that of 5.7 trillion VND (266.3 million USD) in its financial report last year.

"Savills appraises its net asset value at up to 28 trillion VND (1.3 billion USD)."

Last year, the company had acquired two real-estate projects in the capital city of Hanoi, for a combined capital of 2.3 trillion VND (107 million USD), adding to its M&A portfolio, which had also seen the purchase of the FLC Garden City in 2013 for 3.5 trillion VND (162.8 million USD).

By January 2015, FLC Group had increased its charter capital from 771 billion VND (35.9 million USD) to nearly 3.75 trillion VND (174.4 million USD). It also succeeded to issue 800 billion VND (37.2 million USD) worth of convertible bonds to facilitate its projects.

Market Vectors Vietnam Exchange-traded Fund is FLC Group's major foreign shareholders, owning a 5.11 percent stake. In addition, Deutsche Bank also participated in the meeting.-VNA