Novaland to focus on housing

HCM CITY — 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 Cần Thơ, Bà Rịa – Vũng Tàu, Phan Thiết, Cam Ranh, Phú Yên, Bình Định, and Đà Nẵng.

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

This year it is focusing on handing over to buyers 11 housing projects with 6,700 units, mostly in HCM City’s Districts 2, 7, Bình Thạnh, Phú Nhuận, Tân Phú, and Nhà Bè.

It targets after-tax profit of VNĐ3.2 trillion (US$140 million) this year, up 55 per cent, on revenues of VNĐ21.8 trillion ($956 million), an 87 per cent rise.

In the first half of the year it reported a profit of VNĐ1.4 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