Property developer Novaland confident in clearing debt by 2026

Duong Van Bac, the chief financial officer of the Ho Chi Minh City-based firm, stated that Novaland anticipates having sufficient funds to meet all financial obligations by early to mid-2026 after addressing existing challenges.

Novaland has paused sales of new project units until the second quarter of the next year, concentrating instead on the inventory of already constructed projects

The firm projects that the real estate market won't show significant recovery until the latter half of next year, planning to launch new products in the third or fourth quarter accordingly.

The revenue expected from all completed projects is estimated at VND132 trillion ($5.2 billion), which is more than double its total debt of VND54.6 trillion. "Once we resolve all legal issues and complete the projects, we'll not only be able to clear our debts but also have surplus cash," a company executive explained.

In the first half of the year, Novaland sold 4,388 units within Ho Chi Minh City and its outskirts. The company is also on track to obtain all necessary permits for its three new projects in the city this year and plans to deliver an additional 2,580 units to customers by year-end.