​Property giant Novaland eyes $2-bln profits

By Phuong Dong   April 27, 2021 | 09:30 pm PT
​Property giant Novaland eyes $2-bln profits
A housing project in the central province of Binh Thuan developed by Novaland. Photo by VnExpress/Quynh Tran.
Novaland expects to earn profits of $2 billion from three projects in the central Binh Thuan Province and southern Dong Nai and Ba Ria-Vung Tau provinces by 2023.

The three housing projects are under development and would be handed over to the buyers before 2024, the property company’s director of corporate finance, Nguyen Thai Phien, said.

They are expected to benefit from the infrastructure being developed in the three provinces, including the Phan Thiet – Dau Giay Expressway between Binh Thuan and Dong Nai to be completed in 2024, the Long Thanh International Airport in Dong Nai to be completed by 2025, and Phan Thiet airport in Binh Thuan to be completed in 2022.

It targets profits of VND4.1 trillion ($178 million) on revenues of VND27 trillion ($1.1 billion) this year based on plans to sell 10,000 units at 23 projects.

The company also plans to develop new housing projects in HCMC and resort real estate in the central provinces of Binh Thuan, Lam Dong and the southern province of Ba Ria-Vung Tau this year.

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