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In a document issued to several of its bondholders, Novaland said the deadline to pay back both debts and interests two of its bonds had already passed, in February and May. The leftover value of those bond packages has now amounted to over VND1.58 trillion ($64.95 million).
Meanwhile, the deadline for another bond package, worth VND1.5 trillion, has been extended for two years to March 2026.
Novaland said that due to its restructuring, the firm would need time to stabilize its project development activities and recover business operations.
It is now proposing to pay back debts and interests using properties, including but not limited to, real estate projects the Novaworld Phan Thiet in the central province of Binh Thuan and The Grand Manhattan in HCMC.
Bondholders will get to choose their preferred real estates which are available, and receive discounts.
Since earlier this year, Novaland has been paying back some of the debts and interests to bondholders using real estate. However, this is the first time the company has outlined a detailed plan to pay back debts using real estate at The Grand Manhattan project, which is located in downtown District 1.
The project, built on a land plot spanning 14,000 m2, faces Co Bac and Co Giang streets, with three blocks that are 38 storeys tall. Apartments at the location are sold at over VND100 million per square meter.
In the third quarter, Novaland reported a post-tax profit at over VND136 billion. It was the first quarter when the firm reported profits, following the first half of the year with a loss of over VND1 trillion. Cumulatively, in the first nine months of this year, the total consolidated revenue of Novaland reached over VND2.73 trillion, and a loss at over VND950 billion.
Since the beginning of the year, Novaland has reported revenue from handing over several projects, such as Novaland Phan Thiet, Novaland Ho Tram, Palm Marina and Saigon Royal. The firm was also focusing on debt restructuring.
