Novaland’s subsidiary invests in a luxury project in downtown District 1, HCMC: Cumulative losses over VND 817 billion, “burdened with debts” of VND 6 trillion

CTCP Phat Trien Dat Viet, a subsidiary of Novaland Group, has reported a loss of VND 73.4 billion in 2024, marking the fourth consecutive year of losses and a total cumulative loss surpassing VND 817 billion. By the end of 2024, the company’s equity dropped to VND 3.968 trillion while total liabilities rose to over VND 6 trillion, including bank debts, bonds, and other liabilities. The company is the developer of the luxury project The Grand Manhattan in District 1, which has faced numerous controversies and delays, with the handover deadline pushed back from 2022 to 2025. The project spans 1.4 hectares and is expected to provide 1,000 apartments priced around VND 5,000/m2. As part of its debt restructuring, Novaland proposed using the project to pay off nearly VND 3.1 trillion in bonds.