Vietnam Land Development Corporation, a subsidiary of Novaland, reported a loss of 73.4 billion VND in 2024, marking the fourth consecutive year of losses. The total cumulative loss has reached 817 billion VND, while total liabilities have surged to over 6 trillion VND. Although it is the investor behind The Grand Manhattan project, a luxury apartment complex located in District 1, HCMC, the company is facing financial difficulties. This project relates to the renovation of the deteriorating Co Giang apartment building but has been delayed, with the new expected handover pushed to Q4 2025. Novaland plans to use the project as collateral to pay off nearly 3.1 trillion VND in bonds. The Grand Manhattan is set to offer around 1,000 apartments priced at 5,000 USD/m2, with handover expected in Q4 2024.
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