Phat Dat Real Estate Development Joint Stock Company (PDR) is seeking partners to negotiate the transfer of capital in its subsidiary, Ngo May Investment JSC, which owns the Q1 Tower project in Quy Nhon, Binh Dinh. The transfer price must be no less than the investment cost. Ngo May was established in 2019 after winning a land auction of over 5,200 m² for 127 billion VND. The Q1 Tower project, featuring two 40-story towers, is expected to be delivered in 2025, but progress has been slower than planned. The project currently has 309 billion VND in inventory, covering related costs. Previously, Phat Dat invested 388 billion VND from a bond issuance for Ngo May to develop the project. The company is also involved in several other large projects in Binh Dinh, including the Bac Ha Thanh urban area. Recently, the chairman’s son sold nearly 3.4 million PDR shares for personal reasons. PDR shares are currently trading around 17,900 VND.
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