CTCP Phat Trien Dat Viet, a subsidiary of Novaland, reported a loss of 73.4 billion in 2024, marking the fourth consecutive year of losses, with total accumulated losses exceeding 817 billion. Shareholder equity dropped to 3.968 trillion, while total liabilities rose to over 6 trillion, including 1.545 trillion in bank loans and 1.440 trillion in bonds.
The company is currently the investor of The Grand Manhattan, a luxury apartment project in central District 1, HCMC, which has faced delays for years since its restart in 2018. Project delivery timelines have been repeatedly postponed.
The project spans 1.4 hectares and is expected to provide 1,000 apartments priced around 5,000 USD/m2 and is set to deliver in Q4 this year. Novaland has proposed using the project to settle nearly 3.1 trillion in bond debts. This project is anticipated to generate revenue for the group amid current financial difficulties.
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