Nam Long Group targets $395 million pre-sales

April 23, 2024 | 14:00
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At its AGM in Ho Chi Minh City on April 20, Nam Long Group announced targets of VND9.5 trillion ($395 million) in sales and $277 million in net turnover for 2024.

The property developer also unveiled its business plan for achieving profit after tax of $34 million, net profit after tax of parent company shareholders of $21 million, and approved the proposal to pay dividends in 2024 in cash at 5 per cent of par value.

Nam Long Group targets $395 million pre-sales

Nam Long Group will continue to develop towards the integrated real estate group model with core tasks in three main business areas: land development, commercial real estate development, and investment and capital mobilisation.

In developing residential and urban areas, Nam Long Group will continue to focus on implementing projects such as the 26-hectare Mizuki Park in Binh Chanh district, the 165-ha Waterpoint phase 1 in Long An province, Akari City's 8.5ha in Binh Tan district, EHome Southgate in Long An province, Izumi City, spanning 170ha in Dong Nai province, and Nam Long Central Lake's 43ha in Can Tho city.

At the same time, the group also set aside a budget to continue creating clean land in the long term.

In commercial real estate development, Nam Long Group aims to develop city facilities in integrated urban areas.

This year, several amenities at the Waterpoint integrated urban area will be deployed and put into operation. Among those are EMASI Plus international bilingual school, San Ha convenience food store, Waterpoint Clinic, and Wisdomland kindergarten.

Nam Long Group is also aiming to improve capital mobilisation and optimise capital sources, maintaining a solid financial foundation. It is also focusing on maintaining long-term cooperation with partners and expanding opportunities to attract investment from third parties in accordance with the Group's strategic goals.

On April 1, Nam Long Group welcomed new CEO Lucas Ignatius Loh Jen Yuh, who has more than 20 years of international management experience in the positions of president, CEO, investment director, and investment manager at large corporations such as CapitaLand, Hopson, Temasek Holding, and many others in Singapore and China.

According to Lucas, his strengths in strategic thinking and experience in investment and mergers and acquisitions will be useful and consistent with Nam Long Group's growth plan.

“This year we will strive to build an effective corporate operating system by strengthening our capital structure and improving capital mobilisation, as well as improving product quality. The Vietnamese real estate market is similar to markets I experienced many years ago, and I believe in the sustainable development of the group,” the new CEO said.

In 2023, Nam Long Group boasted a healthy financial structure, a reputable brand image, and a product structure that meets market needs has achieved some remarkable results, such as the on-schedule delivery of around 1,610 products, with a recorded handover revenue of $291 million. Its profit after tax was $20.1 million, reaching 82 per cent of the year plan.

Furthermore, Nam Long Group successfully issued around $20.8 million bonds for Orient Commercial Joint-Stock Bank.

To realise its growth strategy, it has overseen the formation of legal entities Nam Long Land (land development, housing projects and urban areas) and Nam Long Commercial Property (commercial real estate development).

The group also completed the corporate management framework consulted by E&Y and human resources and welfare policies consulted by Mercer.

Nam Long is a corporation with over three decades in real estate development in Vietnam, making an impressive mark in the segment of affordable housing and integrated urban areas. Nam Long pursues a sustainable business philosophy with the mission of creating a living environment and valuable products for the community, dedicated to accompanying Vietnam's development.

Currently, Nam Long Group's total assets are more than $1.19 billion in 11 urban areas and projects with available land of more than 680ha.

The group has various international shareholders and strategic partners, including Nam Viet Ltd. of Goldman Sachs, International Finance Corporation, Ibeworth of Keppel Land Group, Mekong Capital, and two Japanese corporations with more than 100 years of history in Nishitetsu and Hankyu Hanshin.

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