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Wednesday, September 28, 2022

PDR seeks to transfer property project

The Saigon Times

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HCMC – Phat Dat Real Estate Development JSC (PDR) has a plan to transfer the Astral City commercial center and apartment complex project in Binh Duong to earn VND3.34 trillion.

The deal is expected to help PDR reach its pre-tax profit target for this year, at over VND3.6 trillion.

The transfer of the project is part of the company’s plan to restructure its investment portfolio in the 2019-2023 period and expand the combined area of accumulated land in HCMC, Ba Ria-Vung Tau, Danang and Binh Duong.

PDR currently owns more than 5,800 hectares of land. If industrial park land is taken into account, the total area will be over 7,400 hectares.

According to PDR, the company’s capital flow will improve after the transfer of the Astral City project.

In HCMC, PDR has approved the acquisition of an 89% stake at Hoa Binh Investment Real Estate JSC, which currently manages a land lot at 197 Dien Bien Phu Street in Binh Thanh District.

If successful, Phat Dat will have the right to develop and operate the Hoa Binh-Thanh Yen complex project covering 4,200 square meters on the land lot and including 28 floors and two basements.

This year, PDR will launch over 12,000 products worth VND32 trillion. Of which, a project in Ba Ria-Vung Tau was expected to fetch VND12 trillion, projects in Binh Duong, VND17 trillion, and another in Binh Dinh, VND3 trillion.

The company will launch even more products in 2023 to yield VND5.7 trillion in profit.

PDR closed the trading session today, June 24, up 0.57% at VND52,500.

On the Hochiminh Stock Exchange, the VN-Index slid 0.29%, or 3.4 points, from the session earlier, at 1,185.48. There were nearly 478.7 million shares worth VND10.18 trillion changing hands.

The HNX-Index of the northern bourse fell 1.25 points, or 0.45%, at 275.93 at the close.

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