Novaland reports $775 million turnover for 2018
Novaland reports $775 million turnover for 2018
Leading property group Novaland expects to have a turnover of VND17.813 trillion ($774.48 million) in 2018.
According to Nguyen Thai Phien, project finance director, Novaland’s turnover in the third quarter of this year was VND2.443 trillion ($106.2 million), an increase of 2 per cent compared to the same period of last year.
Total turnover and cumulative profit in the first nine months of this year were estimated to grow by 17 and 25 per cent, respectively, against the same period of last year.
However the after-tax-profit in the first nine months of 2018 increased by 5 per cent only, impacted by a decrease in its financial turnover and increasing loan interest.
The pure 2018 turnover of the company, therefore, was estimated at VND17.813 trillion ($774.5 million), achieving 82 per cent of the annual plan and up 53 per cent on-year.
Apart from the turnover, Novaland also expects to have an additional VND6.4 trillion ($278.3 million) which has been not reported in 2018 and will be moved to 2019, because it comes from projects which have not yet finished the legal documentation. This sum will contribute a great deal to the group’s turnover in the first quarter of 2019.
By the end of 2018, Novaland will hand over around 5,000 property products of all types, from a range of projects such as The Sun Avenue (District 2), Wilton Tower (Binh Thanh district), Golden Mansion, Orchard Parkview, and Newton (Phu Nhuan district), Botanica Premier (Tan Binh district), and Sunrise Riverside (District 7).
This month Novaland will introduce the luxury apartment project called The Grand Manhattan in District 1.
Located at a golden venue at the heart of District 1, Ho Chi Minh City, The Grand Manhattan will offer 1,000 luxury apartment units for long-term owners. It is built on an area of more than 14,000 square metres and is sold at the average price starting from $6,000 per sq.m.
Specifically, in line with the nation’s tourism development strategy, Novaland is also implementing the second phase of its development plan, driving more towards tourism-vacation investment in potential cities like Can Tho, Ba Ria-Vung Tau, Phan Thiet-Binh Thuan, and Cam Ranh-Khanh Hoa. All of these cities will create more attractive destinations of international standards in the coming time.
In Mui Ne-Phan Thiet, the group is launching NovaHills Mui Ne Resort & Villas with 600 villas built with pish architecture.
