Novaland to focus on tourism
Property developer Novaland Group is studying new trends and demands in the hospitality segment to bring more value to shareholders, its general director, Bui Xuan Huy has said.
Speaking at the company’s annual general meeting (AGM) in HCM City recently, he said the hospitality market is developing strongly in the country and the company has been seeking to collaborate with professional consultants and operators to develop destinations for both domestic and foreign tourists.
It is developing NovaTourism, and hospitality would be one of its main focuses in 2019-23 in addition to housing and urban areas, he said.
NVL said 75 per cent of its 2,700ha of lands would be used to develop tourism projects, and the rest would be used for housing projects.
This year it promised to bring 2,000 hospitality products into the market.
The main projects it has been developing in recent times include the 1,000ha NovaWorld Phan Thiet in Binh Thuan Province.
In the housing segment, NVL said it would continue to focus on HCM City and neighbouring areas, launching 4,500 new housing products this year and handing over 5,900 others.
It tabled its 2018 results and plans for 2019 at the AGM.
Last year revenues were up 31 per cent to VND15.3 trillion (US$671 million).
Profit after tax surged 58 per cent to VND3.3 trillion.
Last year NVL handed over 4,589 condos to buyers, a 28 per cent rise from 2017, at giant projects such as The Sun Avenue, Sunrise Riverside, Richstar, and Wilton Tower.
The company targets revenues of VND18 trillion this year and profit of VND3.3 trillion, respectively up 17.7 per cent and 0.7 per from 2018.
Novaland has in the last 25 years developed over 40 projects in many segments like housing, office-tel and urban areas.
It entered the tourism sector recently.