Gelex Infrastructure to expand industrial land bank for growth

Gelex Infrastructure to expand industrial land bank for growth

Gelex Infrastructure JSC has announced a major expansion of prime land banks in Haiphong, Dong Nai, and potentially Ho Chi Minh City to complement core IP and construction material segments.

At the company's AGM in Hanoi on June 26, Gelex management unveiled plans to secure additional prime land banks through the build-transfer mechanism. Board chairman Le Tuan Anh outlined the strategic shift to shareholders.

“The company’s goal is to increase the scale of funding while building a development platform capable of implementing large-scale infrastructure projects, with long-term commitments and increasingly high management requirements,” he said.

The land bank expansion features the AnMaison project covering 13.6 hectares in the central downtown area of Haiphong, developed in cooperation with Frasers Property Limited.

The site has received a sales permit, with launches guided for late this year or early next year.

In addition, Gelex expects to acquire a site covering 113ha near Long Thanh International Airport in Dong Nai following guidance for the second quarter.

Groundbreaking for the Dong Nai project is anticipated by the end of the year, with a focus on meeting real demand following commercial operation of the airport.

Gelex is also conducting feasibility studies for transit-oriented development projects in Ho Chi Minh City, seeking further land bank expansion having real demand.

These new residential ventures will supplement Gelex's core business pillars. The industrial park segment targets a land bank expansion of roughly 2,000ha by 2030.

Meanwhile, the building materials division is experiencing a robust recovery, particularly in building glass, which saw revenue soar following the introduction of anti-dumping tariffs on imported construction glass products by the Ministry of Industry and Trade in February.

In the utilities segment, Gelex has secured investment approval for a 129 MW near-shore wind project in Can Tho as part of its 800 MW pipeline, while seeking a partner for commercial operation by 2030. The company is also exploring equity investment options for a data centre within Long Son Industrial Park.

To finance this large-scale expansion cycle and restructure debt linked to the airport venture, shareholders approved a private placement of 100 million new shares, aiming to raise an estimated $132 million. No dividends will be paid for 2025 and the current financial year.

The company’s management targeted a net revenue of $664 million for this year, representing an increase of 16 per cent from 2025, while projected profit before tax is set at $46.3 million. This follows preliminary first-half results for 2026, which yielded revenue above $320 million and a profit before tax of $39.2 million.

VIR