Restarting many projects with a series of exciting activities, Novaland gradually restores vitality to major cities

With the support of stakeholders, Novaland has completed the restructuring of most of its debts, resulting in positive changes in the financial and legal status of projects, construction progress, and handover. As of June 30, 2024, Novaland 's total outstanding debt to lenders decreased by VND 8,122 billion, equivalent to 13%, compared to December 31, 2022; of which retail bond debt decreased by nearly VND 3,600 billion, accounting for 44.1% of the total debt reduction. In addition, nearly VND 20,500 billion of Novaland's total outstanding debt from foreign loans and privately issued bonds has also been agreed upon for extension and a plan for handling it has been developed. Notably, Novaland officially completed the restructuring of its international convertible bond package worth US$300 million, with the bond term extended to 2027. This demonstrates Novaland's efforts in debt restructuring, business recovery, and maximizing value for stakeholders. At the end of Q2/2024, Novaland recorded consolidated total revenue of VND 7,056 billion, including revenue from sales, services, and financial activities. Net profit after tax reached nearly VND 345 billion. Net revenue from sales reached nearly VND 1,891 billion, a 37% increase compared to the same period last year, generated from handovers at projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, Aqua City, Palm City, Lakeview City, etc.; net revenue from services reached VND 355 billion. Currently, 14 out of 16 projects within the Group's ongoing project clusters are continuing construction with a total construction budget of VND 12,100 billion and are being disbursed in stages. In addition, with the spirit of "harmonious benefits - shared risks," many large contractors have agreed to begin construction first and receive payment after the products are sold, thus supporting Novaland during this difficult period. This helps Novaland's projects be completed early, allowing for product handover to customers and generating cash flow to pay off debts due; while also contributing to changing the local landscape and avoiding waste of social resources. The total value of completed and handed-over products, as well as new sales, is estimated at nearly VND 480,000 billion. In the central Ho Chi Minh City project cluster, Novaland has made efforts to coordinate with relevant parties to resolve legal issues and has achieved some positive results: The Grand Manhattan is awaiting final conclusions after receiving attention from the Government task force and the Ho Chi Minh City authorities to resolve legal issues. Tower B1 of the project has been topped out, and Tower B2 is expected to be topped out in the second half of 2024, with product handover beginning in Q2/2025. More than 1,200 ownership certificates for low-rise houses, apartments, etc., in the Sunrise Riverside project (Southern Ho Chi Minh City) and Victoria Village (Thu Duc City) have been handed over to residents from June 2024 to the end of 2024. The four high-rise towers in Victoria Village are still under construction and are expected to be handed over in Q4/2025. From July 20, 2024, the last two towers, G6 and E2, of Sunrise Riverside have begun handing over apartments to residents.

Novaland is continuously handing over land ownership certificates for projects in the heart of Ho Chi Minh City.

At Aqua City ( Dong Nai ), with the government's attention and coordinated efforts to resolve legal difficulties with relevant agencies, the local adjustment of the Bien Hoa City master plan for area C4 and a part of the urban area west of the Bien Hoa - Vung Tau expressway is expected to be completed in early August 2024. In September 2024, the Cu Lao Phuoc Hung High-Class Commercial and Service Urban Area will restart land leveling and infrastructure construction once the planning steps are complete. Currently, the project has handed over 516 products in its subdivisions. Many subdivisions of the project are continuing to be completed and are expected to begin handing over an additional 891 products in the last six months of 2024.

Aqua City is completing its landscaping and internal and external amenities, gradually becoming a livable urban area in the East of Ho Chi Minh City.

At NovaWorld Ho Tram (Ba Ria - Vung Tau) , as of June 30, 2024, 381 units in The Tropicana and Wonderland phases have been handed over to customers and put into operation for rental, with an occupancy rate of approximately 50% on weekdays and up to 90% on weekends. From now until the end of 2024, Habana Island, The Tropicana, Binh Chau Onsen, etc., will continue to be built and handed over, totaling 243 units. In the near future, more than 12 attractive amusement parks will be put into operation, such as Wonder Museum, Habana Water Park, Pirate Park, Beach Club, Wonder Water Park, Ocean Park, etc., to enhance the visitor experience and contribute to boosting the local tourism economy .

At NovaWorld Ho Tram, the contractor is simultaneously implementing many items, accelerating construction progress, and expecting to bring many amenities into operation in August 2024.

For NovaWorld Phan Thiet (Binh Thuan) , the project has completed the 1/500 detailed planning, with 1,111 units already handed over, over 500 villas operational, and more than 100 units undergoing interior finishing to meet peak season demand with an occupancy rate of over 90%. With diverse amenities such as a 36-hole PGA golf course, an amusement park complex, a chain of hotels and resorts, and a chain of more than 10 beachfront restaurants, over 800,000 visitors enjoyed sightseeing and staying during the Summer Fest festival series in just two months (June-July 2024). This is a positive sign towards realizing NovaWorld Phan Thiet's goal of welcoming 5 million visitors in 2024, significantly contributing to the province's target of 9.5 million tourists . In the near future, when the 2024 Land Law takes effect from August 1, 2024, the project will soon have its specific land prices determined as a basis for calculating land lease fees, construction, and handover of 820 units to residents, simultaneously with the completion and operation of a new chain of amenities such as The Museum; Jack & the Beanstalk theme parks, Fantasy Park… among nearly 40 entertainment and park projects invested in the area.

The NovaWorld Phan Thiet project is currently a leading destination in Southern Vietnam, attracting many visitors for sightseeing and entertainment.

The positive results achieved during 18 months of comprehensive restructuring, along with the goal of completing construction and handing over 2,600 products in the last six months of 2024, represent a significant effort by Novaland to fulfill its commitments to customers, restore investor confidence, and contribute to the sustainable development of the market. A representative from the Group shared that many market difficulties and challenges regarding liquidity and legal completion remain. To quickly recover business operations, thorough guidance from the Government and relevant agencies is needed, as well as continued support from financial partners and customers in the coming period. With this support, Novaland commits to continuing to focus on resolving legal issues and constructing key projects, as well as accelerating financial restructuring, improving its investment portfolio, and prioritizing development plans and destination-building activities. This will bring about concrete financial results to maximize value for shareholders, customers, and stakeholders, contributing to social welfare and the development of the country's tourism economy. Source: https://baophapluat.vn/bds/tai-khoi-dong-nhieu-du-an-cung-chuoi-hoat-dong-soi-noi-novaland-tung-buoc-phuc-hoi-lai-suc-song-cho-cac-dai-do-thi-post520229.html