Phat Dat Real Estate Development Joint Stock Company (PDR) announced this afternoon the completion of a deal a few days prior, revealing the acquiring partner. Negotiations for the transaction extended over a year.

Nguyen Van Dat, Chairman of Phat Dat's Board of Directors, previously praised the Japanese partner for its financial and management capabilities but withheld specific details until the deal was finalized. Mitsubishi Corporation has been involved in Vietnam's real estate sector for over 10 years.

Thuan An 1 is one of two component projects within a 4,4-hectare high-rise real estate complex. Spanning 1,8 hectares in Thuan Giao ward, TP HCM, the project features 39 above-ground floors, three basements, and nearly 2,700 apartments and shophouses. Thuan An 1 received its certificate of land use rights, housing ownership, and other land-attached assets in 5/2025.

Construction site of Thuan An 1 project in mid-2025. Photo: Phat Dat Website

Speaking at a recent investor meeting, Dat affirmed the company pursued this deal proactively, not due to cash flow shortages. The sum of over 1,900 billion VND helps reduce long-term capital concentrated in one project, providing additional resources to balance debt.

Dat added that Mitsubishi Corporation would transfer the funds "in a short time." Under the agreement's terms, the Japanese partner committed to acquiring the Thuan An 2 project after completing the first transaction. The value of the subsequent deal is estimated at over 2,000 billion VND.

According to the financial report released late last month, Phat Dat recorded cumulative revenue last year exceeding 1,320 billion VND, an increase of over 60% year-on-year. After-tax profit more than tripled from the previous year, reaching 515 billion VND, largely due to investment divestment. The company currently holds assets exceeding 27,270 billion VND, up nearly 14% from the beginning of last year. Liabilities totaled approximately 14,850 billion VND, an increase of nearly 2,000 billion VND.

Phat Dat stated it is focusing resources on key markets such as TP HCM (including the former Binh Duong area and Ba Ria – Vung Tau) and Dong Nai.

Phuong Dong