In a recent business update, Novaland (NVL) announced it delivered a total of 342 products in the first half of the year, a 35% decrease compared to the same period last year. The primary focus for these deliveries was Aqua City and projects in central TP HCM. By the end of June, the company had delivered approximately 6,841 products to customers.
Company leadership indicated that the peak of implementation, encompassing both legal procedures and construction, is set for the second half of the year. Consequently, Novaland plans to hand over 2,265 homes to customers during this period. This figure is 6,6 times higher than the company's performance in the first six months of this year, with Victoria Village and Aqua City being two key projects.
If successful, the total number of products delivered by the company cumulatively by the end of this year will exceed 9,100 homes. This represents approximately 21,2% of the total products across all projects Novaland is currently developing.
| Central TP HCM projects | 7.157 | 3.583 | 1.539 |
| Aqua City | 13.173 | 1.212 | 654 |
| NovaWorld Phan Thiet | 18.467 | 1.500 | - |
| NovaWorld Ho Tram | 4.215 | 546 | 72 |
The company has set an ambitious delivery schedule for the final months of the year, as legal procedures for its projects are nearing completion. Aqua City, considered a vital project for NVL, recently finalized its 1/500 planning. Novaland's leadership stated that in the third quarter, they will proceed with land use fee payments for all subdivisions. Regarding construction permits, the Aqua Riverside City, Aqua Marina City, and Phoenix Island subdivisions are complete, while Aqua Waterfront City and Aqua City subdivisions are expected to finish this quarter.
Sales permits are partially available for Aqua Waterfront City, Aqua Riverside City, and Aqua City. These subdivisions are also anticipated to receive ownership certificates in the second half of this year. According to Novaland, the remaining two subdivisions will begin to qualify for sales from the third to fourth quarter of this year and are expected to receive ownership certificates by the end of next year.
Alongside legal efforts, the company is intensifying construction progress. By the end of June, Novaland had secured total credit limits exceeding 33,400 billion VND from banks and financial partners for project construction. The company disbursed over 9,000 billion VND, leaving nearly 24,400 billion VND available. Of the remaining limit, Novaland allocated 63% to Aqua City, equivalent to more than 15,400 billion VND.
The Aqua City urban area in Dong Nai province spans nearly 1,000 hectares and features almost 13,200 products. Novaland launched this project in mid-2019, with Chairman Bui Thanh Nhon previously calling it a "key, vital project" for the company.
However, from 2021, the entire project experienced a temporary halt due to issues with planning adjustment approvals and disagreements over social housing land funds. Aqua City was restarted in mid-2023, with construction and sales activities subsequently accelerating.
Despite securing various capital sources, Novaland's financial health has not fully recovered. CEO Duong Van Bac shared with VnExpress in July that cash flow pressures and maturing debts remain challenges amid a difficult real estate market.
By the end of June, total financial debt reached a record high of over 72,900 billion VND. Short-term liabilities accounted for nearly 30,500 billion VND. The company incurred over 1,400 billion VND in financial expenses, with nearly 180 billion VND attributed to interest payments.
Tat Dat