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|The New Galaxy project developed by Hung Thinh Land is creating a driving force for the real estate market of Eastern Ho Chi Minh City|
According to the financial information, the company saw its equity capital increase to VND6.1 trillion ($262.33 million) by the end of June 2020, up 57 per cent over the same period last year. The debt-to-equity ratio decreased from 1.81 to 1.62, in which the bank debt-to-equity ratio remained below 1.
Hung Thinh Land posted impressive growth in terms of capital and asset scale since announcing its restructuring strategy of Hung Thinh Corporation. In line with this strategy, Hung Thinh Land has become one of Vietnam’s leading property developers, using Hung Thinh Corporation’s major projects and abundant land reserves as a foundation. After the restructuring, Hung Thinh Land will have a land reserve of 4,500 hectares in Ho Chi Minh City, Hanoi, and other potential localities like Binh Dinh, Khanh Hoa, Binh Thuan, Lam Dong, Dong Nai, Binh Duong,and Ba Ria-Vung Tau. The company is expected to expedite its growth to achieve larger scale in the future.
With large land reserves in prime locations, Hung Thinh Land can ensure its sustainable growth and development in the next 10 years. The company continues to expand its land reserves to capitalise on new opportunities like infrastructure development and surging residential demand. The company is implementing a series of projects including New Galaxy (six blocks of 19-storey buildings in Di An city, Binh Duong), Vung Tau Pearl (four blocks of 33-storey buildings with 1,789 apartments in VungTau city), Grand Center Quy Nhon (a 42-storey tower comprising of 842 apartments and 18 shophouses in Quy Nhoncity, Binh Duong), Quy Nhon Melody (two blocks of 35-storey buildings in Quy Nhon city, Binh Dinh) as well as Saigon Garden Riverside Village (168 garden villas in District 9, Ho Chi Minh City).
|Hung Thinh Land plays an important role in the property ecosystem of Hung Thinh Corporation|
According to the latest report by Vietcombank Securities Company, Hung Thinh Corporation is the second-largest property developer in Vietnam, accounting for a 4 per cent share of Vietnam’s real estate market between 2016 and early 2020. Since its establishment, Hung Thinh has supplied approximately 50,000 residential units to meet demand in diverse segments like apartments, land plots, and luxury villas.
Nguyen Dinh Trung, chairman of Hung Thinh Corporation cum chairman of Hung Thinh Land said that the real estate development arm will follow the orientations of the group to develop property products catering to the residential and investment demand of the Vietnamese people. Hung Thinh Land, along with other member companies under the optimised and sustainable property ecosystem of Hung Thinh Corporationwill maximise their capacity to bring trust, satisfaction, and more practical benefits to customers and partners.”