Property developer Novaland Group recently announced that it would hereafter focus on the luxury segment.
The Grand Manhattan Project
Since its establishment, the property giant has targeted the mid-level and high-end segments with projects in ideal locations and with convenient transportation.
So far it has developed nearly 40 projects, providing the market with products ranging from condos and villas to houses and urban areas.
To advance closer towards its goal of becoming an upscale developer, the group recently launched a new luxury condo project in the centre of HCM City’s District 1, The Grand Manhattan.
It is located in the most expensive area in District 1, and, when finished, will give the area a facelift.
The apartment project, which will spread over an area of around 14,000sq.m, will comprise around 1,000 luxurious units.
Their prices will start at US$6,000 per square metre.
The Grand Manhattan, in addition to several luxury resorts it plans to launch, clearly shows the group’s international-standard vision in setting up business strategies and operations.
To many customers, housing projects carrying the Novaland imprimatur offer not only ideal accommodation but also many other additional benefits.
Achieving international standards in operating and attracting investment
With the vision of becoming a world-class developer, Novaland keeps abreast of trends in the international market as well as international practices.
The group is now pursuing the United Nations’s 17 goals for sustainable development.
Besides, the group has been making efforts to achieve other international standards like the Organisation for Economic Cooperation and Development’s principles of corporate management and ASEAN corporate governance scorecard in some categories.
It has invested millions of dollars to instal a SAP – ERP (Enterprise Resource Planning) system to support its operations and ensure international standards in information safety.
SAP — ERP also enables the company to set up an effective corporate governance system that meets international standards.
The company always has the interests of its shareholders in mind and is in fact targeting to become the best listed company in the property sector.
It has received support from many partners like GIC of Singapore, Credit Suisse and JP Morgan Asset Management.
Last April Novaland successfully raised US$310 million in the overseas market. It listed $160 million worth of covertible bonds on the Singapore stock exchange and issued 150 million top-up shares. This has been hailed by the regional media.
Global Capital said it was the first time that a Vietnamese company had issued convertible bonds in six years. It has also been the biggest amount raised by a Vietnamese company by issuing bonds or shares.
Novaland has landbank of around 6.5 million square metres. With average development of around 1.2 million square metres of gross floor area per year, that is enough for steady development over the next 7-10 years.
It is notable that Novaland is planning to develop tourism property projects of international standards in promising locations like Can Tho, Ba Ria – Vung Tau, Phan Thiet – Binh thuan and Cam Ranh – Khanh Hoa.
This is related to the country’s tourism development strategy as well as its own strategy.
RiverGate Residence Project in District 4
Azerai Can Tho Resort