During the meeting between the State Bank of Vietnam (SBV) and real estate businesses on February 8, Governor of the State Bank, Ms. Nguyen Thi Hong expressed concern regarding the management ability of real estate businesses, especially. There are businesses doing more than 50 projects at the same time.
“I heard leaders of the Ministry of Construction say that there are businesses sitting here that are implementing more than 50 projects at the same time. I also don’t understand if I can simultaneously deploy dozens of projects like that, will I be able to take the initiative when facing difficulties? What is the solution to solve difficulties for all those projects?” – Governor Nguyen Thi Hong said.
Recording business results in 2022 of many real estate businesses, showing that inventories at the end of the year increased sharply, mainly from unfinished construction projects.
The real estate market in most of 2022 faced many difficulties, making the unfinished construction cost of Vinhomes following the end of 2022 to be more than VND 62,000 billion, up 37.8% over the same period last year. 2021.
More specifically, that figure of VND 62,000 billion in unfinished construction costs of Vinhomes includes land use fees, site clearance costs, construction and development costs, especially, mainly located in the Vinhomes project. Long Beach Can Gio, No.1 Urban Area project in HCMC area and Long An area project.
It is known that in dozens of projects that Vinhomes owns, the speed of construction depends a lot on capital. Only the Vinhomes Long Beach Can Gio project with an area of up to 2,870 hectares, is divided into 4 main functional areas such as HeartBay, LifeBay, EcoBay and BlueBay, including resort villas, luxury hotels, condotels need Vinhomes to raise capital up to 10 billion USD.
In addition, this capital will have to be divided equally among the phases of the project, which can last up to the remaining 8 years. Specifically, the Vinhomes Long Beach Can Gio project started construction of phase 1 from 2021 and is expected to be completed and handed over from 2022 to 2024. Phase 2 will be implemented in 2023 and expected to be completed and handed over in 2020. 2024 – 2027. Phase 3 is started in 2027, completed and handed over in 2028 – 2031.
In addition, Vinhomes is implementing many other projects such as, Vinhomes West Point, Vinhomes New Center, Vinhomes Smart City, Vinhomes Grand Park, Vinhomes Marina, Vinhomes Green Villas and Vinhomes Ocean Park Hung Yen…
Another real estate giant, Nova – Novaland Real Estate Investment Group Joint Stock Company (code: NVL) also recorded an inventory of more than VND 134,000 billion, an increase of VND 24,000 billion compared to the previous year. mainly from construction projects in progress.
Currently, Novaland is in the process of implementing a series of projects with a total investment capital of up to billions of USD. In particular, the Aqua City Novaland Dong Nai project is one of Novaland’s key projects, with an area of 1,000 hectares, including townhouses, castles, villas, shophouses, with marina and lake facilities. swimming pool, riverside park, sports area…
