Developer Phat Dat, Realty Holdings ink cooperation pact underneath $1.6 bln plan

Phat Dat Real Estate Development Corporation will sell two projects with over 7,000 units to Realty Holdings Real Estate Business and Services Corporation under a strategic cooperation agreement signed Sunday.

All units of the Thuan An 1 & 2 High-rise Residential Complex in the southern province of Binh Duong and the Bac Ha Thanh Urban Area in the central coastal province of Binh Dinh will be sold.

Phat Dat, listed on the Ho Chi Minh Stock Exchange (HoSE) as PDR, will manage cash flow during Realty Holdings’ sales operations, subject to meeting all legal requirements.

Thuan An 1 & 2 High-rise Residential Complex, situated on Nguyen Thi Minh Khai street in Thuan An city, Binh Duong province, covers a total area of 4.46 hectares and has 5,970 units. Construction began in January 2024 and is progressing rapidly, with phase 2 construction underway as of April.

Bac Ha Thanh Urban Area, strategically located facing National Highway 19 in the heart of the new urban center of Tuy Phuoc district in Binh Dinh province, spans 43.16 hectares and has 1,422 units. Work has begun following land allocation and construction permit issuance in October 2023.

The two projects are among four to six projects worth VND30-40 trillion ($1.18-1.57 billion) covered by the company’s 2024 plans.

In line with its motto of being “Ready for new opportunities,” Phat Dat is completing legal procedures for its projects, maintaining stable cash flow through sales, and actively seeking prime land lots for new developments.

It has targeted after-tax profits of VND880 billion ($34.57 million) this year.