Nam Long Investment JSC accomplished approximately 35% of 2022’s plan after 5 months

Nam Long Investment JSC accomplished approximately 35% of 2022’s plan after 5 months

In the first 4 months of the year, NLG's sales revenue reached VND 5,800 billion, mainly from Mizuki project (more than VND 1,700 billion), Flora Akari project (VND 1,900 billion), Izumi City - Dong Nai project (more than VND 1,330 billion), Southgate and Nam Long Central Lake Can Tho (VND 1,000 billion).

In May alone, NLG's sales were recorded at VND 2,000 billion, mainly from the townhouses and villas at Waterpoint and The Mizuki. Thus, NLG’s accumulated revenue in the first 5 months is estimated at over VND 7,800 billion, fulfilling nearly 35% of the 2022’s sales target.

In 2022, NLG plans to reach revenue of VND 23,000 billion, 4 times higher than the 2021’s results of VND 5,927 billion.

2022 is considered a milestone for NLG as the company celebrates 30 years of establishment after many ups and downs of the real estate market. Marking the 30-year milestone, NLG sets a revenue target of VND 7,151 billion, 37% higher and net profit surpassing the trillion mark for the first time, reaching VND 1,206 billion, 13% higher compared to 2021.

Source: VietstockFinance

To achieve the target, NLG will continue to deploy a series of large townships in the coming time such as Southgate (Waterpoint phase 1 - 165 ha), Mizuki (26 ha), Izumi City (170 ha), Akari, Nam Long - Can Tho (43 ha), Nam Long Dai Phuoc (45 ha), etc. with the goal of total sales reachingUSD 2 billion in the next 3 years.

Sale opening for phase 2 of Akari project in July, receiving trillions from IFC

According to Nam Long, in July 2022, the Company will open sales for 800 apartments of Akari phase 2 and 60 villas of Waterpoint project, totaling an estimated value of VND 3,700 billion.

In addition, the Group has completed the procedures to receive an investment of VND 1,000 billion from the International Finance Corporation (IFC).

Previously, IFC, a member of the World Bank, announced that it would buy VND 1,000 billion worth of Nam Long’s bonds. The bond has a maximum term of 7 years, the collateral includes NLG's shares in the subsidiary Nam Long VCD and the joint venture company NNH Mizuki. The fixed annual interest rate is calculated by the total fixed base interest rate in VND plus the margin of 3.5%/year. The company pays bond interest every 6 months and the bond principal is divided equally into 3 payment periods every 3rd, 5th and 7th years.

Nam Long said it will use the proceeds from the bond issuance for Waterpoint phase 2, an integrated township development project in Long An province, including green public space, sports, schools, universities, medical facilities, as well as transportation, retail and office buildings.

Nam Long’s Waterpoint project

“The IFC investment will enhance our capacity to provide more housing to Vietnam's expanding middle-income population. In addition, more than 5,000 apartments of Waterpoint phase 2, built according to IFC's EDGE green building standards - Design Excellence for Greater Efficiency, will help address the severe housing shortage in Vietnam in a sustainable manner,” said Tran Xuan Ngoc, General Director of Nam Long.

Source: vietstock.vn