The Japanese corporation poured VND 1,900 billion to buy a high-rise building project in Ho Chi Minh City

Phat Dat Real Estate Development Joint Stock Company (PDR) said the deal was completed a few days ago and they just announced the transfer partner this afternoon. The negotiation process lasted more than a year.

Mr. Nguyen Van Dat, Chairman of the Board of Directors of Phat Dat, once gave many compliments to the Japanese partner for its financial and management capacity, but did not disclose detailed information when the deal had not yet been “closed”. In Vietnam, Mitsubishi Corporation has been involved in the real estate sector for more than 10 years.

Thuan An 1 is one of two component projects of a high-rise real estate complex on an area of ​​4.4 hectares. This project has an area of ​​1.8 hectares in Thuan Giao ward (HCMC), including 39 floors, 3 basements with nearly 2,700 apartments and shophouses. Thuan An 1 was granted a certificate of land use rights, ownership of houses and other assets attached to land in May 2025.

Sharing at a recent investor meeting, Mr. Dat affirmed that the company made this deal proactively, not because of a lack of cash flow. The amount of more than 1,900 billion VND helps them reduce long-term capital to focus on one project, and has more resources to balance debt.

Mr. Dat added that Mitsubishi Corporation will transfer money “in a short time”. According to the terms of the agreement, the Japanese partner committed to purchasing the Thuan An 2 project after completing the first deal. The value of the following deal is estimated at more than 2,000 billion VND.

According to the financial report published at the end of last month, Phat Dat recorded accumulated revenue last year of more than 1,320 billion VND, an increase of more than 60% over the same period. Profit after tax was more than 3 times higher than the previous year, reaching 515 billion VND, largely thanks to liquidation of investments. The company currently has assets of more than 27,270 billion VND, an increase of nearly 14% compared to the beginning of last year. Liabilities are approximately 14,850 billion VND, an increase of nearly 2,000 billion VND.

Phat Dat said they are putting resources into key markets such as Ho Chi Minh City (including the old Binh Duong area and Ba Ria – Vung Tau) and Dong Nai.