Nam Long profited 200 billion VND thanks to selling project capital to Japanese partners

Nam Long earned a profit of 200 billion VND after completing the transfer of 25% of capital at the Dai Phuoc project (Dong Nai) to a Japanese partner.

Nishi Nippon Railroad – a Japanese strategic partner, acquired a quarter of the capital in the Nam Long Dai Phuoc project for 662 billion VND. Thanks to that, Nam Long is estimated to be able to earn about 200 billion VND in profit after tax. This profit will be recorded in the company’s second quarter business results.

Nam Long Dai Phuoc project (trade name Paragon Dai Phuoc) has a scale of 45 hectares located on Dai Phuoc island, Nhon Trach district, Dong Nai province. This area is surrounded by the Saigon River and adjacent to Thu Duc City (District 2, former District 9), Ho Chi Minh City. The investor of the project is Paragon Dai Phuoc Company Limited – a joint venture between Nam Long and Nishi Nippon Railroad.

Nam Long began cooperating in project development with Japanese partners since 2015. At the Paragon Dai Phuoc project, the southern real estate giant has cooperated with Nishi Nippon Railroad since 2021. This is a company belonging to Nishitetsu – Multi-industry corporation in the fields of real estate, hotels, transportation, and logistics with more than 100 years of experience in Japan.

At the annual meeting in April, Nam Long leaders informed that the Paragon project is part of the Dai Phuoc project invested by DIC Corp. This project has been extended investment until 2027.

Currently, Paragon Dai Phuoc has completed site clearance compensation, approved 1/500 planning, as well as paid land use fees and received land use rights certificates. According to the plan, this project will develop hundreds of products, mainly high-end semi-detached and single villas.

This year, Nam Long targets revenue of more than 6,650 billion VND and profit of over 500 billion. In the first quarter of the year alone, the company recorded a revenue of about 205 billion VND, down more than 10% compared to the same period in 2023. However, the profit after tax of the southern real estate giant was negative 65 billion VND, while the same period profit was negative. more than 16 billion.

This business focuses on developing affordable housing products because this year’s market is still difficult. The company hopes to sell over 3,000 products this year.

By Editor

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