Novaland successfully sells a portion of the company to aid in their expansion.
According to recent news announced on Bloomberg, a group of investors have successfully bought part of Novaland. A property development company based in Ho Chi Minh City, Novaland sold for an impressive USD 120 million accruing to a 10 percent stake of the company. The selling is part of an attempt for Novaland to raise some capital.
In a statement on their website earlier in the month Novaland revealed that they would, “Conduct private placements to prominent financial investors in order to increase the charter capital to VND 6 trillion.”
Novaland are prolific developers in Vietnam with a successful reputation thanks to their string of residential developments. The property market in Vietnam has seen a huge amount of interest of late and this transaction paints an even rosier outlook for the future particularly because it has been reported that the consortium of investors are financial institutions based overseas which signals the global confidence in the Vietnamese property market. This inevitably will pave the way for future investors keen to get in on the action as Vietnamese property becomes an even more inviting asset.
The Novaland Group aim is to be, “A world-class real-estate group which is of high position, strongly developing and contributing to bringing about happy and prosperous living conditions for the Community”. Their ethos is to build but with astute care and attention by incorporating the modern conveniences required for daily life through sustainable living.