VinaLand’s annual report says its NAV fell by 0.7% from 92 cents to 91 cents over the year that ended on 30 June 2015. The share price fell by 6.8% to 52 cents. $16m worth of shares were bought back during the year or 28.6m shares.
Within the residential portfolio, more than 279 sales and purchase agreements secured, compared to 130 agreements signed last year. The Ocean Apartments includes 46 modern-designed condominiums of 1-2 bedrooms ranging from 71 to 133 square meters in size. The development allows owner’s access to all facilities within the award-winning Danang Beach Resort and connected golf course. Since the project’s re-launch in Q2 2014, numerous sales events have been undertaken over the past 12 month period, and by the end of Q2 2015, nearly 85 percent of the building had been sold with only seven apartments still available for sale.
The Azura Apartment Tower project (pictured) has seen a substantial increase in sales activity since the completion of an adjoining retail mall that saw construction commencement late in Q4 2014 and its completion in early July 2015. During FY 2015, Azura recorded positive selling momentum with 50 new sale contracts. To date, VNL has sold 206 of 225 available units (including signed sale and purchase agreements). In Q4 2014, Azura was awarded the 5 Star award for “Best Residential High-Rise development – Vietnam” at the 2014/15 Asia Pacific Property Awards. Future projects on the Capital Square site are now being reviewed given that the local real estate market has strengthened.
In Q2 2015, project sales at Dai Phuoc Lotus increased resulting in approximately 215 sales and purchase agreements signed out of 270 villas launched. 180 villas have now been handed over to buyers. All infrastructure works to Zone 5 are now complete with some additional recreational facilities required to be developed in the latter parts of 2015 in order to secure a sell-out of Parcel 5 within the next 12 to 18 months. VNL worked with its JV partner to revise the overall 1:500 master plan for the site.
At the My Gia Township project in Nha Trang city, as infrastructure is being progressively completed, land lot sales have also begun to improve. To date, more than 692 of the 733 land plots launched have been sold. The strategy is to proceed slowly with development and sales in Parcel 2 and divest the remaining parcels to prospective investors. The Company will continue to promote and leverage the VinaLiving brand to assist in selling its residential projects comprising land, condominiums, and landed houses.
VNL : VinaLand NAV flat