Nam Long recently completed the transfer of 25% of capital at the Dai Phuoc project to its Japanese partner, Nishi Nippon Railroad, resulting in a profit of 200 billion VND. The Paragon Dai Phuoc project, part of the Dai Phuoc project developed by DIC Corp, is expected to continue investments until 2027. So far, the project has completed site clearance compensation, received land use rights certificates, and plans to develop high-end semi-detached and single villas among other products.
Nam Long has been collaborating with Japanese partners on project development since 2015, and at the Paragon Dai Phuoc project, they have been working with Nishi Nippon Railroad since 2021. This Japanese company is a subsidiary of Nishitetsu, a multi-industry corporation with over 100 years of experience in real estate, hotels, transportation, and logistics.
In the first quarter of the year, Nam Long recorded revenue of around 205 billion VND, which was an improvement compared to the same period last year when it recorded revenue of around 193 billion VND. Despite this progression in revenue growth over time, the profit after tax was negative 65 billion VND due to unexpected expenses from ongoing projects and rising costs in raw materials and labor. However, Nam Long aims to achieve a profit target of over 500 billion VND for this year by focusing on affordable housing development and selling over 3,000 products this year.
The Nam Long Dai Phuoc project is situated on Dai Phuoc island in Dong Nai province. With a scale of 45 hectares