HCMC-based developer Phat Dat unveils six new projects in 2026 amid stock plunge

Phat Dat Real Estate Development Corporation (HoSE: PDR), a major real estate developer in Ho Chi Minh City, has announced plans to launch six new projects in 2026, setting targets of nearly VND44.85 trillion ($1.7 billion) in revenue and over VND11.81 trillion ($448.9 million) in after-tax profit for the 2026-2030 period.

Over the past two months, amid a downtrend in the stock market, PDR shares of Phat Dat have tumbled from VND27,000 ($1.03) per share to VND19,700. The ticker even hit the floor price of VND19,700 last Friday amid heavy selling, with trading volume reaching 18.1 million shares, 2.4 times the previous session.

In this context, Phat Dat’s board of directors on Friday approved a resolution outlining projects to be implemented in 2026 and the company’s five-year business plan for 2026-2030.

For next year, the BOD has tasked the management team with developing and ensuring sales for six projects covering a total of 62.4 hectares. These include the Han River project in Danang city, Bac Ha Thanh in Gia Lai province, Thuan An 1 in Ho Chi Minh City, Poulo Condor tourism project in HCMC’s Con Dao special zone, and apartment blocks at 239 Cach Mang Thang Tam.

Phat Dat projects total revenue from these six projects at nearly VND35.53 trillion ($1.35 billion), excluding financial income from the high-rise residential complex Thuan An 1.

For 2026, the company expects revenue of VND3.54 trillion ($134.57 million) and net profit of over VND1.03 trillion ($39.22 million).

Of the total revenue of nearly VND44.85 trillion ($1.7 billion) targeted for the 2026-2030 period, over VND42.34 trillion is expected from project development and nearly VND2.31 trillion from financial income generated by the Thuan An 1 and 2 high-rise residential area complex.

For 2025, under the previously approved annual plan, Phat Dat targeted revenue of VND3.3 trillion ($123.42 million) and after-tax profit of VND728 billion ($27.67 million). After nine months, the company had achieved only 27.6% of the profit target.

In Q4, the firm has launched a series of M&A activities aimed at exceeding the year’s targets. Notably, it transferred 99% of its shares in Bac Cuong Investment JSC - owner of a 2,700-square-meter plot at 223-225 Tran Phu street, Danang - at a price of no less than VND1.1 trillion ($41.8 million).

Simultaneously, the board approved the sale of 79% of the Thuan An 1 project in the former Binh Duong province (now part of Ho Chi Minh City after their July merger).

Although the transaction value was undisclosed, Phat Dat revealed in its December investor update that it had received a deposit from an international partner. The company then raised its stake in the project to 20%, demonstrating its commitment to accelerating the legal and development process.

Phat Dat began construction of Thuan An 1 in 2024. The Thuan An 1 and 2 high-rise residential area complex is the company’s largest-scale project in the former Binh Duong province.

By the end of Q3/2025, the unfinished inventory value for Thuan An 1 and 2 had reached over VND3.19 trillion ($121.35 million), ranking second in Phat Dat’s portfolio, just behind The EverRich 2 in HCMC at nearly VND3.6 trillion.