Mitsubishi Corp acquires Phat Dat’s residential project in HCMC for $73 mln

Japan’s Mitsubishi Corporation has acquired the Thuan An 1 high-rise residential project from Vietnamese developer Phat Dat Real Estate Development (HoSE: PDR) in a deal valued at more than VND1.9 trillion ($73.16 million).

The transaction was completed a few days ago following negotiations that lasted more than a year, Phat Dat said on Wednesday.

Chairman Nguyen Van Dat said the transaction was executed from a position of strength rather than financial distress, adding that the proceeds would help rebalance the group’s capital allocation and ease debt pressure. Mitsubishi is expected to transfer the funds shortly, he added.

Following the deal, Mitsubishi Corporation, which has been active in Vietnam’s property market for more than a decade, talks full ownership of Thuan An 1, one of two component projects within a 4.4-hectare high-rise residential complex in Ho Chi Minh City.

Thuan An 1 covers about 1.8 hectares in Thuan Giao ward and comprises nearly 2,700 apartments and shophouses. The project received land-use right and ownership certificates in May 2025.

Under the agreement, Mitsubishi has also committed to acquiring the adjacent Thuan An 2 project after completing the first transaction. That follow-on deal is estimated to be worth more than VND2 trillion ($77.01 million), Phat Dat said.

In 2025, Phat Dat posted VND514.7 billion ($19.82 million) in net profit on a revenue of VND1.33 trillion ($51.04 million), up 213.6% and 61.3% year-on-year, respectively. The company achieved about 40% of its revenue target and 71% of its profit goal for the year.

Chairman Dat said Phat Dat expects profit to double in 2026 despite higher interest rates, supported by strong expected sales and project handovers.

As of end-2025, total assets hit VND27.27 trillion ($1.05 billion), and liabilities stood at VND14.85 trillion ($571.88 million).

PDR shares ended down 2.58% to VND17,000 each ($0.65) each on Friday.