Novaland prepares to resume home sales in HCMC with The Grand Manhattan project

Vietnam's leading developer Novaland is preparing to resume residential sales in Ho Chi Minh City through its flagship The Grand Manhattan project after years of legal delays, with apartment handovers scheduled to begin in the third quarter of 2026.

The project is seen as marking Novaland's return to the city's primary residential market after several years focused on resolving legal issues and restructuring its finances.

Novaland (HoSE: NVL) on Monday hosted a site tour of The Grand Manhattan at 100 Co Giang street in Ho Chi Minh City's Cau Ong Lanh ward.

Located on the corners of Co Giang and Co Bac streets in the city's central business district, The Grand Manhattan is one of the few remaining large-scale luxury mixed-use developments in downtown HCMC.

The project spans approximately 14,000 square meters and comprises three 38-storey towers with more than 1,000 apartments, alongside retail space, a five-star hotel, and on-site amenities.

Novaland launched the development in 2018 and originally planned to hand over units between 2020 and 2021. Construction, however, was delayed for several years due to legal issues.

Company executives said the project has recently cleared key legal hurdles and fulfilled its related financial obligations. Novaland is now working with authorities to complete the remaining administrative procedures required for issuing ownership certificates to buyers.

Construction has also entered its final phase. Novaland and main contractor Ricons are carrying out work simultaneously across all three towers, with apartment deliveries expected to begin in the third quarter of 2026.

Novaland said secondary market prices at The Grand Manhattan are currently above VND200 million ($7,600) per square meter. The developer still has around 300 apartments yet to be launched and plans to release them in phases based on market conditions.

The company expects the project to support the resumption of its sales activities in HCMC, where the supply of luxury apartments in the city center remains limited.

Growth strategy

According to Novaland's July business update, several other projects have also made progress during the first half of the year.

The developer sold 199 units, handed over 341 properties, and issued 1,030 ownership certificates to customers during the period.

At Victoria Village in HCMC, apartment handovers began in late June. At Aqua City in Dong Nai province, construction has started on the first 346 low-rise homes in the Phoenix South subdivision, with Taiwanese contractor Ho Team expected to complete the work in September.

At NovaWorld, the company recently broke ground on a 5,400-square-metre healthcare facility scheduled to begin operations in 2027.

Novaland's management said that while the 2022-2024 period focused on resolving legal bottlenecks and improving liquidity, the company's priority from 2025 onwards is to complete projects, fulfil commitments to customers, and restore business growth.

The developer said it has gradually strengthened its financial position, with most key projects securing funding commitments from banks and financial institutions in line with construction schedules.

The company has also restructured its funding sources to achieve a more balanced mix of bank financing, operating cash flow, revenue from property handovers, and investment partnerships.

Novaland plans to gradually relaunch projects during 2026-2027, depending on market conditions and the legal progress of each development. The company views the period as a transition from restructuring to a new phase of sustainable growth.