Novaland shares hit ceiling price after HCMC project resumption

NVL shares of Novaland, one of the major real estate developers in Vietnam, hit its ceiling price of VND14,150 ($0.54) on Monday, following news that its The Park Avenue project in Ho Chi Minh City resumed construction after eight years of delay.

The stock traded rather quietly during the morning session, but strong buying demand emerged later in the day, pushing it to the ceiling price, with 7 million shares ordered at this level.

On Sunday, Novaland held a ceremony to restart construction of The Park Avenue high-end residential-commercial-service complex, located on the frontage of Ba Thang Hai street, Phu Tho ward (formerly District 11). The event marked an important milestone for the project following the completion of its legal procedures.

The project was granted a permit for underground construction and commenced in 2016, with the basement works accepted in October 2017. However, it was not until August this year that the project received a construction permit for the superstructure, and construction officially resumed in December.

To date, The Park Avenue has completed basic infrastructure items, including the foundation and basement levels. Immediately after the relaunch event, contractors will focus resources on implementing subsequent construction phases, working closely with the developer to ensure progress and quality in line with the approved plan. The project expected to be topped out by the end of 2026.

The complex is being developed by Novaland as an integrated residential-office-commercial-service complex, comprising two 32-story towers, a five-story commercial podium, and three interconnected basement levels with a total basement floor area of approximately 20,000 square meters. Upon completion, it is expected to supply nearly 1,000 high-end real estate products to the market.

Alongside The Park Avenue, several other Novaland projects in central HCMC are also accelerating completion, including Victoria Village and The Grand Manhattan.

During the 2025-2026 period, the company expects to hand over approximately 10,500 ownership certificates to residents at projects such as Sunrise Riverside, The Sun Avenue, Kingston, Sunrise City North, Palm A1, Garden Gate, Lexington, Lucky Palace, Tropic Garden 1, Tresor, Rivergate, Golden Mansion, and Lakeview City.

The VN-Index, which represents the Ho Chi Minh Stock Exchange, closed at 1,758.84 points on Monday, up 1.45% from Friday, mainly driven by the regaining of Vingroup ecosystem stocks after hitting the floor prices in the previous sessions.

The Vingroup tickers plunged last week after the conglomerate announced its withdrawal from the North-South high-speed railway project.