Property developer Novaland appoints first foreign CEO

Housing developer Novaland, a subsidiary of Vietnamese conglomerate NovaGroup, officially appointed Dennis Ng Teck Yow as CEO from Friday.

Replacing Nguyen Ngoc Huyen, the Malaysian national has become the first foreign CEO of Novaland.

Yow boasts nearly 30 years of experience and has held various senior executive positions in business strategy development, project investment and development, personnel development, financial analysis and planning at domestic and international real estate investment and management companies.

In the current challenging context, Novaland, Vietnam’s fourth-biggest listed property developer, is focusing on completing key projects, and handing over houses in phases to customers. At the same time, it is flexibly adjusting plans to deploy project subdivisions to suit the current situation, the company said in a release.

Novaland is also negotiating with credit institutions to arrange capital sources and with localities to remove legal issues facing its projects as soon as possible. It is focusing on completing economic urban areas that contribute to changing the appearance and improving social security in the host provinces and cities.

Novaland has experienced great changes in senior personnel. In early February, NovaGroup chairman Bui Thanh Nhon officially became chairman of Novaland. Shortly after, Bui Xuan Huy, who transferred the chairmanship to Nhon, resigned as a board member.

Later last month, Hoang Thu Chau also left her position as a board member to focus on management at NovaGroup.

Novaland recorded a consolidated revenue of VND11,152 billion ($475.57 million) last year, down 25% year-on-year, and equal to more than 31% of its 2022 revenue target. Its 2022 consolidated after-tax profits totaled VND2,293 billion (over $97.78 million), down 34% year-on-year.

Novaland is listed on the Ho Chi Minh Stock Exchange as NVL. NVL shares closed the Friday trading session at VND11,500 ($0.49) per unit.

Dennis Ng Teck Yow graduated from the University of Hull in the U.K. with a master of business administration (MBA). He is a member of many international finance-banking and construction associations.

He boasts many years of experience in leading the implementation of commercial projects, housing and integrated urban area projects meeting domestic and international standards. He has held senior positions at international corporations in many fields such as business strategy development, human resources development, investment appraisal, finance and accounting.

Before being appointed CEO of Novaland, he was CEO of Gamuda Land Vietnam.