Vietnam's leading developer Novaland divests from series of major projects
Novaland, a major real estate developer in Vietnam, said it had completed the transfer of a 49% stake in its subsidiary Gia Duc Real Estate Co. Ltd., in a deal worth nearly VND1.73 trillion ($65.98 million) in June.
Gia Duc is the developer of a portion of the 286-hectare Phoenix Island - the largest subdivision within Novaland’s Aqua City megaproject in the southern province of Dong Nai.
Novaland (HoSE: NVL) had acquired the company in 2017 for nearly VND2 trillion ($76.27 million).

Illustration of Phoenix Island - the largest subdivision within Novaland’s Aqua City megaproject in Dong Nai province, southern Vietnam. Photo courtesy of the company.
As of June 30, the group’s ownership in the subsidiary fell to 53.99% from 100% at the end of 2024, according to Novaland’s consolidated Q2 financial statement.
Phoenix Island was formerly part of the Phuoc Hung urban area, located next to Aqua City - Novaland’s flagship megaproject.
In late 2020, Long Hung Agricultural Services and Construction Cooperative transferred part of the Phuoc Hung project to a series of companies affiliated with Novaland Group, including An Khang Real Estate Development Co. Ltd., No Va Real Estate JSC, Gia Duc Real Estate Co. Ltd., Thanh Nhon Real Estate Investment Co. Ltd., and Dai Phat Real Estate Development and Investment JSC.
After taking over the site, Novaland rebranded the development as Phoenix Island, planning more than 6,000 real estate units under the project.
Gia Duc is listed as the developer of subdivision 3, which spans over 414,000 square meters and carries an estimated investment of VND2.6 trillion ($99.15 million).
To fund the project, the company issued VND1.3 trillion ($49.58 million) in 10-year bonds in 2021. As of end-2024, its financial report showed total liabilities approaching VND6 trillion ($228.61 million), against nearly VND3.5 trillion ($133.47 million) in equity.
In addition to the above deal, Novaland earlier this year divested a 19% stake in Aqua City Co., the developer behind its namesake project, raising VND973 billion ($38 million). It sold 40% of No Va My Dinh, the entity tied to a major project in Ho Chi Minh City’s Cat Lai ward, for over VND8.6 trillion ($335 million).
In Q2/2025, Novaland posted net revenue of nearly VND1.94 trillion ($73.96 million), up 22% from a year earlier. The company posted a net loss of VND190 billion ($7.24 million), narrowing sharply from the VND6.73 trillion ($256.63 million) loss in the same period last year.
In H1, Novaland recorded consolidated revenue of VND3.72 trillion ($141.85 million) from sales and services.
Net revenue from property sales rose 81% year-on-year to nearly VND3.42 trillion ($130.41 million), driven by handovers at projects including NovaWorld Phan Thiet (Lam Dong province), Aqua City (Dong Nai province), NovaWorld Ho Tram, Sunrise Riverside, and Palm City (all in HCMC). Service revenue totaled VND291 billion ($11.1 million).
The company posted a consolidated post-tax loss of VND666 billion ($25.4 million), mainly due to foreign exchange losses and other non-core activities - a sharp improvement from the VND7.33 trillion ($279.56 million) loss in the same period last year.
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