No Va Land Investment Group Corp. · HOSE:NVL

No Va Land Investment — Investor Presentation (May 2019)

58 slides from No Va Land Investment's investor presentation, May 2019

  1. Slide 1: Novaland Group Investor Presentation May 2019

    NOVALAND GROUP INVESTOR PRESENTATION MAY 2019 www.novaland.com.vn 1

  2. Slide 2: Disclaimer

    DISCLAIMER This document and any related presentations have been prepared by No Va Land Investment Group Corporation (“Novaland” or the “Company”) solely for use at its presentation to prospective investors and may not be taken away, reproduced or redistributed to any other person. By attending this

  3. Slide 3: Overview of Novaland

    OVERVIEW OF NOVALAND

  4. Slide 4: Novaland – Dominant HCM Homebuilder Well-Positioned to Tap into Fast Growing Tourism Sector

    NOVALAND – DOMINANT HCM HOMEBUILDER WELL- POSITIONED TO TAP INTO FAST GROWING TOURISM SECTOR ESTABLISHED IN 1992 AND LISTED ON THE HCMC STOCK EXCHANGE (HSX) IN 2016 WITH C.USD 2.6BN AS OF 31ST DEC, 2018, NOVALAND CURRENTLY EMPLOYS OVER 2,000 EMPLOYEES. IN 2018, NOVALAND RECORDED REVENUES OF USD 656M

  5. Slide 5: Successful Evolution and Growth of Novaland

    SUCCESSFUL EVOLUTION AND GROWTH OF NOVALAND  Entered hospitality sector and launched first resort project, Azerai Can Tho Resort  Introduced NovaHills Mui Ne Resort & Villas, NovaBeach Cam Ranh 2018  Launched The Grand Manhattan  Handed over 8 projects  Raised USD390mn from CB and Equity 2017 

  6. Slide 6: Development Strategy 5 Years

    DEVELOPMENT STRATEGY 5 YEARS PHASE1 PHASE 2 PHASE 3 2007 – 2017 2018 – 2023 From 2023 Focus on developing Beside residential, expand its From 2023, Novaland aims at residential products development into hospitality and three focus areas: in Ho Chi Minh city tourism complexes. Development • Propertie

  7. Slide 7: Novaland – #1 Residential Developer in HCMC

    NOVALAND – #1 RESIDENTIAL DEVELOPER IN HCMC (1) With a market share > 2 times larger than the next closest competitor  Established in 1992 and listed on the HCMC Stock Exchange (HSX) in 2016 with market cap of c.USD2.6bn as of 31st Dec, 2018 Largest  Currently employs over 2,000 employees resident

  8. Slide 8: Tailored Strategy for Hospitality to Address Market Opportunities

    TAILORED STRATEGY FOR HOSPITALITY TO ADDRESS MARKET OPPORTUNITIES WITH CORE NOVALAND STRENGTHS STRATEGY MARKET NEEDS / OPPORTUNITY NOVALAND STRENGTHS AND TRACK RECORD Broad-based growth across domestic and Multi-format hotel model captures a large addressable international tourist arrivals market; l

  9. Slide 9: Key Investment Highlights

    2.KEY INVESTMENT HIGHLIGHTS

  10. Slide 10: Key Investment Highlights

    KEY INVESTMENT HIGHLIGHTS 1 Well positioned to benefit from favorable country and sector fundamentals 2 No. 1 residential developer in HCMC with strong brand and established track record 3 Successful and highly scalable expansion into hospitality 4 Strong visible growth underpinned by high quality p

  11. Slide 11: 01. Well Positioned to Benefit from Positive Country and Sector Fundamentals

    KEY INVESTMENT HIGHLIGHTS 01. WELL POSITIONED TO BENEFIT FROM POSITIVE COUNTRY AND SECTOR FUNDAMENTALS www.novaland.com.vn 11

  12. Slide 12: Beneficiary of Vietnam's Strong Economic Growth and Favourable Demographics

    1. BENEFICIARY OF VIETNAM’S STRONG ECONOMIC GROWTH AND FAVOURABLE DEMOGRAPHICS … THE FASTEST GROWING ECONOMY IN ASEAN FAST-GROWING DISPOSABLE INCOME COMPARED TO MOST ASEAN PEERS GDP Growth (2018) (2018A-2029E) 7.1% 7.3% 6.9% 6.2% 5.8% 5.2% 4.7% 4.1% 4.3% 4.0% 3.2% 1.8% Vietnam Philippines Indonesia

  13. Slide 13: Underpinned by a Stable Exchange Rate

    … UNDERPINNED BY A STABLE EXCHANGE RATE… RELATIVELY STABLE VND PERFORMANCE VS. OTHER ASEAN CURRENCIES(1) ROBUST FOREIGN RESERVES US$ bn usd:vnd 70 usd:idr usd:thb 60 usd:myr 50 usd:php 40 30 20 10 0 INCREASE IN FDI AND REMITTANCE RATES INFLATION UNDER CONTROL INFLATION GROWTH (%) US$ bn 25 VIETNAMES

  14. Slide 14: Residential Market Poised for Further Growth

    …WITH RESIDENTIAL MARKET POISED FOR FURTHER GROWTH … ONE OF THE HIGHEST RATES OF URBANIZATION IN ASEAN… … BUT HOUSING STILL SIGNIFICANTLY MORE AFFORDABLE THAN REGIONAL PEERS Urbanization (share of total population living in urban areas) 2014 2050 Home Price-to-Income Ratio (x) in 2017(1) 7.5 +21% +1

  15. Slide 15: Flourishing Fast Growing Tourism Sector

    …AND FLOURISHING FAST GROWING TOURISM SECTOR THE NUMBER OF TOURIST YEAR ANNUAL RATE OF DIRECT GDP CONTRIBUTION Number of arrivals (million) Penetration of Directly contribution to GDP 13.90% RATE OF INTERNATIONAL TOURISM GROWTH 11.60% CAGR (2012 – 2015) = 5,1% CAGR (2015 – 2017) = 27,5% 7.90% 8.20%

  16. Slide 16: High Infrastructure Spending Will Boost Connectivity and Real Estate Values

    1. HIGH INFRASTRUCTURE SPENDING WILL FURTHER BOOST CONNECTIVITY AND REAL ESTATE CAPITAL VALUES VIETNAM IS THE LEADER IN SOUTHEAST ASIA’S INFRASTRUCTURE RACE – SPENDING BILLIONS TO ATTRACT FOREIGN INVESTMENTS 2016 Infrastructure spending(1) as a % of GDP 6.8% Vietnam is the leader in Southeast Asia b

  17. Slide 17: Government and Infrastructure Support to Reach Higher Tourism Potential

    1. VIETNAM IS CONCURRENTLY BOOSTING ITS GOVERNMENT AND INFRASTRUCTURE SUPPORT TO REACH HIGHER TOURISM POTENTIALS VIETNAM CAN SIGNIFICANTLY BOOST ITS CONTRIBUTION OF TOURISM TO GDP… …IN LINE WITH THE LARGEST INFRASTRUCTURE SPENDING IN ASEAN… 76.6% 6.8% This is expected to grow to 10% of GDP 5.8% 5.5%

  18. Slide 18: Hospitality Properties Supported by Infrastructural Developments

    1. HOSPITALITY PROPERTIES WILL BE SUPPORTED BY SWATHE OF INFRASTRUCTURAL DEVELOPMENTS PHAN THIET  Strong focus on road connectivity and infrastructure − A key highway, the National Road 1A, has been expanded through the province − Dau Giay-Phan Thiet Express highway will soon be launched to further

  19. Slide 19: Positive Demand-Supply Dynamics in HCMC Condo Market

    1. POSITIVE DEMAND-SUPPLY DYNAMICS IN HCMC CONDO MARKET LAUNCHES AND SALES FORECAST FOR CONDOS FOR 2018 AND 2019 LANDED PROPERTIES DROP IN NEW SUPPLY IN 2018 NEW LAUNCHES SALES 39,838 31,850 33,450 33,431 32,914 31,299 31,106 30,213 2016A 2017A 2018E 2019E 2016A 2017A 2018E 2019E Affordable Mid-end

  20. Slide 20: 02. No. 1 Residential Developer in HCMC

    KEY INVESTMENT HIGHLIGHTS 02. NO. 1 RESIDENTIAL DEVELOPER IN HCMC WITH STRONG BRAND AND ESTABLISHED TRACK RECORD www.novaland.com.vn 20

  21. Slide 21: Novaland Is the Undisputed Leader in HCMC Residential Market

    2. NOVALAND IS THE UNDISPUTED LEADER IN HCMC RESIDENTIAL MARKET LEADING RESIDENTIAL DEVELOPER IN HCMC BY AN UNASSAILABLE MARGIN Dominance snapshot 2018 Key financial snapshot(1) 27,000 24% USD3.3bn USD656mn USD141mn 34.0% Units Sold Since market share of GDV Sold Net Revenue NPAT Gross margin 2009(1

  22. Slide 22: Residential Portfolio Located in HCMC Prime Locations

    2. RESIDENTIAL PORTFOLIO LOCATED IN HCMC PRIME LOCATIONS HO CHI MINH CITY N Go Vap C District Thu Duc District District 12 Tan Binh Under District District 9 development 20% NSA Binh Thanh Tan Son Nhat VD I District Total NSA International Airport J B G 2.0mn sqm(3) F O S N U Phu Nhuan Completed Tan

  23. Slide 23: Land Bank Located in Prime Locations of HCMC

    2. LAND BANK LOCATED IN PRIME LOCATIONS OF HCMC AND EXPECTED TO APPRECIATE IN VALUE HO CHI MINH CITY Land bank Location Land area (m²) Status Go Vap N D District Thu Duc C Project C Dist. 2 1,360,000 Owned District T District 12 Tan Binh District District 9 D Project D Dist. 12 91,121 MOU Binh Thanh

  24. Slide 24: Recent Launches Demonstrate Robust Demand

    2. RECENT LAUNCHES DEMONSTRATES ROBUST DEMAND FY16: 1,517 FY17: 1,662 FY18: 2,768 Botanica Premier Units 93% 98% 98% 98% 1,000 100% 72% 80% 60% Launch: 1Q2016 500 968 1,017 1,019 1,022 745 40%  Mid-end mid-scale project 20%  GDV: USD 113mn 0 0%  Projected handover: 4Q2018 4Q16 2Q17 4Q17 2Q2018 4Q

  25. Slide 25: 03. Successful and Highly Scalable Expansion into Hospitality

    KEY INVESTMENT HIGHLIGHTS 03. SUCCESSFUL AND HIGHLY SCALABLE EXPANSION INTO HOSPITALITY www.novaland.com.vn 25

  26. Slide 26: Well-Defined Brands and Strategy Leveraged on Existing Brand Name

    3. WELL-DEFINED BRANDS AND STRATEGY LEVERAGED ON EXISTING REPUTABLE BRANDNAME NOVAHILLS TOURISM Each NovaHills project has a scale of less than 100ha, (NOVATOURISM) located in areas with hilly landscapes, including a full range of utility services such as accommodation, food, shopping, and amusement

  27. Slide 27: Azerai Can Tho Project Overview

    3. NOVALAND HAS SUCCESSFULLY LAUNCHED PROJECTS WITH REPUTED HOSPITALITY BRANDS AND OPERATORS AZERAI CAN THO  LOCATION CAN THO CITY  LAND AREA (SQM) 194,342  PRODUCT TYPE AND UNITS BUNGALOW 30, VILLAS 47  OPERATING DATE 4Q2017 AZERAI (MEMBER OF  MANAGEMENT BRAND AZURA GROUP) PROJECT OVERVIEW Sou

  28. Slide 28: NovaHills Mui Ne and NovaBeach Cam Ranh

    3. NOVALAND HAS SUCCESSFULLY LAUNCHED PROJECTS WITH REPUTED HOSPITALITY BRANDS AND OPERATORS NOVAHILLS NOVABEACH LOCATION / CITY MUI NE CAM RANH DESCRIPTION  Novahills mui ne is designed in spanish architectural style with high-  Located at bai dai beach, one of the most beautiful beaches in the e

  29. Slide 29: Well-Located Properties to Be Developed and Acquired

    3. WELL-LOCATED PROPERTIES WITH SIGNIFICANT POTENTIAL WILL BE DEVELOPED AND ACQUIRED (CONT"D) NHA TRANG, KHANH HOA CAM RANH, KHANH HOA DONG NAI NINH THUAN HCMC PHAN THIET – BINH THUAN MUI NE – BINH THUAN CAN THO VUNG TAU - BRVT BINH CHAU - BRVT HO TRAM - BRVT NOVALAND HAS IDENTIFIED SEVERAL KEY RESO

  30. Slide 30: 04. Strong Visible Growth Underpinned by Pipeline and Landbank

    KEY INVESTMENT HIGHLIGHTS 04. STRONG VISIBLE GROWTH UNDERPINNED BY HIGH QUALITY PIPELINE AND LANDBANK www.novaland.com.vn 30

  31. Slide 31: High Level of Unbilled Sales Underpins Revenue Visibility

    4. HIGH LEVEL OF UNBILLED SALES UNDERPINS HIGH REVENUE VISIBILITY IN 2019 AND 2020 CONTRACTED SALES (2018A) LOCKED-IN REVENUE TO BE RECOGNIZED (USDmn) (USDmn) 279 447 333 Unbilled contractual sales 168 USD1.5bn 1,171 Low-rise High-rise Total projects projects (1) (2) Low-rise projects High-rise proj

  32. Slide 32: Unrivalled Brand Equity and High Grade Residential Landbank

    4. UNRIVALLED BRAND EQUITY AND HIGH GRADE RESIDENTIAL LANDBANK…. NOVALAND’S PROPERTIES COMMAND A PREMIUM OVER MARKET DUE TO ITS REPUTABLE BRAND(1) SIZEABLE LAND BANK TO PROPEL NEXT PHASE OF GROWTH 2,557 ('000 sqm) (USD psm) 2,314 6,678 1,849 6,231 1,633 1,797 1,583 1,519 1,394 1,345 4,095 1,288 3,65

  33. Slide 33: Substantial Landbank in Key Tourism Areas Secured

    … WITH SUBSTANTIAL LANDBANK IN KEY TOURISM AREAS SECURED TOTAL LANDBANK 25% 2,700 75% RESIDENTIAL HOSPITALITY HECTARES Nha Trang, Khanh Hoa Cam Ranh, Khanh Hoa HCMC Ninh Thuan Dong Nai Can Tho Phan Thiet – Binh Thuan Mui Ne – Binh Thuan Source: Company information. Vung Tau - BRVT Note: As of March

  34. Slide 34: 05. Low Risk and Capital Efficient Business Model

    KEY INVESTMENT HIGHLIGHTS 05. LOW RISK AND CAPITAL EFFICIENT BUSINESS MODEL SUPPORTED BY STRONG CASH FLOW GENERATION CAPABILITIES AND ACCESS TO DIVERSIFIED FUNDING SOURCES www.novaland.com.vn 34

  35. Slide 35: Fast Turnover Development Process

    5. FAST TURNOVER DEVELOPMENT PROCESS SUPPORTED BY UNPARALLELED EXECUTION CAPABILITIES, MAXIMISING CASHFLOW FAST TURNOVER DEVELOPMENT PROCESS MONTHS 1 2 3 4 5 6 7 8 9 10 11 12 24-30 30~  Dedicated acquisitions team that proactively searches for LAND project sites in prime locations at costs lower th

  36. Slide 36: Strong Marketing Sales Provide Self-Sustaining Cashflows

    5. STRONG MARKETING SALES PROVIDE SELF-SUSTAINING CASHFLOWS FOR DEVELOPMENT ILLUSTRATIVE CASH MOVEMENT Foundation built: 1Q 2014 Expected hand over: 4Q 2015 Lexington Launch: 1Q 2014 Actual hand over: 4Q 2015 PRE-SALES CUMULATIVE CASH OUTFLOW AND INFLOW USDmn 78 42 Cash outflow Cash inflow - 3 2013

  37. Slide 37: Accelerated Payments by Customers Support Strong Cashflow

    5. ACCELERATED PAYMENTS BY CUSTOMERS SUPPORT STRONG CASHFLOW GENERATION PAYMENT SCHEDULES ACCELERATED – HIGHER UPFRONT PAYMENTS WITH DISCOUNT Standard Option 2 Option 3 Option 4 FOUNDATION Up to 30% 45-55% 50-90% >90% SUPERSTRUCTURE Up to 70% Up to 70% – – DELIVERY Up to 95% LAND USE RIGHTS CERTIFIC

  38. Slide 38: Solid Track Record of Access to Capital Markets

    5. SOLID TRACK RECORD OF ACCESS TO DOMESTIC AND INTERNATIONAL CAPITAL MARKETS SHARE PRICE PERFORMANCE IN 2019 STRONG PARTNERSHIP WITH ESTABLISHED INVESTORS AND BANKS Share Price Volume (m) (VND) 80,000 6.0 75,000 5.0 70,000 4.0 65,000 60,000 3.0 55,000 2.0 50,000 1.0 45,000 40,000 0.0 Apr May Jun Au

  39. Slide 39: 06. Proven and Experienced Management Team

    KEY INVESTMENT HIGHLIGHTS 06. PROVEN AND EXPERIENCED MANAGEMENT TEAM WITH STRONG EXECUTION TRACK RECORD AND GUIDED BY STRONG CORPORATE GOVERNANCE POLICIES IN PLACE www.novaland.com.vn 39

  40. Slide 40: Experienced Management Team with Strong Execution Track Record

    6. EXPERIENCED MANAGEMENT TEAM WITH STRONG EXECUTION TRACK RECORD MR. BUI THANH NHON, MBA MR. BUI XUAN HUY, MBA Chairman of the board of directors (BOD) 30+ Chief Executive Officer, BOD Member 20+  Executive MBA, HSB-TUCK, Dartmouth College (USA)  Executive MBA, FHNW University of Applied Sciences

  41. Slide 41: Recent Developments

    3. RECENT DEVELOPMENTS

  42. Slide 42: Recent Handed-Over Projects and Projects to Be Handed Over in 2019

    RECENT HANDED-OVER PROJECTS AND TO BE HANDED-OVER PROJECTS IN 2019 4th QUARTER 2018 5 PROJECTS EXPECTED TO START HANDING OVER 2019 SUNRISE CITYVIEW VICTORIA VILLAGE BOTANICA PREMIER NEWTON RESIDENCE RICHSTAR RESIDENCE DISTRICT 7 DISTRICT 2 TAN BINH DISTRICT PHU NHUAN DISTRICT TAN PHU DISTRICT GOLF P

  43. Slide 43: Launching The Grand Manhattan

    LAUNCHING THE GRAND MANHATTAN Project Aerial NEW PROJECT LAUNCHING CEREMONY DATED OCT THE GRAND MANHATTAN 28, 2018  Location CBD, District 1, HCMC  Site area (hectares) 1.40  GFA (sqm) 183,697 Apartment, Commercial,  Product type Hotel  Launch date for residential sales 4Q2018  Handover date 3

  44. Slide 44: Introducing The Palace Residence

    INTRODUCING THE PALACE RESIDENCE THE PALACE RESIDENCE  LOCATION DISTRICT 2, HCMC  SITE AREA (HECTARES) 5.00  NSA (SQM) 233,923  PRODUCT TYPE APARTMENT, OFFICE, SHOPHOUSE  INTRODUCING DATE 4Q2018  HANDOVER DATE 1Q2022  TOTAL INTRODUCED 1,221/3,084 UNITS/TOTAL SUPPLY  % Of take-up of total 72%

  45. Slide 45: Introducing NovaHills Mui Ne Resort & Villas

    INTRODUCING NOVAHILLS MUI NE RESORT & VILLAS CONFERENCE “SPOT LIGHTS OF HOSPITALITY MARKET IN MUI NE – PHAN THIET AND INTRODUCING PROJECT RENDER NOVAHILLS MUI NE RESORTS & VILLAS PROJECT” DATED OCT 14, 2018 NOVAHILLS MUI NE RESORT & VILLAS  LOCATION Mui Ne, Binh Thuan  SITE AREA (HECTARES) 40  PR

  46. Slide 46: Introducing NovaBeach Cam Ranh Resort & Villas

    INTRODUCING NOVABEACH CAM RANH RESORT & VILLAS PROJECT OVERVIEW NOVABEACH CAM RANH RESORT & VILLAS  LOCATION Cam Ranh – Khanh Hoa  SITE AREA (HECTARES) 22,6 Bungalow 26, Villas 182 Condotel  PRODUCT TYPE AND UNITS 1,706 Shophouse 18  INTRODUCING DATE 4Q2018  EXPECTED COMPLETED DATE 3Q2020  EXP

  47. Slide 47: Pipeline New Launches in 2019

    PIPELINE NEW LAUNCHES IN 2019 LAND AREA PROJECT LOCATION UNITS LAUNCH DATE (HA) PROJECT F Dist.2, HCMC 5 Up to 1,000 Q2-Q3/2019 PROJECT P Dist.2, HCMC 30 Up to 1,600 Q2-Q3/2019 PROJECT T Dist.9, HCMC 32 Up to 250 Q2-Q3/2019 OTHER Cam Ranh – Khanh Hoa HOSPITALITY TBU Up to 2,000 TBU Phan Thiet – Binh

  48. Slide 48: 2019 Business Plan

    2019 BUSINESS PLAN SALES TARGET HAND-OVER UNITS NET REVENUE (Units) (Units) (VND bn.) 5,900 18,000 6,500 5,802 15,290 4,500 4,589 11,632 3,596 2017 2018 2019 2017 2018 2019 2017 2018 2019 www.novaland.com.vn 48

  49. Slide 49: Key Financial Highlights

    4. KEY FINANCIAL HIGHLIGHTS

  50. Slide 50: Sales Performance

    SALES PERFORMANCE CUMULATIVE SALES PERFORMANCE(1) HANDED OVER UNITS (Units) (Units) 27,053 4,589 26,144 24,791 3,596 19,302 1,832 12,034 2,020 1,903 450 2015 2016 2017 2018 1Q2019 2015 2016 2017 2018 1Q2018 1Q2019 CUMULATIVE SALES NSA1) AVERAGE SELLING PRICE(2) (’000 sqm) (USD/m2) 4,324 1,883 1,944

  51. Slide 51: Growth of Revenue and Profit

    GROWTH OF REVENUE AND PROFIT NET REVENUE GROSS PROFIT (VND bn) (VND bn) 22% 28% 34% 26% 29% 26% 18,000 15,290 11,632 5,158 4,750 7,359 +157% 3,257 4,910 +132% 1,907 1,583 1,281 551 2016 2017 2018 2019P 1Q2018 1Q2019 2016 2017 2018 2019P 1Q2018 1Q2019 EBITDA NPAT (VND bn) (VND bn) 14% 24% 29% 23% 23%

  52. Slide 52: Key Credit Metrics

    KEY CREDIT METRICS EBITDA / INTEREST EXPENSES NET DEBT/ EQUITY 25,000 1.20 4,507 (VND bn) 1.01 (VND bn) 3,800 3.50 3.40 20,460 20,749 3.30 3.20 1.00 3,300 3.26 3.10 20,000 0.85 17,445 2,807 3.00 3.09 2.90 15,581 2.33 2.80 2.70 2,800 2.60 2.50 2.40 0.84 0.80 13,256 0.76 2.30 15,000 2,300 2.20 2.10 2.

  53. Slide 53: Debt Profile

    DEBT PROFILE PAYMENT SCHEDULE(*) DEBT BREAKDOWN BY CURRENCY (VND bn) 7,174 VND, 51% USD, 49% 5,674 5,615 4,057 Type of debt Bonds, 1,962 25% Loans, 51% 2019E 2020E 2021E 2022E After 2023E Convertible bonds, 21% Convertible loans, 3% Source: Company information, March 31st, 2019 (*) Excluding VND1,91

  54. Slide 54: Thank You

    THANK YOU Contact information Investor Relations Phone: +84 906 35 38 38 Ext. 3126 Email: ir@novaland.com.vn 29 www.novaland.com.vn 54

  55. Slide 55: Appendix

    APPENDIX

  56. Slide 56: Completed HCMC Residential Projects

    COMPLETED HCMC RESIDENTIAL PROJECTS A Sunrise City B Tropic Garden C The Prince Residence  Location Dist.7  Location Dist.2  Location Phu Nhuan Dist.  Land area (sqm) 51,261  Land area (sqm) 25,028  Land area (sqm) 4,644  Launch date 2Q11  Launch date (1) 3Q14  Launch date 1Q13  Handover d

  57. Slide 57: Completed HCMC Residential Projects

    COMPLETED HCMC RESIDENTIAL PROJECTS P Saigon Royal Q Sun Avenue R Sunrise Riverside  Location Dist.4  Location Dist.2  Location Nha Be  Land area (sqm) 6,669  Land area (sqm) 38,073  Land area (sqm) 39,305  Launch date 2Q16  Launch date 1Q15  Launch date 3Q15  Handover date 4Q18  Handover

  58. Slide 58: HCMC Residential Projects Under Development

    HCMC RESIDENTIAL PROJECTS UNDER DEVELOPMENT A Sunrise Cityview B Victoria Village C Golf Park Residence (*)  Location Dist.7  Location Dist.2  Location Dist.9  Land area (sqm) 15,720  Land area (sqm) 42,777  Land area (sqm) 25,398  Launch date 2Q15  Launch date 2Q17  Launch date 3Q15  Hand

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