PDR: IR Newsletter - October 2024

Phat Dat Real Estate Development Corporation (HOSE: PDR) has just published its IR newsletter for October 2024, providing updates on the real estate market and the Company’s activities.

Since the three new real estate-related laws came into effect on August 1, the market has experienced significant changes. Signs of recovery are emerging as businesses gradually adapt after a period of stagnation. Notably, the government and relevant authorities have actively addressed legal hurdles for real estate businesses, such as approving in-principle investment, allocating land, and calculating land use fees based on the new land price adjustment coefficient.

In this context, Phat Dat has effectively capitalized on the advantages provided by the 2024 Real Estate Law. The Company has been proactive in anticipating changes and expediting the legal completion of its key projects.

On September 25, 2024, Phat Dat received land pricing approval for 21.3ha Phase 1 of Bac Ha Thanh Residential Area, which includes residential land, public facilities, and technical infrastructure. Bac Ha Thanh is the first project in Binh Dinh to have its land use fees calculated.

For Thuan An 1 & 2 High-rise Residential Complex, PDR has also received full construction permits for both Phase 1 and Phase 2.

In another development, PDR’s Board of Directors recently approved the conversion of a $30 million loan from Japanese partner ACA Vietnam Real Estate III LP. ACA will convert the debt and become a shareholder in PDR. This is a positive step that will help PDR continue to attract foreign investment in the future, improve its financial health, increase equity, and reduce debt and interest repayment pressure.

Additionally, in September, in celebration of its 20th anniversary, PDR implemented a shareholder benefit program. Shareholders who have held at least 50,000 PDR shares for a minimum of six months will have the opportunity to purchase PDR products with a discount of up to 8%. The first two projects to apply this program are Bac Ha Thanh Residential Area (Binh Dinh) and Thuan An 1 & 2 High-rise Residential Complex (Binh Duong).

Notably, on September 26, 2024, at Thanh Nien Newspaper Office, PDR, represented by CEO Bui Quang Anh Vu, donated VND 1 billion to support northern communities affected by Typhoon No. 3 (Typhoon Yagi).

Click here for the full IR Newsletter.