The result was announced by Reatimes, an online real estate news magazine based on the following key criteria.
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Those who made it to the list were financially stable, had many projects implemented in 2017, had experience working in the industry, owned creditable brands, and actively contributed to the development of the local property market as a whole in 2017. Hereunder is the top 10 local property developments in 2017:
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Vingroup
To conquer the number one spot on this list, Vingroup topped the market in almost every aspect in 2017. When it comes to the scale, Vingroup conducted 44 projects nationwide and was the biggest property developer in Vietnam.
Vingroup also delivers the most diverse product portfolio in the market, from traditional developments such as residential, office, commercial buildings, and resorts to trend-setting ones such as shophouse, condotel and officetel. No matter what type of developments and market segment it is engaged in, Vingroup is recognized for its consistent and flawless service quality as well as outstanding amenities.
What’s unique about Vingroup is its long-term investment strategy, which not only demonstrates a vision and aspiration of co-creating the local market, but also exhibits an ambition to step by step rival prestigious property developers in the region in terms of product scale and quality.
Vingroup has managed to successfully replicate its complex all-in-one project model across different types of products, ranging from urban township, commercial centres to resort complexes towards the ultimate goal of synchronizing amenities and services and raising standards of living.
As far as retailing is concerned, 41 commercial centres developed by Vingroup have been put into use nationwide in a sustainable manner, providing modern retailing premise locally, transforming urban appearance, and promoting local economic growth.
As far as resorts are concerned, Vingroup has continued to affirm its market-leading position with 16 five-star Vinpearl resorts situated on the most beautiful coasts in Vietnam. Vinpearl villas have also prevailed thanks to their attractive profitability.
Eight Vinhomes projects totalled 80,000 billion dong were carried out in 2017. Some examples are Vinhomes Gardenia - Nam Tu Liem, Hanoi (4,850 billion dong), Vinhomes Green Bay - Nam Tu Liem, Hanoi (4,992 billion dong), Vinhomes Skylake - Nam Tu Liem, Hanoi (3,786 billion dong), Vinhomes Melodia - Nam Tu Liem, Hanoi (4,782 billion dong), Vinhomes Riverside The Harmony - Long Bien, Hanoi (4,877 billion dong), Vinhomes Imperia Hai Phong - Hong Bang, Hai Phong (4,950 billion dong), Vinhomes Dragon Bay - Ha Long, Quang Ninh (12,018 billion dong), and Vinhomes Central Park - Binh Thanh, HCMC (37,712 billion).
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Novaland
Established in 1992 (formerly Thanh Nhon Co. Ltd), Novaland Group has its business in the field of veterinary medicine, aquatic veterinary medicine, and development of villas for lease. Having a total chartered capital of 5,962 billion dong, Novaland Group has now stood among creditable property investors and developers.
As Novaland has introduced nearly 30 projects to the market, its number of apartments transacted accounts for approximately 30% of all transactions in HCMC. The Group has accumulated a land area of 500ha, equivalent to a floor area of 5 million m2, from its 12 projects.
2015 and 2016 sales indicated the Group’s 2017 and 2018 revenue and earning, according to Bao Viet Securities (BVSC). With the total number of up to 15,000 apartments and shophouses, the Group’s revenue was expected to grow by 157% and 38%, while its earning was projected to be 3,144 and 5,082 billion dong in 2017 and 2018 respectively.
Novaland made a revenue of 5,737 billion dong and a net profit of 1,322 billion dong within 9 months of 2017 cumulatively. Its 2017 revenue is expected to reach around 19,985 billion dong, gross profit margin to up from 23% to nearly 31%, as key earning, high-margin projects such as Lakeview, The Tresor and RiverGate are recognized. As a result, the parent company is projected to make an estimated earning after tax of 2,864 billion dong and diluted EPS of 4,616 dong in 2017.
The revenue structure shows that Lakeview, The Tresor and RiverGate contribute over 60% of the revenue and 30% of earning in 2017. To be specific, revenue obtained by Novaland from real estate business is around 17,000 billion dong, forecasts BVSC, as key projects identified as Lakeview, The Tresor, RiverGate, Golden Maison, Lucky Palace, GardenGate and Orchard Garden account for more than 50% of the sales.
Novaland is likely to make a revenue of 24,129 billion dong in 2018 from Harbour City, Kingston Residence, The Sun Avenue, SunriseCity View and Sunrise Riverside handed over to customers. These projects are expected to contribute 15,100 billion dong in 2018, equivalent to around 62% of the planned revenue, while projects handed over in 2017 such as Lakeview, The Tresor and Golden Maison make up for the remaining 38%.
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Sun Group
Established in 2007, Sun Group has worked on a number of projects such as Sun World Ba Na Hills, InterContinental Danang Sun Peninsula Resort, Premier Village Danang Resort, Sun World Danang Wonders, Sun World Halong Complex, Fansipan cable cars, contributing to the development of many localities.
There are four key focus areas: leisure travel, recreation and entertainment, high-end real estate, and infrastructure investment. For its aspiration to leave timeless landmarks, Sun Group has delivered high-class works setting world records and being celebrated with numerous international accolades. Sun Group has never failed to keep in mind that it is not the stars engraved into the signboard but the authentic emotions ingrained in customers’ hearts that speak class.
After the first resounding accomplishment of Sun World Ba Na Hills in Danang, Sun Group continued to replicate its innovative model of amusement parks in Sun World Danang Wonders and Sun World Halong Complex. With Sun Group being the investor, InterContinental Danang Sun Peninsula Resort was crowned the most luxurious resort in the world and in Asia by World Travel Awards, putting Vietnam on the world map of elite leisure travel.
Delivering high-end real estate products as seen in Sun Premier Village, Sun Group has architected works that are deemed masterpieces. They are not only leisure travel destinations by the sea, but also sustainable investment opportunities for owners.
In 2017, Sun Group introduced Sun Premier Village Halong Bay, a complex of shophouses and five-star resorts and villas, and prior to it, Sun Premier Village Kem Beach Resort in the resort complex of Kem Beach, one of the most beautiful beaches to the south of Phu Quoc with turquoise water, white fine sand and gentle slopes.
Sun Group took the high-end apartment market segment by storm with the launch of Sun Grand City Thuy Khue Residence, one of the most beautiful projects by the West Lake, as it is situated between the two largest green lungs of the capital – 500ha clear water surface of West Lake and 10ha cool green space of Bach Thao Park.
Right after Sun Grand City Thuy Khue Residence, Sun Group continued its winning streak in the high-end apartment market segment with the introduction of Sun Grand City Ancora Residence. What is outstanding about this project is its prime location – by the river and near the city centre. Located at No.3 Luong Yen Street, Sun Grand City Ancora Residence delivers an exciting living experience of having everything within arm’s reach.
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CEO Group
CEO Group is known for a number of real estate projects such as CEO Tower, Sunny Garden City, and River Silk City. The most notable one is Sonasea Villas & Resort in Phu Quoc, which is a complex of Novotel Villas, shophouses, and the five-start Novotel Phu Quoc Resort.
“The real estate market has picked up, but there remain multiple challenges. Still, CEO Group has decided to expand its investment at this point of time, not in a fast and furious way but in a selective manner, only investing in projects that it is sure of,” CEO Group Chairman Doan Van Binh once said. CEO Group made an earning before tax of 231 billion dong and earning after tax of 181 billion dong, which was a 16% increase year over year and 66% annual earning target, according to its Quarter 3 financial report. On July 30, 2017, CEO Group’s BWP Sonasea Phu Quoc within the Sonasea Villas & Resort complex was launched with the scale of 549 condotels and 16 villas and expected invested capital of 1,500 billion dong.
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MIKGroup
Though a newcomer in the market, MIKGroup has quickly garnered attention thanks to a series of large housing, resort and villa projects and the strategy of pioneering a new standard of living.
Within only three years since its establishment, MIKGroup has now owned more than nine trillion dong worth real estate projects nationwide. Since its early days of exploring District 9 HCMC with projects like Villa Park and River Park, it is now easy to recall a long list of projects conducted by MIKGroup in HCMC and Hanoi: Imperia Garden (203 Nguyen Huy Tuong, Hanoi), Imperia Sky Garden (423 Minh Khai, Hanoi), Valencia Garden (Viet Hung Township, Hanoi), The Waterfront Sai Gon (No. 1 Ton Duc Thang, District 1, HCMC), and Rio Vista (District 9, HCMC).
In 2018 MIKGroup is said to be launching many apartment, villa and terraced house projects in Hanoi and HCMC, and working with world leading hotel groups such as Movenpick and IHG (Crown Plaza, Hotel Indigo, etc.) to invest in Phu Quoc and set a strong foothold in the market, etc.
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Hung Thinh Corp
Hung Thinh Corp is entering a new stage of development in the real estate market. The brand experienced a strong growth from a realtor to a leading property developer in Vietnam.
The company invests in and supplies the market with thousands of low, mid and high-end apartments every year. Hung Thinh owns a unique business secret of reviving “dead” real estate projects. This group always has 10-30 overlapping real estate projects on hand, ready to be launched when the timing is right. Its most successful projects are hallmarked with Hung Thinh Land, a notable subsidiary company of Hung Thinh Group.
In 2017 Hung Thinh expanded to other strategic locations in the East, South, West and North of HCMC and many other cities and provinces across the country. To the West, the company has just launched Moonlight Park View, an apartment project fronting No. 7 street (Binh Tan District) and many more to be announced. Other projects such as Moonlight Residences, Richmond City, SaigonMia and Lavita Garden were sold out within the year. Hung Thinh Land continues to develop new products targeting younger generations.
Friendly and professional, Hung Thinh has made a name for itself in the real estate market. It is difficult for a company despite owning land to make good apartments without any capital and experience. Home-seekers are often befuddled and worried about buying homes which investors are incapable of handing over. Therefore, projects which Hung Thinh Corp is engaged in commit to the planned working progress and to the highest interest of customers.
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TNR Holdings Vietnam
TNR has made a remarkable entrance in the market with a series of “gold” standard projects, including TNR Goldmark City, TNR Goldsilk Complex, TNR Gold Season, and TNR The GoldView.
The investor has introduced nearly 10,000 high-end apartments to the market, meeting the customer needs of a civilized and modern place to settle down. Having cemented its reputation in the market, TNR has also come to shape its brand to be reliable, professional, dedicated, relevant and sustainable, necessary elements to a real estate enterprise.
On December 10, 2017, TNR Holdings officially launched TNR Stars Dong Van, first-rate township in Ha Nam with a prime location, unique landscape, and unprecedented high-class amenities.
Previously in September 2017, TNR Stars Tan Truong, Hai Duong was officially made available to home-seekers. This is one of the largest mega-township in the Northern region, and many are interested in the giant behind such a mega project.
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Him Lam Corporation
From a real estate business, Him Lam has now become an investor and developer of over 70 new housing and township projects (mainly in the South). The group is connected to up to 30 subsidiary and affiliate companies in the field of real estate, recreation and entertainment, and golf courses. Statistically speaking, Him Lam as of 2014 had had a chartered capital of up to 6,500 billion dong (99% owned by Duong Cong Minh) and a total asset value of nearly 34,000 billion dong, more than many other big real estate companies, e.g. HUD, Becamex IDC, Tan Tao, and Kinh Bac.
Given the project portfolio published on its website, Him Lam is among the few companies to possess large land resource in Vietnam. There are over 30 projects of which Him Lam is the investor or co-investor. Around 50% of those projects were completed; others are or are going to be rolled out with a total land area of around 264ha.
Him Lam is now primarily doing business of Him Lam Tan Hung (District 7) with the scale of over 57ha, nearly 3,000 apartments, over 1,100 houses and total invested capital of 6,700 billion dong, as well as two other projects, Him Lam Riverside (District 7) and Him Lam Cho Lon (District 6). Him Lam Cho Lon (District 6) is a residential high-rise with a scale of over 4ha and over 1,400 apartments; Him Lam Riverside (District 7) is three residential high-rises with a scale of over 314 apartments and total invested capital of 1,563 billion dong.
Also in 2017 Him Lam Phu An (District 9) with a scale of 1.8ha and over 1,092 apartments and The Hyco4 Tower with Hyco 4A resic JSC being the investor and total invested capital of 700 billion dong are performing well.
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Vihajico
Vihajico, an investor of Ecopark township on the outskirts of Hanoi, once drew attention of the whole market by creating a phenomenon of home-seekers lining up all night to buy an apartment at less than one billion dong. It is still leading the race of affordable high-class apartments, enabling urban residents to own low-cost homes.
Such achievement is made possible thanks to Ecopark investor’s persistence in its strategy of creating real estate products to meet market needs. After a decade of growth, Ecopark has become a popular and reliable brand name among customers. Inspired by a green, fresh and humane life and enabled by great hands, minds and concept, Ecopark investor has operationalized a green and modern township, a role model not only in Vietnam but also in the region.
After a period of professional and sustainable development, Ecopark investor decided to maximize the value of a brand, which is well established and trusted by customers, by introducing a new product brand. The new high-end real estate product not only meets the actual growing need of the emerging upper class, who is financially capable, knows how to value themselves and wishes to enjoy the best in every aspect of their life, but also sets new bar and positions the whole township.
In November 2017, Ecopark investor hosted a launching event for its upper-class elite product introduced in the second phase of the project. The total value of the whole zone is up to 20,000 billion dong. This is the best timing for Ecopark to access high-end market segment, spoke Vihajico Deputy General Director Nguyen Dung at the event. This new product is the perfect missing piece in the picture of the township complex with the total invested capital of nearly 10 billion US dollars.
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Sunshine Group
Sunshine Group generated a lot of buzz in the Hanoi’s real estate market as it simultaneously introduced four large-scale projects with the total invested capital of up to 8,000 billion dong and a scale of 3,000 high-end apartments. What’s special is that the four projects are situated at prime locations at the city centre, i.e. Sunshine Palace (Hoang Mai), Sunshine Garden (Hai Ba Trung), Sunshine Riverside (Nhat Tan, Tay Ho), and Sunshine Centre (16 Pham Hung).
Among the list, with around 3,000 apartments of four projects combined, Sunshine is among top investors who have the largest number of apartments alongside other real estate giants. According to Sunshine Group, all four projects are being executed with speed and quality. Sunshine Palace has completed roofing and basic components, and is hurriedly developing infrastructures and apartments.
In 2017, Sunshine Group is introducing three major projects. The first project is a complex of high-end apartments and villas by the Red River with a scale of nearly 5ha and the total invested capital of nearly 5,000 billion dong. This complex is expected to be the most modern and liveable township for the wealthy in Hanoi.
In addition to the 5,000 billion dong project, Sunshine has continued to expand its market to HCMC in 2017 with a world-class multifunctional complex named Sunshine Sky Garden situated at the prime location of Thu Thiem Township (HCMC), which is expected to be the best looking township in South East Asia by experts. Sunshine Sky Garden is said to be a 36-storey twin tower, a multifunctional complex opposite Thu Thiem Tunnel with the total invested capital of up to 3,000 billion dong.
2017 is a turning point for Sunshine as the Group officially has entered the affordable real estate market segment with over 5,000 apartments at under 20 million dong/m2. The first low-cost housing project under the name of Sunshine is less than 10km away from the Sword Lake. It pursues Singapore’s eco-friendly and green model, and offers synchronized amenities and cutting-edge equipment./
