Vietnamese real estate developer Anpha Holdings has announced completing the purchase of a 99.98 percent stake in Nova Galaxy Real Estate JSC from Novaland Group, according to newswire Saigon times.
Galaxy 9 project is part of Anpha Holdings new acquisition
The deal value has yet to be disclosed. Novaland also refused to release the reasons of its divestment, however, a decrease in net revenue and after-tax profit may have played a part. Notably, in the first half of this year, Novaland earned VND3.33 trillion ($145.9 million) in net revenue and VND841 billion ($36.85 million) in after-tax profit, signifying decreases of 33 and 45 percent, respectively.
After the purchase, Anpha Holdings will take over Nova Galaxy’s projects, especially its newest project, the apartment and shopping centre complex located in District 4, Ho Chi Minh City.
Anpha Holdings, through its subsidiary Anpha Consulting, provides full consulting services ranging from market research, feasibility studies, financial modelling and sourcing, strategic sales and marketing, and design management to project management for residential, commercial, and mixed-development projects, retail, hotels and resorts, and luxury serviced apartments.
Along with consecutively pumping capital into domestic projects, Anpha Holdings has invested capital to expand its operations in Southeast Asia, with a series of property projects in Singapore and Malaysia.
Anpha Holding plans to co-operate with Villamas Sdn., Bhd. from Malaysia to develop a high-end property project in Kuala Lumpur-SK Development. The $320-million project will include three towers with 1,772 apartments, a 7-storey shopping centre, a 13-storey office building, and a five-star hotel. The construction is expected to start in the third quarter of this year and be completed in the first quarter of 2023.
Regarding Novaland, it now has a portfolio of more than 40 projects with different types of products, such as townhouses, office-tels and condotels, trading centres, land houses, and villas.
Aside from six projects completed and delivered as committed, in the first quarter of 2017, Lakeview City in District 2, Lucky Dragon in District 9, and Orchard Garden in Phu Nhuan district have been handed over to residents. Novaland is expected to deliver nine more projects in 2017, aiming to maintain clients’ trust and its brand name in the real estate market.