Saigonres Divests Phu Dinh Riverside Project in HCMC

Saigon Real Estate Joint Stock Corporation (Saigonres - SGR) announced on August 31 that it has divested its Phu Dinh Riverside commercial housing project in Ho Chi Minh City to a partner. This transaction is part of the company's plan to review and restructure its investment portfolio for the 2026-2030 period. The project was developed by Saigon Nam Do Real Estate Company Limited, a subsidiary of Saigonres. It covers an area of approximately 2,104 square meters and was planned to comprise a 17-story building with one basement, offering 169 apartments ranging from 40 to 75 square meters. Phu Dinh Riverside commenced construction in August 2025 with an estimated total investment of around VND 336 billion. By June 2026, the piling work was completed, and basement construction was underway. The divestment value was announced at VND 245 billion. Saigonres intends to reallocate the proceeds from this transaction to its key projects, particularly large-scale developments currently underway in the northern region. The acquiring partner, Bcons, will continue to implement the project according to the plan. This move aligns with Saigonres' strategy to expand its investment in major projects. At the company's 2025 fiscal year Annual General Meeting of Shareholders in May, it was revealed that Saigonres is developing 17 projects, identifying eight as focal points for its new phase. So far this year, Saigonres has initiated two significant projects in Thai Nguyen province. The Nam Tien 2 urban area, spanning 35.28 hectares with a total investment of approximately VND 4.253 trillion, broke ground in May. Two months later, the company commenced construction on the Yen Binh concentrated digital technology park, covering 197.61 hectares with an investment exceeding VND 3.5 trillion. These two projects, with a combined investment nearing VND 7.8 trillion, are among those Saigonres prioritizes for development in the coming period. Saigonres has set a target of accumulating profits of around VND 6.332 trillion over the next five years, a tenfold increase compared to the previous period, averaging VND 1.266 trillion annually. Projected revenue is expected to reach VND 26.729 trillion. For the current year, the company aims for revenue of VND 1.133 trillion and profit before tax of VND 550 billion, representing increases of 433% and 568%, respectively, compared to 2025 figures. Saigonres plans to maintain an average dividend payout ratio of 15-20% per year going forward.