Novaland Group (NVL) wants to invest in an additional resort complex in Binh Thuan with a scale of 430 hectares.

In addition to implementing the NovaWorld Phan Thiet project, Novaland Group (stock code NVL) has just proposed to the People's Committee of Binh Thuan province to invest in an additional 430ha resort complex in this locality.

Currently, Novaland Group is implementing the NovaWorld Phan Thiet project with a scale of 1,000 hectares in Binh Thuan province.

No Va Real Estate Investment Group Joint Stock Company (Novaland Group, stock code NVL - HoSE) has just sent a document to the People's Committee of Binh Thuan province to propose investing in a 436.8-hectare tourism - resort complex in Mui Yen area, Hoa Thang commune, Bac Binh district. Mui Yen is considered one of the relatively unspoiled natural tourist destinations in Binh Thuan province but has a prime location as it is quite close to other popular tourist destinations in this locality. According to research, before Novaland Group proposed investing in Mui Yen, in 2022, Construction Trading Joint Stock Corporation (Vietracimex) also proposed to implement a tourism, service and resort complex project at this location called Sunrise VNT Mui Yen, on a scale of 897.4 hectares and an estimated total investment of more than VND 57,600 billion (nearly USD 2.5 billion). This proposal is expected to be implemented within 7 years and put into use in the fourth quarter of 2031. Currently, in Binh Thuan province, Novaland Group is implementing the Ocean Valley Tourism Complex project (commercial name: NovaWorld Phan Thiet) with a scale of 1,000 hectares in Tien Thanh commune, Phan Thiet city, with a total investment of 5 billion USD. Real estate products of this project include: beach townhouses, single and twin villas, shophouses, boutique hotels. The project was implemented in 2019 but was delayed due to some legal problems. Recently, the People's Committee of Binh Thuan province and relevant agencies have actively supported Novaland Group to complete legal procedures, gradually removing obstacles to re-implement the NovaWorld Phan Thiet project. At the Credit Conference for Real Estate and Social Housing Development held on November 13, Mr. Dennis Ng Teck Yow - General Director of Novaland Group said that the NovaWorld Phan Thiet project has completed the approval of the adjustment of the detailed planning 1/500 for all items for the entire project.

Trading volume and price trend of NVL shares of Novaland Group from the beginning of 2023 to present. (Source: TradingView)

In addition, the People's Committee of Binh Thuan province and relevant agencies are also taking the next legal steps to adjust the form of land rental payment from annual to one-time payment at the project. Currently, Novaland Group is waiting for the Decree amending Decree 44/2014/ND-CP to be issued to determine land use fees, complete legal procedures to sign sales contracts with customers, said Mr. Dennis Ng Teck Yow. According to the People's Committee of Binh Thuan province, adjusting the form of land rental payment from annual land rental to one-time land rental is the optimal solution, in accordance with legal regulations, helping to remove many complicated obstacles in business activities at the NovaWorld Phan Thiet project, ensuring the legal rights of customers buying products of the project. In a related development, Novaland Group has just registered to work with the Lam Dong Provincial People's Committee to report and ask for guidance on the implementation of the Lam Vien Highlands resort and entertainment complex urban area project after completing the design documents and planning ideas. This project has a scale of about 30,000 hectares and a total investment of up to 10 billion USD. On the stock market, at the end of November 30, the market price of NVL shares reached 17,700 VND/share. In general, last November, NVL shares increased by more than 35%. Source: https://tapchicongthuong.vn/tap-doan-novaland--nvl--muon-dau-tu-them-to-hop-nghi-duong-tai-binh-thuan-voi-quy-mo-430-ha-114385.htm