» » Phat Dat set for $530m real estate projects

Real estate developer Phat Dat Corporation will begin two major projects this year at a total investment of around VND8.5 trillion (US$530 million).

The company’s chairman, Nguyen Van Dat, said on Sunday that Phat Dat would break ground for The EverRich 2 building in the next quarter.

Located on a more than 11 ha of land in District 7, the project is expected to be completed in early 2013, offering more than 3,200 apartments and commercial space. Another VND1 trillion will be invested in a five-star hotel and resort project in Cam Ranh in Khanh Hoa Province and completion is slated for 2011.

Dat plans to increase his company’s chartered capital to VND1.5 trillion this year from the current VND1.3 trillion.

He also talked about issuing project bonds to raise funds for the projects.

Phat Dat has developed a list of projects that will begin next year.

They include The EverRich 3 apartment project, also in District 7, the office building The EverRich Plaza in District 5, two five-star hotel and resort projects on Phu Quoc Island and Hoi An. Its first The EverRich apartment project began in 2006 with an investment of VND1.1 trillion. When completed by the end of next year, it will have more than 300 units and five floors for a trading centre.

Last year Phat Dat achieved a turnover of almost VND17 billion and netted a profit of VND5.9 billion. Turnover is expected to be VND64 billion and the deputy general director, Nguyen Thi My Hao, said the profit growth rate would be much higher than that of turnover. The company also plans to list at the HCM City Stock Exchange next year.

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