After more than three years of focusing on resolving legal and financial difficulties, Novaland is bringing The Grand Manhattan project in the former District 1 of Ho Chi Minh City back to the market.
Novaland announced that it will relaunch sales for The Grand Manhattan project on Co Giang – Co Bac Street, Cau Ong Lanh Ward (former District 1) between now and 2027, after years of being virtually frozen due to legal bottlenecks.
The Grand Manhattan is considered one of the rare remaining land funds in the center of Ho Chi Minh City. The project is located on a plot of about 1.4 hectares, consisting of three 38-story towers with more than 1,000 apartments, combined with a shopping center, hotel, and internal amenities.
This project was introduced to the market by Novaland in 2018, but sales activities were almost suspended from late 2022 when the enterprise entered its restructuring process. Along with cash flow difficulties, the project also faced obstacles in determining financial obligations regarding land-use fees, causing the implementation progress to drag on for many years.
In May, the Ho Chi Minh City People’s Committee concluded that the project fell under a case exempt from paying land-use fees, thereby untying the legal knot for Novaland to complete procedures and bring the project back to the market.
Perspective of The Grand Manhattan project at 100 Co Giang, HCMC. Photo: Novaland
The developer said that the project has now completed all related financial obligations and is coordinating with authorities to carry out subsequent legal procedures to proceed with issuing certificates to buyers.
In parallel with finalizing legal matters, Novaland and the main contractor Ricons are accelerating construction at all three towers. The company expects to start handing over homes to customers from the third quarter of this year.
In mid-July, Novaland also organized a program to introduce the project and show flats to customers, investors, and financial institutions, marking the return of The Grand Manhattan to the market after a long hiatus.
This move comes as Novaland gradually completes its restructuring process after a difficult period in the real estate market. According to the company, from 2025, the focus of operations shifts from resolving legal and cash flow backlogs to completing projects, handing over products, and restoring business activities.
To pay debts and overdue payables, Novaland is offering more than 800 million shares to existing shareholders at a price of 10,000 VND.
The Board of Directors of Novaland Group has approved a plan to offer an additional 800 million shares to existing shareholders. The offering price is 10,000 VND per unit. The issuance ratio is 3:1, meaning for every 3 shares held, shareholders will have the right to buy 1 new share in this round. The implementation time is expected in the third and fourth quarters of this year.
If successful, Novaland will collect over 8,000 billion VND. Out of this, the company will allocate more than 5,953 billion VND to pay debts, financial obligations, and overdue payables. The remaining 917 billion VND will be loaned to two subsidiaries, Nova Saigon Royal and No Va Thao Dien, to pay their debts, financial obligations, and overdue payables.
The offering price this time is nearly 20% lower than the market price on the stock exchange. Today, NVL closed at 12,450 VND. Compared to the period when it fell below par value in early March, this level has improved by 27%. However, compared to the price range of over 19,000 VND in late April, NVL has adjusted by nearly 35%.
Investors monitoring the NVL stock price during the July 20 session. Photo: Tat Dat
During the 2026 annual general meeting, the company’s leadership stated that the market context and NVL stock price movements over the past two years have not been favorable, making the implementation of the debt-to-equity swap plan difficult. However, they expect the general market and stock price movements to show positive signs.
This enterprise identifies its priority strategy this year as completing financial and governance restructuring, creating a stable and sustainable operating foundation. In tandem, the company will accelerate legal procedures and construction of projects.
Regarding financial restructuring specifically, Novaland is pursuing the option of issuing shares to swap outstanding bond principal, stepping up negotiations with bondholders. The company is also looking for suitable investors to continue implementing loans with the right to convert into shares.
Speaking to VnExpress recently, CEO Duong Van Bac said that almost all debts have been stably restructured. Partners continue to inject more resources into the group’s activities. Financial institutions have committed a credit limit of over 33,000 billion VND for Novaland and are disbursing more than 25,500 billion VND.
However, he still admitted that cash flow pressure and maturing debts are challenges in the context of a still difficult real estate market. One of the things NVL is doing is issuing more shares to raise capital from new investors and existing shareholders. The enterprise is also considering selling some assets or partnering to secure new capital to resolve all financial obligations, including retail bonds and overdue debts.
This year, the company sets a record revenue target of 22,715 billion VND, with post-tax profit of 1,852 billion VND, a slight decrease of 0.5% due to the impact of the upward trend in interest rates. Novaland will not pay dividends for 2025, and undistributed post-tax profit will be used to focus on business recovery plans.
Phuong Uyen – Tat Dat
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