Leading Property Companies Report $11 Billion Worth of Unsold Inventory
According to data compiled by VnExpress, Vietnam’s top 10 residential property developers collectively reported an unsold inventory of $11.4 billion by the end of the second quarter. Notably, struggling company Novaland accounted for more than half of this amount. The unsold inventory levels remained relatively stable compared to the end of last year.
Novaland alone recorded an inventory value of VND139 trillion, with nearly 92% of it consisting of projects under construction. Noteworthy projects such as NovaWorld Phan Thiet, NovaWorld Ho Tram, and Aqua City are still in the process of obtaining licenses. Novaland has experienced significant leadership changes in recent months and posted a loss of VND611 billion in the first half of this year, aiming to turn profitable in the second half.
Vinhomes ranked second in terms of unsold inventory, with VND55 trillion by the end of June, primarily from projects under construction like Dream City, Grand Park, Ocean Park, and Smart City. The unsold inventory has decreased by approximately 16% since the beginning of the year, thanks to the sale of 5,400 residential units at Vinhomes Ocean Park 2 in the neighboring province of Hung Yen.
Nam Long secured the third position with an unsold inventory of VND16.2 trillion by the end of June, marking an increase of over 9% since the end of last year. Dat Xanh Group’s unsold inventory stood at VND14.8 trillion, with more than three-quarters of it attributed to projects under construction. A recent report from the Ministry of Construction revealed that in 17 major localities, the unsold property amounted to 16,688 units by the end of June, including 7,500 land lots, 7,477 houses, and 1,714 apartments. Many projects are encountering challenges related to acquiring licenses, land clearance, and accessing credit.