Phat Dat denied selling River City project

Leaders of Phat Dat Real Estate Company have denied the information will sell River City project, also said that the company will transfer the EverRich 3 project to pay off debts to Dong A Bank.

At the General Assembly of shareholders of Phat Dat Real Estate Development Joint Stock Company (Phat Dat) recently took place, leader Phat Dat has covered information will sell River City project.

Phat Dat said he would not sell the River City project at the moment (photo of a portion of the River City project in February 2017)

According to Chairman Nguyen Van Dat, Phat Dat will not transfer the River City project at the moment. Mr. Dat also said, Phat Dat is now pausing sales in this project to adjust the planning. After adjusting, the project will launch 1,500 apartments in 2017, earning VND1 trillion in revenue to repay DongA Bank.

The River City project, formerly The EverRich 2 by Phat Dat, became an investor after many years of transfer. Phat Dat is holding 50% of the shares, An Gia Investment and Creed Group holds 50%.

With 1,500 apartments to be launched in 2017, the River City project can bring Phat Dat a revenue of VND1,000 billion (partial picture of the River City project in February 2017)

More about the repayment plan, Chairman Nguyen Van Dat said, Phat Dat can pay off debt more than VND2,000 billion DongA Bank if the successful transfer of the Everich 3. In addition, Mr. Dat Also revealed are looking for foreign partners to transfer or cooperate on this project.

According to the president, in 2017, Phat Dat’s business strategy is not to borrow more but use internal resources to develop BT projects.

Recently, Phat Dat announced that Ho Chi Minh City has approved the policy to invest in Thu Thiem 4 bridge connecting District 7 and Sala urban area (District 2) with a total investment of VND5,000 billion with the key projects to exchange infrastructure for land fund.

Expected in 2017, Phat Dat will spend more than VND3,000 billion in 8 projects, in particular, River City project, Phat Dat will spend VND1,000 billion.

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