Amidst the complicated situation of Covid-19 in Q3, Nam Long(HOSE: NLG) still reports a favorable absorption rate, following their flexible sales programs.
In particular, in the first month of Q3, Nam Long successfully introduced Waterpoint’s products including 500 products of Valora villas, detached villas, garden townhouses, commercial townhouses, and 2 new luxury products which are the Grand Villa and Riverfront Villa, with a value totaling over VND 2,000 billion.
At the beginning of August, Nam Long announced the 3rd Housing Saving program in cooperation with Vietcombank. With this program, customers who want to buy a house can open a savings account at Vietcombank at the regularly offered interest rate until the sale event is opened, instead of transferring money to the investor. Customers are fully active in controlling and closing their savings accounts at any time. When the sale starts, the account balance will be converted into a deposit for the investor. In the two programs previously launched in 2018 and 2019, there were more than 2,500 participants who have become homeowners at Akari and Waterpoint townships.
August 2020, on the first day of sales, over 1,200 people have joined in the program and opened a savings account, twice the number of products Nam Long planned to supply which is 600 apartments in three blocks of MP6, MP7, MP8 (Flora) in the 26-hectare Mizuki Park township located on Nguyen Van Linh Boulevard, South Saigon.
The proposed perspective of the 26-hectare Mizuki Park
According to VNDirect Securities, Waterpoint’s high absorption rate can increase Nam Long’s sales record in 2020. Thus, VNDirect expects NLG’s net profit to reach VND 1,421 billion, equivalent to an 48% increase compared to the previous year thanks to the handover of projects Waterpoint, Akari City and Mizuki Park.
Speaking of Akari City, the construction progress exceeded the pan and officially completed phase 1 in early August 2020. According to Nam Long, Akari City has so far brought in a revenue of over VND 340 billion since the beginning of 2020. Also, Nam Long planned to launch the Akari shophouse at the front of the 42-m wide commercial avenue by the end of this month (September). Each apartment has an average size of 400 meter square and a price of VND 20 billion VND per unit.
The perspective of Nam Long’s shophouses at Akari City